On 3 November, Zanders organized a webinar about cash flow forecasting, together with Frank van Meijel, Global Treasury Finance Manager at Mars.
Cash flow forecasting is an age-old topic that all treasurers are very familiar with. Due to an ensuing COVID-19 crisis, cash flow forecasting has never received as much attention as it does now. However, it is also one of the topics that treasurers are struggling the most with. According to the Zanders Global Benchmarking survey, 75% of treasurers find cash flow forecasting highly challenging. Everyone seems to understand the importance and you have all heard enough about it, but when was the last time you have done something that truly improves the process?
During the webinar, Zanders manager Michal Zelazko explained what has changed in the world of cash flow forecasting: the main changes have taken place in technology and the impact of forecasting. Furthermore, Michal presented the framework of trends and best practices on forecasting in the areas of organization, process and automation. Subsequently, he explained the importance of data governance. A CFF is only as good as the data it is based on. If inaccurate data is used as input, the forecast will be inaccurate as well. Furthermore, he elaborated on technical and functional requirements of a forecasting system and which system categories there are to support your CFF process. Whether you will use a TMS, best of breed system, ERP (add-on), BPC or BI solution, there will be advantages and disadvantages to your solution. Finally, he presented how to apply exponential technology such as API, RPA, or even AI in the cash flow forecasting processes. They are all starting to gain traction in the space of forecasting processes.
Thereafter, the floor was given to Frank van Meijel. He first introduced the audience to the business and delicious products of Mars. Furthermore, Frank presented how his organization is changing its approach to cash flow forecasting process and supporting systems with the help of treasury technology. He elaborated on the background, objectives, requirements and solution architecture of the project of selecting a global CFF system at Mars. Finally, he reviewed on the process of selecting the right technology and all the consideration taken at Mars.