The most critical and daunting challenge is to convince the Management & IT department to implement a treasury management system.
The IT department is completely absorbed in multiple ERP systems which manage core processes; while treasury management still struggles as a peripheral application. Remember, 10 years ago, it was a challenging road for ERPs to establish their need but now these ERP systems are an integral part of today’s organizations. It is a similar scenario with treasury management systems today! Treasurers demand “it” while IT department continues to believe that treasury can be managed using archaic systems!
These ERP solutions can indeed manage treasury, but they cannot guarantee the efficacy an end-to-end TMS can!
Imagine a scenario like this:
In addition to convincing the management for implementation of a treasury management system, there is another challenge faced by today’s new age corporate treasurer. This challenge is to identify a suitable Treasury Management System.
There are not many treasury management solutions available in the market, locally or globally, which holistically address all the requirements of a treasurer. Either the solutions are expensive or they do not address the requirements completely. This leaves a huge gap in the industry for an integrated and holistic treasury management system to fulfil requirements of the new age Corporate Treasurer.