Managing Treasury Virtually – How to Navigate to the Next Normal
May 20, 2020
Over the past 8 weeks, our “normal” was disrupted. Business continuity plans were activated and the world moved from physical to remote operations practically overnight. While these plans successfully enabled employees to access information and collaborate remotely, it didn’t necessarily mean that they addressed the ability to perform key business processes virtually, particularly for treasury and finance professionals. Nor are they intended for long-term deployment. Specifically, as most companies took to Zoom or MS Team to support the remote collaboration between employees, many financial processes weren’t as easily executed and achievable. Many treasury teams found it challenging to:
Achieve accurate and complete cash positions
Quickly respond to requests for key financial data and rapidly changing cash forecasts
Expedite physical workflows such as payment approvals and execution
Now, just as teams are getting the hang of working remotely and executing against adjusted processes, most industries take small steps towards recovery and re-opening. As we approach this phase, we realize that we are facing permanent change. We have realized that the business continuity plans that we have been acting against are built to address temporary interruptions, not long-term change. The “normal will now change again. This time, treasury has the opportunity to be the pioneers in terms of long term, strategic improvements as we begin to ensure continuity and achieve growth in our next generation of “normal”.
Join Ian Marlow, CEO at FitechGelb and Thomas McNiven, Director of Solution Consulting at TreasuryXpress on Wednesday, May 20th at 11:00 AM EST to discuss:
Practical tips from moving treasury from “Business Continuity” mode to “Critical Daily Management” mode
What is the difference between remote and digital working?
Will it be possible to reclaim the traditional way of physical working?
What should treasury teams anticipate from a employee and talent management perspective?
How can we leverage the “next normal” of digital and virtual working to:
Improve talent management
Create better controls and efficiencies around treasury management processes