Digitalization in Treasury is a process that helps to transform treasury operations by advancing information and communication technologies. Treasury can use digital technology to improve its efficiency, transparency, and accountability. Treasury can also use digital technology to improve the quality of its services to taxpayers.
One way Treasury uses digital technology is to improve its customer service. Treasury can use digital technology to create a better customer experience by making it easier for taxpayers to file their taxes and access their account information. Treasury can also use digital technology to improve its communication with taxpayers. Treasury can use digital technology to send taxpayers information about their taxes and benefits and to respond to their questions quickly
Digitalization in Treasury with ConVista
Digitalization is changing the way Treasury ConVista operates and delivers its services. Treasury ConVista has adopted several innovative digital technologies to improve the way it communicates with its users, processes transactions, and manages its data. Treasury ConVista uses a secure, web-based portal to process transactions and manage user accounts. The portal also allows Treasury ConVista to share information with other government entities, such as the Department of the Treasury and the Internal Revenue Service.
Treasury ConVista also uses digital technologies to improve its customer service. For example, Treasury ConVista's customer service representatives can now answer customer questions online or over the phone.
Study results: Digitalization in Treasury
The COVID-19 pandemic and the Ukraine conflict have been shocking not only to treasurers but the entire business world. The challenges include a large number of employees working remotely, efficient liquidity management in a volatile business environment with global supply chain difficulties, increased financial risks, and digital management of communications and projects.
But how has Covid-19 driven digitalization within the treasury industry? As ConVista Consulting AG, we have investigated this question. To gain insight into our client's needs and provide them with the best possible support, we launched a study on digitalization and the impact of Covid-19 on the treasury. Among corporates, we have achieved a diverse mix that allows meaningful conclusions with responses from different industries, continents, and key treasury positions within the company.
The variety of respondents presents a realistic picture of the Treasury
The corporates surveyed can be divided into four groups. 6.3% of corporates belong to the "underdogs" group and have been heavily impacted by the pandemic, but are planning no or only minor digitalization measures. In contrast, the "winners" (40.6%), who were also severely constrained by the pandemic, are planning to develop digitally on an ongoing basis. The conservative group (15.6%) includes those corporates that have experienced minor restrictions and see little need for further digitization. The final group - the "pioneers" (37.5%) - plan to expand and improve their digitalization concepts despite being affected to a minor extent by Covid-19.
Digitalization potential in the treasury area
The central finding of the study is that digitalization in treasury is a very current and relevant topic for corporates. 93% of respondents see high or some potential for their treasury system landscape. The focus here is clearly on improving data quality, processing and integration, but companies see a high need for improvement in almost all treasury-related topics.
However, the pandemic not only had an impact on the digitalization of a company but also fundamentally changed the role of the treasurer. The respective treasury departments have taken on a more strategic role and become an important source of information at the management level. Another piece of evidence. Companies that had previously been able to rely on a stable digital structure were better able to withstand the constraints imposed by Covid-19.
Outlook for the future of treasury
The study also provides an outlook on future developments and challenges. For example, between two-thirds and 89% of respondents (depending on the degree of digitalization of the treasury) feel the need to drive digitalization further forward.
- Real-time treasury- allows real-time connection of data via API and can thus not only improve transparency and response times but also reduce complexity.
- Digital workers- based on RPAs can take over repetitive, manual tasks, freeing up treasurers to spend more time on complex, individual tasks.
- Treasury dashboards- Enable the clear presentation and visualization of current data and information.
In the next few years, increasing digitalization will present us and our customers not only with new challenges but also with new opportunities, which we look forward to.
For more information Contact us at +91-8046818400 or, visit: www.convista.in
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