Companies in the mobility space could enjoy a range of benefits if their treasurers had greater influence and involvement, according to the PYMNTS Intelligence report “The Impact of Misunderstood Treasurers in the Mobility Space.”
Among treasurers in the space — which includes manufacturing or services related to commuting — 82% said they believe their company would gain greater cash flow predictability if they were more involved in interdepartmental meetings or discussions. In addition, 66% said they believe their company would see a faster cash conversion cycle, and 54% said they believe it would see greater returns on investment.
When other department heads were asked about the potential benefits of treasurers having greater influence and involvement, 72% anticipated faster execution of ideas and 60% expected optimized business models.
In the mobility space, 60% of treasurers and 56% of other executives said they believe that the treasurers are “highly influential” at their companies, according to the report.
Compared to treasurers in four other sectors surveyed by PYMNTS Intelligence, treasurers in the mobility space are about in the middle in terms of the amount of influence they believe they have at their firms. About 73% of treasurers in consumer packaged goods (CPG), 60% of those in transportation/trucking or distribution, 56% of those in healthcare and 50% of those in technology said they believe they are highly influential.
Among other department heads, however, those in the mobility space rated the influence of treasurers highest. About 55% of those in technology, 43% of those in CPG, 39% of those in healthcare and 33% of those in transportation/trucking or distribution said the treasurers at their firms are highly influential.
Treasurers in the mobility space also stand out in terms of the impact influential treasurers can have on their firms, per the report.
The survey found that 67% of highly influential treasurers said they believe their firms are “very or extremely adaptable” to changing market conditions, while only 40% of less influential treasurers said the same.
The 27-percentage-point gap between the responses of these groups — which is the second-largest gap found among the five industries surveyed — suggests that influential treasurers can have a greater-than-average impact in the mobility space, the report said.
The mindset of treasurers is generally “positive” as they examine what the “treasury of the future” looks like with the potential to use Citi’s blockchain, cloud and API solutions, Ambrish Bansal, global head of Liquidity and Cash Concentration Products for the Citi Treasury and Trade Solutions business, told PYMNTS CEO Karen Webster in an interview posted in August.
“I see the role of treasury becoming more central to [the enterprise’s] business strategy, to the growth strategy, to the expansion strategy — and quite frankly, to the sustainability strategy,” Bansal said. “The treasury team plays a pivotal role.”
Across industries, while treasurers are on the front lines of keeping a company financially healthy, they often lack influence and collaboration, according to an earlier PYMNTS Intelligence report, “Why Treasurers’ Influence Matters.”
That report found that 77% of treasurers said they think at least one department would benefit from closer collaboration with them, but that 53% of non-treasurer executives misunderstand the treasurer’s role.
Armed with the right data, treasurers can help companies explore the regulatory, tax and other nuances of worldwide developments in ways that help their firms meet their objectives, Bansal said during the August interview.
Bansal added: “Many treasurers are thinking, ‘Well, how can I extract that last ounce of juice from my financial ecosystem?”
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