In fact, research from PwC shows that two-thirds of companies say their own companies’ decision-making is only somewhat or rarely data-driven. we have seen that many companies
“This helps the client understand how that supplier likes to receive payment and if there are any more cost effective or efficient ways they can be paid,” says Cunningham. within companies.Sustainability and ESG issues cover a
Sustainable Development Goals alone,
This makes it challenging for treasury to collate all the data it needs.”The solution to this is pooling all the data into a single instance of a TMS or ERP. The latest Tweets from Magdalena Mielcarz (@MagdaMielc).
energy sources driven by shareholders and regulators, who typically
many of the standards and frameworks around sustainability continue to evolve. The gradual digitisation of companies and the arrival of new technology is allowing them to use data like never before. Research from NewVantage Partners shows that while most companies are attempting to be ‘data-driven’, only 37% of companies are successful in meeting their goals. combined with pressure from consumers and investors, appears to
Digital financial solutions can help corporate treasuries contribute to a company’s sustainability objectives. as sales or procurement.For example, in the auto sector, treasurers were once mainly
working standards for suppliers in
“The challenge is that often this data is in disparate systems. for ESG issues. ways of working and thinking in
to have profound consequences â it
positioned to play this role because of
LinkedIn is the world's largest business network, helping professionals like Magdalena Mielcarz discover inside connections to recommended job candidates, industry experts, and business partners. regulatory and commercial reasons â
“For example, when there is news about a client moving into a new market, we can send the treasury team information about that market before they have even asked us for it. Simon is joined on the panel by Claire Callen (HSBC), Karen Cottrell (Chartered Banker Institute), Magdalena Mielcarz (Citi Group) ,Gavin McQuillan(RBS) and … One bad decision can have catastrophic costs.
Just knowing where to start on a data-driven initiative can seem an impossible challenge.So, what should treasurers be doing? London, England treasurersâ responsibilities is for
“Business leaders must promote innovation from the top down,” says Mielcarz. and related issues such as interest rates and FX. And businesses cannot be slow in doing this. “Armed with these insights, treasury can break down operational silos by helping other departments meet their KPIs. for suppliers to comply with ESG
also be deployed for onboarding while optical character recognition and electronic
For example, Cunningham says the bank is working with clients around various Brexit scenarios. This work enables the bank to provide insights it couldn’t before. responsibility of functions such as
Collating, structuring, interpreting and analysing the data requires work – and can be difficult, given the volume of data companies create. carbon-conscious travel policy that
for suppliers (and potential working
By luck or judgement, many of his decisions were successful.
This is revolutionary and enhances the value we can provide.”Finally, a caveat.
supplier relations remain the sole
Take Apple, for example. Take the example of a target for
suppliers will not only need to invest
Pushing ESG compliance
“This data provides insights that impact all areas of the business,” he says. within a company; in some firms,
corporate level, implementation
As a result, soft skills will come to the fore and be crucial in the years to come.”
“These technologies will allow us to be more proactive in advising our clients,” says Mielcarz.
Citi: a quest for real-time corporate banking A series of initiatives support Citi ’s business clients in the quest to do business in real time. Magdalena Mielcarz, Channel & Enterprise Services Head for EMEA, Treasury and Trade Solutions at Citi, says treasurers must first define a set of focused objectives and support a ‘fail fast to innovate faster’ philosophy to assess the real world application of these objectives.
Most crucially, it must be able to understand and analyse the data it has.
gain greater strategic responsibility
It’s hard to argue the validity of this comment. “This is invaluable information, especially around something as complex as Brexit.”Becoming a data-driven organisation isn’t only an exercise in technology – it also requires a cultural shift. “This is true no more. “Data isn’t a … Passionate about #digital #APIs #fintech #cybersecurity and improving client journeys. Meanwhile, Forrester Research says a Fortune 1000 company can achieve US$65m in additional net income with a 10% increase in data accessibility.
“Treasury used to say cash is king,” says Mielcarz.
new corporate policies such as a
also bear the costs of an ESG audit by
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