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Treasury and Cash Management Can Be a Strategic Goldmine for Cost Reductions and Profit Boosting, New Aberdeen Report Says
BOSTON, May 9
- Integrated technology solutions increase visibility and control over cash accounts for large companies. Smaller and mid-size companies successfully utilize other viable solutions.
External and internal pressures are driving change in treasury and cash management. Currently, almost 50% of key processes in this corporate function remain fully manual/traditional spreadsheet-based, according to the results of a new AberdeenGroup benchmark survey.
"Given the accelerated adoption of automation solutions in sales, customer and supply management, it is surprising to see the low levels of technology adoption in treasury and cash management. Despite the strong focus on treasury and cash management and the stated desire for more automation, 50% of all respondents have not yet implemented any new technologies to aid the optimization of their finance function. This underlines the existence of a lag between the realization that restructuring may require the development of new business processes or the adoption of new technology/service solutions and the actual measures toward their implementation. This lag is one of the reasons why we expect an accelerated adoption rate for technology and service solutions in treasury and cash management in the next two years," say Lalig Musserian, and Viktoriya Sadlovska, research analysts at AberdeenGroup who authored the recent 'Setting PACE in Treasury and Cash Management Benchmark Report.'
The report is based on the survey of 167 companies. The respondents shared their most pressing concerns in treasury and cash management, plans for re-organizing and automating key processes, and their performance measurement practices. Among top internal inefficiencies hindering optimization of treasury and cash management were the inability to forecast company cash, weak working capital/liquidity management decision making, inadequate financial reporting practices, and inefficient AR/AP processes.
To download a complimentary copy of the 'Setting PACE in Treasury and Cash Management Benchmark Report,' visit: http://www.aberdeen.com/link/source.asp?cid=2863&pid=PR050906
Source : AberdeenGroup Inc.
