How can companies get started with automating their treasury processes? Nordea’s Matti Honkanen gives some practical advice in the latest e-Forex podcast hosted by journalist Larry Levy.
He notes that the direction and pace of digitalisation can differ widely from one treasury department to another.
“The apparently slow average pace of change masks treasuries that transform themselves in an extraordinary fashion, and others that almost stay still,” Honkanen says.
Listen to the e-Forex podcast here.
Becoming a strategic player
Recent surveys of treasury and finance professionals by Nordea found that many have the ambition of becoming more strategic. Nevertheless, quite of few of them struggle to make that ambition a reality. Honkanen emphasises that the only way for treasuries to become a strategic player is by becoming more efficient.
“Only by freeing up your time from the mundane, routine tasks are you able to focus on the strategic issues. And only if you are able to use the majority of your time on strategic considerations inside your department will you have the chance of becoming a major strategic actor on the corporate level,” he adds.
Honkanen encourages corporate treasuries to go all in on digitalisation. This will allow them to increase both their productivity and strategic importance. Even if, according to Nordea’s research, corporate treasuries are not often considered leaders of the digital transformation in companies, nothing prevents them from taking such a leading role.
“When the treasury digitalises their home turf, they become a natural role model for the rest of their organisation,” Honkanen says.