Liquidity continues to propel treasury into the corporate strategic sphere, even as analytic and forecasting skills are in the ascendant. Thirty-eight percent of the senior finance executives responding to Treasury & Risk's end-of-year Strategic Treasury Survey, sponsored by SunTrust for the fifth year, cite the premium put on liquidity as the chief reason why treasury has become more strategic, with the forward nature of treasury coming in a close second at 34%. Respondents cite cash flow forecasting (28%) as the top area in need of better technology and/or outsourcing, while 53% see liquidity management as the place they can gain the most efficiencies. Meanwhile, 60% of respondents expect the increase in banks' operating expenses to translate into higher fees over the next two years. Negative sentiment seems to be stabilizing, as about 60% describe their job as stimulating, while 40% say it's frustrating, numbers in line with the results of the previous survey. One positive message: Companies are starting to plan for growth.