Though its use isn't common as might be expected among finance professionals
today, the Internet is likely to become a significant factor in centralizing
corporate treasury functions within two years, according to a survey conducted
by the Association for Financial Professionals. The study, released last month
at the AFP?s annual conference in Chicago, reveals that while 35% of the 1,000
CFOs, treasurers and controllers polled currently use the Internet as an
integral part of their jobs, that number is slated to swell to 68% by 2003.
Focus on Efficiency
The focus will be on improving efficiency, the results show, with the Internet?s
main benefit being access to real-time information that will permit easier data
integration and sharing. Furthermore, it appears few in treasury are worried
about losing their jobs as technology takes on a greater role, with 91% saying
they don't see headcount changing because of the Web.
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Among the areas likely to gain traction via the Internet: borrowing, foreign
exchange, insurance and hedging. In addition, the respondents say the Internet
will help cut borrowing rates, and they expect more new products to be created.
Despite the benefits, however, just 38% of those surveyed said their treasury
department will play a leadership role in the adoption of the Internet.
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