As treasury changes so does treasury technology. Learn about the latest technology trends that support a nimble, strategic treasury function:
1. Treasury Moves into the Cloud
Corporates looking for a new treasury system rarely request the traditional client-server-model, where the software is installed at the client´s site and accessed via a desktop application. Today, cloud solutions are the preferred deployment method.
Basically, there are two types of cloud platforms: In the Application Service Provider (ASP) model the treasury software is hosted by a third party and accessed via a web frontend. Thus, no hardware needs to be bought or maintained. The second type of could platform is Software-as-a-Service (SaaS). With SaaS platforms, in addition to outsourcing IT to the vendor and providing easy access though the web similar to ASP solutions, all users are on the same version of the software, and that´s the latest version. Individual updates don´t exist anymore as all upgrades are provided to all clients at the same time. This way, the SaaS environment creates a strong community, where no client is left behind.
2. Flexibility Enables Individual Experience
Cloud treasury technology is equipped with powerful reporting capabilities. Probably, the most popular new capabilities are dashboards. Individually set up for senior management, treasury decision-makers or finance professionals, these tools provide:
- Quick overview on cash, liquidity and risk
- Drill-down into more detailed data
- Combination of key metrics and graphics
Becoming more strategic, treasurers spend more time analyzing financial data. Therefore, they need solutions that empower them to build their own reports. Cloud technology enables them to build lists via drag-and-drop directly on the screen or using query builders. Last but not least, an increasing number of treasurers want to see key reports and alerts on their mobile devices.
3. Subscription Pushes Service Excellence
The move to cloud technology also changes the underlying cost models. Client-server technology is sold with a big upfront license fee and an ongoing maintenance cost. In addition, costs for updates and internal IT resources, had to be considered. In contrast, cloud platforms use a transparent subscription-based model. There is a small initial deployment fee, but then the ongoing subscription covers everything - software, hardware and support. By leveraging SaaS, upgrades are commonly included and delivered simultaneously to all clients.
As clients are flexible upon subscription, cloud providers have to assure best-in-class support on an ongoing basis. Thus, clients benefit from a comprehensive service infrastructure and vendors invest in 24/7 global support and in-house expertise to meet their clients´ increasingly complex support needs.
Today, treasurers need flexible software that enables them to work efficiently, collaboratively and strategically. And cloud technology is able to deliver.