A new market study conducted by SunGard and CFO Innovation, a leading publication for executives in corporate finance, has found that cash forecasting and cloud technology are key factors driving the adoption of treasury management systems amongst companies in Asia.
Based on responses from more than 150 finance professionals in Singapore, Malaysia, Hong Kong, China, and the Philippines, more than a third of companies are either in the process, or have already adopted state-of-the-art treasury management systems (TMS) solutions.
Key findings of the study include the following:
- 82% of the respondents identified cash forecasting as the main driver for adopting a TMS. Secondary reasons cited include the need to handle multi-currency accounts (55%) and rapid geographical expansion of the company (53%).
- 40% of companies interviewed consider cloud computing as the most important technology platform to consider when they review their treasury system.
- 67 % of respondents identified spreadsheets as today’s tool in treasury management for companies in Asia.
“Our study indicates that, as company operations increase in size, geographical reach and complexity, CFOs see an increasing need to incorporate an overall treasury management system that will help increase efficiency and productivity within the company.” – Cesar Bacani, Editor-in-Chief, CFO Innovation
“We are committed to helping our customers in Asia unleash the potential of their treasury function and private cloud hosting so they can now focus on driving long-term business objectives rather than spending time on software maintenance. We are excited to see the results of the study reflect an increasing shift in this direction and we look forward to working with many more Asian corporates to help them achieve growth and increased shareholder value.” – Mike Kresse, EVP growth markets, SunGard’s corporate liquidity business