EuroFinance

When it comes to treasury technology, the path from idea to execution rarely runs smoothly. For many treasurers, transformation isn’t simply about upgrading systems—it’s about proving value, managing expectations, and managing tight budgets with limited resources.

At the EuroFinance International Treasury & Cash Management Summit Miami, treasury leaders reflected on building and implementing effective technology strategies.

From operations to business value

For Mack Makode, Vice president and Treasurer at Under Armour, an American sportswear company, treasury transformation begins with a clear understanding of how and where the function adds value. “We operate across four levels—operations, tactical, strategic, and business contribution,” he said. The goal, he explained, is to spend less time on basic cash operations and troubleshooting, and more time on long-term planning and supporting broader business objectives.

“To operate effectively at the top two levels, we must first automate the bottom two,” Makode emphasised. That involves minimising manual interventions, standardising processes across geographies, and consolidating systems. “The system should be the same—whether it’s in China, Latin America, or the US. All the information needs to reside in one place.”

At GE HealthCare, a global medical technology and pharmaceutical diagnostics company, the challenge—and opportunity—came in the form of a corporate spin-off. Aditi Agarwal, Chief of staff and global treasury operations leader, described how the team approached the carve-out as a chance to rethink and rebuild. “We didn’t just replicate what GE had. Treasury at corporate was run on 36 systems. We’ve brought that down to nine—all SaaS-based.”

GE HealthCare deliberately moved away from legacy tools and homegrown platforms. “We didn’t want to build a Ferrari,” Agarwal said. “We built a safe Toyota—reliable, fit-for-purpose, and cost-conscious. And it’s taking us where we need to go.”

 Smaller teams, bigger burdens

For organisations with fewer internal resources, strategy can look very different. Jeremy Reedus, Vice president and global treasurer at Varel Energy Solutions, a manufacturer and supplier of downhole drilling and completions products, manages treasury as a “lone wolf” but still requires global visibility. “I’ve been part of large teams, and now it’s just me. But I still need to see balances, run wires, and get information across borders in real time.”

Reedus emphasised the need for treasury professionals to think like salespeople. “You have to pitch your project in a way that answers ‘what’s in it for me?’ for everyone—procurement, AR, FP&A. That’s how you get support.”

Also read: APIs are quietly transforming how treasurers tackle the liquidity squeeze

Why most projects struggle and a common point of failure

When asked about the biggest challenge with technology transition, the leading issue wasn’t surprising—budget.

During a live poll at Miami, nearly a third (30%) cited budget constraints as their top hurdle. But right behind that were resources and skillsets (25%) and implementation delays (also 25%). These challenges align closely with what the panellists described.

Makode directly addressed the funding challenge: “Treasury consistently ranks fourth in terms of technology budget allocation – behind commercial, Controllership,  and FP&A. So how do we move up that list? We need to advocate for the technology that supports broader  business needs—not just Treasury-specific initiatives.”

Agarwal added that funding requests gain traction when tied clearly to shareholder value. “Are we improving working capital, liquidity, or the ability to operate in complex jurisdictions? Then it becomes an organisational benefit, not a functional one.”

Reedus explained how even small efficiency gains can build a compelling case. “If ten people each spend an hour on a task that can be automated, that’s ten hours a day saved and redirected to other projects. You have to frame it like that — sometimes it feels like an infomercial, but it works.”

The poll also reinforced a widely shared pain point: implementation. Between under-resourced teams and under-scoped plans, execution often doesn’t meet expectations.

“An exceptional  technology if poorly implemented can be more detrimental than a modest technology executed flawlessly,” said Makode.

Reedus and Agarwal both stressed the importance of bringing in subject matter experts. “You can’t ask someone from payments to make FX decisions,” Agarwal said. “It’s a recipe for disaster.”

Also read: Roadmaps to results: the real-world strategies for TMS, ERP, and API integration

Focus on AI

When asked about future technologies, treasures agreed that artificial intelligence is attracting attention—but most are adopting a cautious, phased approach.

AI emerged as the top technology of interest, selected by 46% of participants—well ahead of treasury management systems (32%).

Agarwal. “Forecasting is like weather forecasting—directionally helpful, not perfectly accurate. So we’ve shifted toward smaller use cases. We’re using AI to help employees search SOPs by question, rather than reading through 200 pages.,” Agarwal added.

Reedus added that it’s critical to keep a long-term view, even when dealing with short-term pain. “You can’t let today’s urgency lead to decisions you’ll regret in five years. We’ve gone from Swift to APIs to AI—and treasury has to keep up. But the vision has to come from us, not IT.”

“We firmly believe that our AI strategy is inseparable from our data strategy,” said Makode. “Right now, our focus is on enhancing data quality and building a robust data governance framework. A strategy that enables seamless integration across silos—such as finance, operations, and customer insights—empowers AI to deliver meaningful, cross-functional value.”

Also read: AI takes centre stage as treasury teams tackle payment and policy shocks

A changing role, with bigger expectations

What was once a support function is now expected to operate more like a strategic partner. But that shift only works if treasury can match its ambitions with execution.

“To move from number four to number one, you have to demonstrate how your work drives business outcomes,” said Makode. “That’s the key to shifting perception and influence.”

Agarwal summed it up simply: “Transformation isn’t about fancy systems. It’s about being practical, being fit for purpose, and showing impact where it matters.”