In it’s recent survey on 2014 Excellence in Financial Management, the Aberdeen Group, cited that the automation of core treasury processes and and global enterprise collaboration were in the top three priorities of finance departments. This makes sense, especially as companies continue to grow globally. For treasury, increasing collaboration within the organization and with other business units can make treasury’s impact felt more broadly across the enterprise. A key enabler for collaboration is technology.
If you are growing globally, here are four key steps that treasury can take to ensure successful collaboration:
- Identify and put in place clear standards, processes and controls with your global team
- Communicate your vision internally to other departments, (such as accounting, legal, audit and procurement) positioning treasury as a strategic partner and resource across the enterprise
- Set working expectations with relevant departments
- Leverage SaaS technology to enable collaboration with SaaS technology that reaches broadly across functions, geographies and time zones for one version of the truth:
- Automate tasks and processes
- Access a common platform for seamless interaction among groups and for global visibility into the same data and intelligence
- Understand cultural and local nuances of local governments and regulations to mitigate risk.
To learn about how Reval’s SaaS TRM can make enterprise collaboration easier click here.