Report finds CFOs and treasurers remain optimistic; Focus on reducing inefficiencies and streamlining operations
Survey details challenges and ambitions as organizations navigate digital transformation initiatives amid economic uncertainty
Pressure Points, Payments, and Automation Plans: The Way Forward for CFOs and Treasurers
CHICAGO and PITTSBURGH, Dec. 13. 2022 (GLOBE NEWSWIRE) — Treasurya treasury and risk management platform provider, and NCP Bankone of the largest diversified financial services institutions in the United States, today announced the release of a joint investigative report titled, Pressure Points, Payments, and Automation Plans: The Way Forward for CFOs and Treasurers which explores the current state of CFO and corporate treasury strategy, execution and outlook. The full report, produced by Topline Strategy and commissioned by GTreasury and PNC Bank, is available here: https://resources.gtreasury.com/PNC-Report-2022.html
The research paints a picture of a rocky road for CFOs and CFOs over the next few years, but one that respondents view with somewhat surprising optimism. The majority (85%) of CFOs and Treasurers surveyed expect to see significant or moderate business growth through 2022 and into 2023, but this optimism is based on the fact that nearly half (49%) of these leaders identified profitability as the top strategic imperative for the new year.
“CFOs and treasurers seem to have clear goals in mind when it comes to implementing more accurate, efficient and automated treasury practices, and they are eager to harness new technologies to get there. said Howard Forman, senior vice president and manager. of digital channels for PNC Bank. “Clearly, CFOs are watching costs closely right now, but smart use of modern technologies, such as integrated finance applications and automation, will reduce costly or redundant inefficiencies, while giving treasurers the best tools available to do their job.
Among the highlights of the report:
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Finance departments are lagging behind in their digital transformation journey. The majority (58%) of companies have not made progress in developing a formalized digital transformation plan or approach to meet market demands. However, the tide seems to be changing, with many CFOs and treasurers identifying real-time payments and “full-service” treasury systems as good investments.
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Treasury teams are not growing in size, but they are being asked to do more with less. Most treasury teams are small but face increasing expectations from management teams and management. 70% of treasury teams have five or fewer members but manage businesses with more than five subsidiaries, which is likely why 53% of surveyed treasurers are hyper-focused on improving operational efficiency.
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The outsourcing of treasury functions is growing. Smaller treasury teams, bigger workloads and higher expectations have put outsourcing on the short list of companies looking to do more with less. About a quarter of companies now outsource some treasury functions to partners to reap the benefits of expertise and efficiency, with banks receiving over 50% of this activity. Outsourced technology and resources will not only help companies navigate an uncertain market, but also potentially unlock key financial opportunities and add more business value.
“For CFOs and treasurers, this report offers insight into how many of their peers are navigating a particularly critical and turbulent era,” said Renaat Ver Eecke, CEO of GTreasury. “Not only will organizations be impacted by economic headwinds beyond their control, but the competitive disadvantages of not modernizing and automating key functionality within corporate finance and treasury are growing day by day. The report offers a window into how companies are positioning themselves for more digital transformation and growth, even as macroeconomic conditions remain highly uncertain. »
Pressure Points, Payments, and Automation Plans: The Way Forward for CFOs and Treasurers aims to help educate industry finance and treasury managers and advance finance automation. Participants included 93 finance executives and corporate treasurers, who came from a cross-section of more than 20 industries and represented both large and mid-sized companies. The full report is available at: https://resources.gtreasury.com/PNC-Report-2022.html
About PNC Bank
PNC Bank, National Association, is a member of the PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and a local offering of personal and business banking services, including a full range of loan products; specialized services for businesses and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For more information about PNC, visit www.pnc.com.
About GTreasury
GTreasury believes that complexity provides opportunity. We connect treasury and finance teams with leading experts, technology solutions and untapped possibilities. By simplifying complexity, teams can unlock their organization’s potential to gain strategic advantage and grow. GTreasury helps organizations achieve this potential by connecting treasury and digital finance operations through a world-class SaaS treasury and risk management platform and an integrated ecosystem where cash, debt, investments and exposures are managed transparently within the CFO’s office. GTreasury delivers intelligent insights, while connecting financial value chains and extending workflows to third-party systems, exchanges, portals and services. Headquartered in Chicago, with locations serving EMEA (London) and APAC (Sydney and Manila), GTreasury’s global community includes over 800 customers and over 30 industries reaching over 160 countries worldwide. Visit GTreasury.com.
Contact Treasury
Kyle Peterson
[email protected]
A graphic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/baa70d19-2a86-4c28-8614-06f81ba85fe0
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