Myths have a way of creating fear and trepidation. There’s nothing like a good myth to keep you from exploring changes that could catapult your treasury operation to the next level of efficiency and influence within your organization. Here we bust two myths with truths that could kick-off the change your supply chain management function has been looking for.
Myth #1: Making changes to Treasury processes and deploying technology-based solutions will be difficult to undertake.
Truth: This myth may be one of the single greatest contributing factors as to why many companies avoid embarking on meaningful improvements. The truth is that today’s technology solutions often don’t require existing processes to be radically changed. With good planning, new tools can be deployed efficiently, delivering greatly needed automation.
Myth #2: New technology implementations are costly and are a drain on precious IT resources.
Truth: Many of today’s latest technology solutions are cloud-based, making deployment more cost effective and are simpler to execute than ever before. Many solutions can be implemented with a part-time resource and completed within eight to 10 weeks. A good example: Fifth Third’s dynamic discounting solution offers simple batch file integration which typically requires less than 50 hours of IT time to fully deploy.