Treasury Workstations of the Past Replaced by Cutting-Edge Cloud Solutions
New York,US (PRWEB) December 20, 2012
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The treasury workstations of the past have evolved into sophisticated treasury solutions in the cloud developed by cutting-edge solution providers. Although some businesses may still think of the term ‘workstations’ when considering treasury management solutions – conjuring up images of cumbersome systems sitting in a corporate server room – the future of the industry is very much in the cloud.
Software-as-a-Service (SaaS) solutions allow a greater level of flexibility and are cost-effective for businesses of all sizes. By embracing SaaS treasury management solutions, corporate treasurers benefit from the same levels of functionality (and often greater levels, since SaaS solutions were developed more recently) on a pay-as-you-go basis, without the need for huge upfront investments and continual upgrade fees.
Those turning their backs on the idea of installed treasury workstation software, which needs to be supported in-house, are adopting cloud-based treasury solutions and are reaping the benefits. Although during their infancy, cloud-based solutions were originally adopted by more forward-thinking treasury managers and chief financial officers, SaaS has now become popular with the majority of corporate treasury department. A study by business advisory firm Everest Group, found that 57 percent of executives they questioned said they had already opted for cloud solutions across all corporate departments, not just treasury.
One of the first benefits associated with cloud-based solutions, over in-house treasury workstations, is the cost savings. With a SaaS option there is no need to purchase hardware, or use overstretched IT personnel for ongoing support. Implementation and training are quick and don’t require anyone outside of treasury, limiting the cost and involvement for treasurers. Support is provided by the vendor’s team, and any issues are resolved on a system-wide basis.
The flexibility of the ‘pay-as-you-go’ format affords businesses the opportunity to easily scale their use of the treasury solution. In the past, once a business had paid for a treasury workstation, any change to its requirements necessitated an expensive and complex upgrade. This, of course, assumes they were able to justify the cost in the first place, a barrier for the vast majority of firms. Now, with cloud-based solutions, businesses can simply consume the functionality they need and if additional needs arise, switch on modules or additional support (in the case of global expansion) only when required.
From a flexibility point of view, those opting for a cloud-based system will have access to the very latest technology. Treasurers that use SaaS appreciate that updates are automated and fully managed by the cloud provider. Installing updates regularly across all end-users when using a treasury workstation would be extremely costly and time consuming, never mind being infrequent.
SaaS solutions also enable mobility and the growing trends to detach from the desk. For anyone that has ever had to leave a meeting to approve outgoing payments, extending treasury technology to tablets and smart phones is a must-have. SaaS provides the ability to access treasury technology using mobile treasury apps on devices such as iPhones and iPads.
Interestingly, one of the concerns often raised about SaaS– security of the data – is generally unfounded, as cloud-based treasury solution providers have spent significant resources investing in the right technology and infrastructure to protect data and provide a better security option than in-house solutions. In addition, by delivering the platform via highly sophisticated and robust data centers, cloud solution providers can commit to higher uptime and reliability than treasury workstations installed in-house.
The efforts to reassure users about the security and availability issues of SaaS software have paid off, as research studies have shown that market perceptions of security being a concern have dissipated across all industries, including treasury. In fact, researchers at IT trade publication The Register found that many of those who were unwilling to adopt SaaS solutions were doing so due to ‘gut instinct’ rather than any specific reasons.
All these benefits are becoming well-known among savvy treasurers around the globe. Forrester Research analyst, Chengxi Wang said “companies are getting more comfortable with SaaS in general – it’s becoming more of a norm. They are realizing the benefits of outsourcing commoditized solutions to specialists so they can stay focused on their core business.”
Kyriba is the global leader in next generation treasury solutions in the cloud. We enable CFOs and finance teams to optimize their corporate treasury functions by delivering fully-integrated cash, treasury, payment, risk management and supply chain finance solutions through a user-friendly, scalable and secure SaaS platform. Kyriba improves visibility and productivity, enabling our clients to minimize risks and have better control over their treasury and finance decisions. With a client loyalty rate of over 98 percent, we support more than 700 organizations globally including market leaders such as Amway, Electronic Arts (EA), Interpublic Group, PulteGroup, Inc. and Qualcomm. For more information, contact treasury(at)kyriba(dot)com or visit http://www.kyriba.com.