TreasuryONE has introduced a tool that could be likened to a crystal ball for financial forecasting. The CashAnalytics tool, powered by artificial intelligence (AI), promises to transform the way businesses manage and forecast their cash flows, offering a level of accuracy and efficiency previously unattainable.
During a recent webinar, Pieter Cronje, Director and Head of Cash, Liquidity, and Forecasting at TreasuryONE, along with Tim Ramlugaan, Manager of the same department, discussed the motivations behind this cutting-edge solution. Pieter highlighted the challenges traditionally associated with cash flow forecasting, particularly the reliance on cumbersome Excel templates prone to human error. He explained that TreasuryONE had been offering cash flow forecasting as a service for over a decade, but the manual processes were becoming unsustainable. The need for a more dynamic and automated solution led them to implement CashAnalytics, a cloud-based tool designed to streamline and enhance the accuracy of forecasting processes.
The CashAnalytics tool, as described in the webinar, is a game-changer in several ways. Firstly, it automates the consolidation of data from various business units, drastically reducing the time spent on manual processes. Pieter noted that clients have saved up to 70% of the time previously dedicated to forecasting. Moreover, the tool’s AI capabilities allow for real-time analysis of bank statements, enabling the system to recognise business trends and adjust forecasts automatically. This results in a more accurate starting point for financial analysis, which can significantly enhance decision-making processes.
Tim demonstrated the tool’s user-friendly interface, emphasising its compatibility with Excel, which many financial professionals are already comfortable with. He showcased how the tool replicates Excel’s familiar rows and columns while offering advanced functionalities such as multi-currency forecasting and real-time updates based on bank statement data. This ease of use ensures that even those new to the system can quickly adapt and maximise its benefits.
One of the most impressive aspects of CashAnalytics is its ability to pre-populate forecasts using historical data, making it an invaluable tool for businesses aiming to improve accuracy and save time. Tim shared a case study where the tool achieved a variance of just 1.2% between forecasted and actual closing balances, without any manual intervention from the client. This level of precision, combined with the tool’s capability to adjust forecasts as business cycles change, positions CashAnalytics as an indispensable resource for finance teams.
As the webinar concluded, the TreasuryONE team emphasised that their offering extends beyond technology. They provide a complete service, including ongoing support to ensure that clients can fully leverage the tool’s capabilities. Pieter expressed excitement about the future of cash flow forecasting, particularly in how CashAnalytics is helping clients make more informed, timely decisions. The tool’s ability to provide a reliable baseline forecast, which can be fine-tuned with institutional knowledge, makes it a powerful asset for businesses navigating today’s complex financial environment.
TreasuryONE’s CashAnalytics tool represents a significant leap forward in cash flow forecasting, marrying the power of AI with the practicality of user-friendly software. For businesses looking to enhance accuracy, save time, and stay ahead of financial trends, this tool could very well be the crystal ball they’ve been searching for.