A year can seem like a long time in finance – as novelist LP Hartley said: “The past is a foreign country; they do things differently there.” This is particularly true of the technology that underpins many finance functions. Less than a year ago, OpenAI made its ChatGPT bot available to all, bringing to life a revolution that had previously felt more theoretical than practical.
But theory is now very much in practice, and for treasurers it will allow a greater opportunity to take a deep dive into the data that underlines forecasts. This is one of the major currents within our main feature in this issue – treasurers could be swimming in a sea of data, but technology is helping them navigate these waters.
In the same vein, we hear from the Association of Corporate Treasurers’ future leaders group, who have taken the time to share their experiences of implementing a treasury management system – in the words of one of our contributors, “having a TMS is not about being technologically advanced but about being able to keep pace with the rest of the world”. The businesses featured all know that doing nothing, as the rest of the business world progresses is not an option.
Many of you may be reading this while at the ACT’s Middle East Treasury Summit. The event is a highlight for treasurers in the region, and provides a welcome chance to share best practice and personal experiences – not just in technology, but in human resources and working practices. Speaking to the CFO of an international bank in Dubai recently, it is clear there many opportunities for treasurers – his main complaint was not being able to find enough talent with the right skills.
To acknowledge these tremendous opportunities, we are running a number of articles from those working in the region. For instance, we hear from Rahul Daswani FCT, who is the founder of LHD Research and a former Microsoft executive. Daswani strongly believes this is a golden time for technology in the Middle East, and treasurers are well-placed to take advantage.
I particularly recommend the “day in the life” of Chandi Mwenebungu, who is group treasurer and director of African Export-Import Bank (Afreximbank). He fears a slowdown in the global economy could lead to a retrenchment from investors – in the past, African nations were the first to experience such retrenchment, but he is working hard to ensure this does not happen again.
Finally, can I point you towards the profile interview with Annette Spencer, who has recently joined the ACT as its new chief executive. Many of you will be able to meet her at upcoming ACT events, including the ACT Annual Dinner in November. Welcome aboard!
Philip Smith
Editor
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