More and more companies are adopting treasury technology, according to early results of a survey being conducted by IDC Financial Insights and consultancy Treasury Strategies. Fifty-seven percent of companies say they use a treasury management system, for example, up from 47% in the previous survey in 2008, and 58% say they use some form of bank account management, up from 50% in 2008.
Jeanne Capachin, research vice president at IDC, says that although treasuries made it through Y2K and the implementation of Sarbanes-Oxley using existing processes, "the financial crisis is what pushed us over the edge in terms of adopting technology."
Capachin cautions that the survey data are preliminary, with just 98 companies responding so far, vs. more than 300 respondents in 2008. And so far, the 2011 survey has elicited more responses from mid-market companies than big ones, she says.
Laurie McCulley, a managing director at Treasury Strategies, says the 10-percentage-point jump in the portion of companies using a treasury management system was "quite significant."
McCulley also points to the surge in the number of companies that use an investment portal, at 39%, up from 13% in 2008. That reflects both an increased number of offerings, from banks as well as third parties, and the "convenience, security and automation" such portals provide, she says.