Start with the basics, so you can walk before you run. I believe AI has a lot of potential when you have solid foundation.
Too often treasurers are focus on technology and new trends and forget about understanding their business, documenting their operations properly, then remove waste with “creative destruction” (think about all those reports that take days and you have no clue who’s actually using or even looking at those!), having a BCP in place, educate and train your staff, ensure they have clear roles and responsibilities, etc.
Once you have this, you can optimize: have a workflow tool in place to better manage end-user requests to treasury and manage workload, create and maintain KPIS, have your own BIC for example to be less dependant on your banks and have better negotiating power, implement a TMS to connect your BIC and all your banks to it, allowing you cash visibility at first, payments optimization and better control, automated reporting, and then why not starting to look at AI for cash forecasting capabilities, using machine learning, then you can look at your FX process where AI can also play a role.
All in all I think there’s a lot to do before jumping straight into AI.
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