To be successful, it’s critical to keep up to date on the latest tools and techniques. Kyriba has released a new eBook on seven treasury topics they believe that corporate treasurers can use to gain competitive advantage:
- Reducing risk with cloud solutions with improved business continuity, faster implementation, standardised workflows, scalability and easy updates
- Achieving consistency with payment factories. Other benefits include greater visibility over outgoing cash flows, streamlined banking relationships and improve control over payment timing.
- Reducing intercompany payments with multilateral netting and introducing a standardised workflow process which can be used consistently around the globe
- Unlocking free cash flow with supply chain finance using either dynamic discounting or reverse factoring
- Improving fraud prevention and detection by understanding the different types of fraud and taking appropriate measures to safeguard the company
- Creating a robust business continuity plan which should include employee cross training, procedure documentation and managing working remotely. The plan should be tested regularly with employees working remotely and completing all of the critical tasks place once a quarter
- Ensuring regulatory compliance in which having the right partners is a critical part of the solution.
Kyriba conclude that “the current challenges are set to continue” and “By using appropriate tools, and, by putting suitable structures and processes in place, treasurers are able not only to overcome the current obstacles, but also to gain a competitive advantage.”
CTMfile take: Worth a read.
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