Takeaways: The First Baltic Treasury Conference

September 12 came and went, leaving a longing aftertaste – we did it! The first Baltic Treasury Conference took place and it went well, judging from what we heard from people who spent the day with us.

There were so many themes that emerged during the day, and I will select a few to highlight here in this article.

Treasury professionals are jacks of all trades – we’re people-orchestras, especially here in the Baltics, and multi-talented as well.

We were called many things during the event – saviours of executives by keeping them out of ovens (which also makes us rather good cooks then), guardians, strategists, firefighters, even heroes. We can also be politicians, especially in those companies that are decentralized.

We also know that sometimes our stakeholders expect things to just happen: bank accounts to be opened in a day, payments to go out and collections to be received without issues or delays, cash flow forecasts to be accurate, etc. etc. We know that not everything is as easy and straightforward. Quite a lot actually isn’t – the devil is often in the details and not all the inefficiencies are immediately apparent.

At the Baltic Treasury Association, we certainly hope that the work that we do will make the Treasury profession better recognized, and that the community we’re creating together with all of you will grow strong, sharing knowledge and best practices with the aim of helping each other.

Technology is out there to help us, making the complex world simpler as long as we embark on a marathon journey of continuous improvement.

Technology advancements these days are quite incredible, as we have seen at the stands of our sponsors as well as heard from our speakers.

Technology is there to support us, making our world and jobs simpler, allowing us to focus on what matters to our businesses.It is important, however, to start looking at technology early enough – ideally before the business becomes very complex, so that it can support the business’ growth and the implementation itself can be more gradual. It is also important to get the right expertise – for some companies it may be an internal resource, for others an external partner who has done it before, or maybe a combination of both.

Very often when formulating the business case, we’re focused on what we will get from it – reduced manual hours, increased quality of processes, or cost efficiencies. It is equally important to consider what you’re missing without the right technology. Once you consider these in stark contrast, the picture of having a system may become clear, and it becomes not just a financial ROI decision.

While there are best practices in place, sometimes the final answer isn’t as straightforward – “it depends” on your circumstances.

Strategic transformation of a company’s Treasury function is a process that needs to be done at the right time (as mentioned above), but there are two additional components that are necessary for it to be successful.

The first one – you need to know where you are going. How is your Treasury function going to look when it is perfect given the circumstances the company finds itself in today and foresees in the future?The answer to this question will help you determine the path towards this goal. This will likely be a lengthy path, so it makes sense to divide it into phases. This will help to make tangible progress, start utilizing what has already been implemented, and manage organizational change as well.

The second component – the right expertise. Unless the people working on the project have already gone through the implementation process, it is hard to know what to look out for. This can include asking your potential Treasury technology vendors the right questions to ensure the right expectations about their product’s capabilities as well as limitations. It will also include the knowledge of those hidden pitfalls – things that can go wrong – so that the timelines include these unforeseen obstacles, and the budget includes the necessary funds as well.

Some companies may be large enough to attract and hire the necessary expertise and talent. Others may find it useful to reach out to Treasury consultants who have gone through the process before and can earn their fee by ensuring as smooth a journey towards the end goal (and help in defining one too) as is reasonably possible.

In the era of rapidly evolving technology, it is incredibly crucial to keep your team’s skillset up to date and diversified.

We concluded the day with two presentations geared towards upskilling team members and making sure their skillset is in line with the needs of the future (some will say the future is already here).We heard a presentation by ACT about their newly launched microcredentials that allow Treasury professionals, as well as those interested in the field, to acquire the skills necessary to them in smaller steps than what we’re usually accustomed to. It becomes a much more manageable investment of time, allowing finance professionals to plan their study time around work and life as well.

One of the goals of the Association is to popularize the Treasury profession and to increase the skillset and knowledge that Treasury and broader finance professionals have in the Baltics. To further this objective, we’re working with both ACT and the University of Latvia to offer these microcredentials in a tutor-led fashion and are considering both in-person and online sessions.

The second presentation was delivered by CIMA and focused on the changing skillset of finance professionals as well as the changing shape of organizations with the popularization of automation and AI tools. This session also highlighted the importance of increasing your skillset, learning new tools, and broadening your knowledge base so as to become a strategic partner to the business and provide value that cannot be delivered by these tools.

We have big plans for the Baltic Treasury Association and the Treasury profession, but we can’t do it without you.

It is just the first year of Baltrea’s existence and we’ve already achieved quite a lot. For us to continue and increase the momentum, we need your support and active involvement as well.

We would like to invite you to consider becoming members of the Association. This will allow you to actively contribute to the Association’s journey by joining committees and having your say in the strategic direction of Baltrea through the General Meetings as a voting member. It will also provide the necessary financial support to the Baltic Treasury Association so that we are able to pursue the goals set ahead of us.

Please use this contact form to express your desire to become a member and/or become involved. We will get in touch with you on eligibility and the next steps. We will be creating a separate dedicated section on the website.