In a world of rapid change, treasury decision-makers need to act quickly and with confidence. According to Matthew, the era of technology that’s now emerging will help them do just that.
“I see a range of technologies breaking through that enable faster and more insightful information,” he says. These relate to the types of decisions typical for treasury, such as managing risk, detecting fraud and, above all, how to manage working capital for short- and long-term gains.
Innovations in big data, artificial intelligence (AI) and payment technologies are all helping to create a future of data-rich, fast and efficient decision-making for treasury. Even blockchain could play its part.
How big data helps treasury
Big data is an obvious starting point. It’s not new, but Matthew says, “There have been big step improvements in the ability to analyse big and unstructured data much more quickly than previously, helping treasury track risks, for example.” As usage increases, so too will the speed and level of insight.
“Data around commercial payments helps create a fuller picture.”
Data around commercial payments also helps create a fuller picture and improve decision-making abilities. Embedded controls in virtual card technologies such as Precisionpay, for instance, generate new depths of data on suppliers, payment terms and spend. As well as helping the business eliminate uncontrolled spend and reduce fraud, it gives treasury insight into where the potential risks lie and where payment delays may occur from false claims. It’s then information treasury can leverage to carry out its primary responsibility – that of managing working capital to benefit the business.