Treasurers Are Ditching The Spreadsheet

New research from Reval has good news for the corporate cash flow management world: Business treasurers are ditching the spreadsheet and beginning to embrace more sophisticated technologies to manage corporate finances.

The company’s latest report, “Future-Proof Your Treasury,” included the results of a survey that found a steady increase in the use of treasury management software and technology by corporate treasurers. The inquiry of corporate treasurers’ use of such tools spanned across North America, EMEA and Asia Pacific.

According to researchers, 59 percent of respondents said they were already working with specialty treasury systems in 2014 — a 15 percent increase from the year prior.

The use of Excel spreadsheets dropped by 9 percent between 2013 and 2014, the research showed, while enterprise resource planning tools also saw a decline, by 6 percent. According to Reval experts, the figures reflect the rising adoption of treasury technologies and a departure from legacy tools.

“Over the past 10 years, we have seen a significant uptick in the number of companies moving to solutions specifically designed for the treasury function,” said Justin Brimfield, Reval’s chief marketing officer and executive vice president of corporate strategy. “Companies want tools that will not only meet their needs today but scale with them as they grow. They are looking to cloud-based TRM solutions to future-proof their treasury needs for tomorrow.”

This future-focused view of business finance was reflected in Reval’s research. More than half of respondents reported plans to invest in new technology for treasury operations, with 54 percent focusing on cash flow forecasting tools, 38 percent on optimizing payment management and 35 percent on risk management tools.

A whopping 91 percent of respondents agreed that technology enables change in the treasury department, with more than half of respondents saying that such technology can help to automate treasury workflow, while 35 percent said it could help to centralize and streamline financial data within the corporation.

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