Treasurers need new skills to tackle tech challenges
New treasury competencies will be needed to cope with future analytical demand after the unprecedented events of 2020.
There has been growing recognition during the past few years of the value data scientists and business analysts can bring to treasury teams.
Corporates are now looking for finance staff with advanced data analytics capabilities and expertise in the use of data visualization tools and business intelligence platforms, as well as robotic process automation and machine learning.
“We need team members to move from focusing on the ‘what’ to the ‘why’ for treasury projects, focusing on the future instead of the past,” says Steven Krippner, treasurer at energy technology company Baker Hughes.
“These changes are requiring us to move to predictive and prescriptive analysis rather than the descriptive and diagnostic analysis we are familiar with.”
Treasury teams also have to respond quickly to changes in their company and the external financial environment, which requires a growth mindset and the perspective of a business analyst.
An emerging solution is to form a treasury-technology partnership with a third party
Given that few people will have all the skills required, the best treasuries employ a diverse mix of functional specialists, data scientists and business analysts.