Recent disruptions, such as the pandemic and current inflationary conditions, have thrust treasury management into the spotlight. With rising interest rates and a strengthening US dollar, many finance organisations are turning to their treasury departments to proactively mitigate currency impacts upon foreign earnings and to enhance the use of internal liquidity over capital markets. Some are also looking to reduce costs in response to inflation. These factors are putting pressure on treasury departments to elevate their operating models and to digitally transform their capabilities around financial risk, balance sheets, working capital and payments while simultaneously reducing costs. Some organisations are responding to these pressures by accelerating their digital transformation agendas and moving core capabilities into the cloud. They are also seeking to use internal and external data more extensively by enhancing their analytical capabilities. One way to accomplish these objectives is to combine a leading, cloud-based financial system, such as Workday Financial Management, with the enhanced treasury management capabilities of a cloud-based, supplemental system, such as Kyriba.
Treasury as a value lever
Supplemental treasury management systems (TMS) generally offer in-depth functionality across treasury management and accounting, bank connectivity and payments, control and compliance, risk management and supply chain finance. Accordingly, the business case for implementing a supplemental TMS can be compelling, especially for companies that need to perform complex intercompany lending, hedging, risk valuation, foreign exchange and other intricate financial operations.
However, modernising the treasury management function requires a combination of capabilities, including industry-specific knowledge of leading practices; functional specialties such as strategy and operations, risk management, financial advisory, tax, and cyber security; and highly experienced professionals with technical skills across the various ERP ecosystems such as Workday and Kyriba. Deloitte not only offers these diverse capabilities but also integrates them efficiently. Deloitte is also a recognised market leader in finance transformation; it has achieved the highest quality rating on Workday implementation scorecards and it is Kyriba’s only enterprise-certified alliance relationship, having received implementer-of-the-year awards for the last three consecutive years.
With these qualifications, Deloitte is well-positioned to help you combine a cloud-based financial management system with a supplemental TMS. This can open up many opportunities for cash-management cost savings and improved treasury function performance.