Disrupting the spreadsheet: “It saves us a lot of time”

The traditional spreadsheet is still workable. However, the role of a treasurer has evolved and coping with automation is becoming strikingly more important.

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The Global Treasurer gathered four treasury professionals to discuss the findings of a report from the UK-based fintech Accesspay. In this article the section where automation in treasury departments is replacing the use of spreadsheets is highlighted.

Real-time benefits of automation when operating on a global scale

Karen Fagan, head of treasury operations at ITV, told The Global Treasurer about the ‘real-time’ benefits of automation. That the treasury function is a group of channels and every stream will have its own bank account. With anchors spread globally, transactions can become a hustle. Different companies have their own production accounts, own bank accounts and their own processes, yet they need to access a buffer of cash.

The traditional spreadsheet took plenty of time to facilitate this type of transaction. However, today automation can facilitate real time overview of these global production system’s charts. Therefore there is no need to wait to the end of the month to know whether they are in the need of cash buffers or not, argues Karen Fagan.


A cost reduction opportunity

The real-time overview enables saving on charges and interest.

“The biggest challenge for us is definitely the amount of time it can take to get data from spreadsheets. [Automation] saves us a lot of time, which really adds value,” concluded Karen, to the Global Treasurer.

If the circumstances comply, the traditional spreadsheet is still workable within treasury departments. However, it can be concluded that the role of a treasurer has evolved and automation is becoming strikingly more important as a resource and tool to boost efficiency and spare more time for a treasurer on the more value adding aspects of their role.

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