New survey has revealed cloud computing will be the most important technology for treasurers over the next five years, followed by big data analytics and artificial intelligence.
According to the latest Economist Intelligence Unit (EIU) survey, 44% of respondents to the EIU survey indicate that cloud computing will be the most important technology for treasurers over the next five years, followed by big data analytics (42%) and artificial intelligence (37%). Interestingly, despite the attention it attracts robotic process automation (RPA) was cited by only 9% of respondents: treasurers say it facilitates automation more than data analysis.
The EIU’s report, “A Quantum Leap: Building a data-driven treasury”, supported by Deutsche Bank, is based on a survey of 300 senior corporate treasury executives from around the world, identifying what being a data-driven treasury means and key considerations when developing a data strategy.
Big data analytics are highlighted as the second most important technology for treasurers. When applied to high volume transactions, such as payments data, these analytics can deliver insights not just for treasury but for other parts of the business too.
Treasurers say the primary benefits to becoming more data-driven are higher operational efficiency (39%) and improved return on investments/assets (36%). Data intelligence can also help treasurers to navigate increasingly complex regulation, such as the International Financial Reporting Standards 9 and the General Data Protection Regulation (GDPR). However, four in 10 treasurers express significant concerns about the quality of data they are working with.