Kyriba’s Global Summit – a virtual event truly catering for most global languages (English, French and Japanese, with subtitled broadcasts available in Italian and Spanish) – was impressive: It just worked. Once I’d got over wondering and marvelling at how the virtual event worked, I began to understand that Kyriba was showing their audience and 2,000+ users what is essential in surviving and prospering in today pandemic world:
· Adopt Active Liquidity Management
· Focus on and drive third party connectivity
· Adopt real-time banking and payment services
· Centralise payment processing and fraud management
· Master FX exposure risk management
· Integrate your liquidity management and cash flow forecasting
· Improve your supplier relations with free cashflow.
Inevitably, some sessions worked better than others, but the overall event was impressive. Some of the highlights and thoughts from yesterday are reviewed below.
What is required
The key thought that “Plentiful liquidity does not mean continuous availability and as a consequence, it is essential to adopt Active Liquidity Management” was pushed repeatedly, but that doesn’t detract from its importance. This requires:
· Continuous monitoring
· Full connectivity
· Full AI/ML-driven predictive analytics.
Integrated liquidity management: The case study from GrandVision which showed how companies need to manage their overall liquidity is well worth searching for a replay.
Payments and fraud management needs:
· Ease of connectivity to banks’ payment and receivable services
FX risk management: In an excellent presentation by Michael Murray, Coca-Cola’s Director of Treasury Initiatives, he explained how they now have fully cleaned their data and so can now be confident in the data and their FX exposures and even their P&L forecasts using Kyriba’s FX systems:
Source & Copyright©2020 – Kyriba and Coca-Cola
(This is presentation is highly recommended.)
There were important clues as to what Kyriba envisage in the future:
· industry will become ‘finance-as-a-service’ delivery service
· need to use trend analytics for forecasting and P&L management
· increasing integration and centralisation
· corporate treasury will increase and improve its understanding of the dynamics of their company and their industry drivers.
CTMfile take: Kyriba are to be congratulated in running a truly global event with participants from around the globe with some of really useful sessions. Kyriba has set a new standard for global events, i.e. it makes no sense to have a global conference just in English.
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