3 Insights for Treasurers from Windy City Summit 2024

The Windy City Summit 2024 in Chicago brought together treasurers, finance professionals and industry leaders to discuss the latest trends and challenges in the financial sector. At Panax, we had the pleasure of participating in the event. The session “Beyond the Buzz: Practical AI Applications for Cash Management", presented by Panax’s VP Product, Adi Barak, garnered significant interest. In addition, we spoke with hundreds of attendees, at our booth and between the sessions.

Here are some of our key observations and insights from the event:

1. AI is top of mind

AI was the hottest buzzword at the Windy City Summit. It seemed like everyone was keen to learn how they could apply AI to their operations. Attendees we spoke with stated that AI was becoming a key component in their financial operations. In addition, our session about practical applications for AI in cash management attracted considerable interest throughout and afterwards.

We predict that AI is set to revolutionize treasury management. AI has the ability to quickly analyze, surface insights and build accurate and explainable reports. We’ll see the impact of these capabilities across various practices, and especially in transaction categorization and forecasting. 

2. Challenges in Forecasting Persist

Forecasting is a critical tool for cash management and investment opportunities. However, we heard that treasurers are still struggling with forecasting. Many of them, including those from large multinational corporations, continue to rely on manual processes and spreadsheets. But this is error-prone, tedious, inefficient and just plain annoying.

New technological solutions, like automated platforms that categorize data, connect directly to ERP systems and automate forecasting - address these gaps. They provide automated real-time data insights and historical trend analysis, making forecasting streamlined and insightful.

This need has become especially pressing in our current interest rate environment. Organizations are grappling with high interest rates and volatile markets. They need to optimize liquidity and plan strategically. Forecasting can help ensure optimal use of their funds and cash flow.

3. Technological Collaboration with Banks

Treasurers’ expectations have changed. They expect seamless integration and real-time access to rich financial data and analytics from banks and financial institutions. In other words, they’re looking for an iPhone experience to replace their current legacy platforms. However, banks currently lack such modern solutions for managing complex global transactions. Therefore, they are reaching out to build partnerships with cutting-edge technological vendors, to develop and provide innovative solutions to treasurers.

Thank you to all attendees who shared their insights with us. We enjoyed learning from you and we’re looking forward to the exciting future of treasury management.

To learn more about how Panax can help you manage cash flows and forecasting, click here.

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