Tanya Kohen: Hi everyone and welcome to the Invention Mode podcast. I'm Tanya Kohen and this is the space where we explore how corporate professionals embrace their invention mindset and rethink their roles and reframe how work gets done, often through small clever fixes that spark meaningful change and move organizations forward. Together with my guests, we'll look at what it takes to build a culture where new ideas can take root and how that capability keeps companies competitive and future ready.

For a long time, treasury was viewed as a control function. It ensured liquidity, maintained banking relationships, and helped organizations operate safely within financial constraints. But if you look at what treasury leaders are dealing with today, the picture is very different. Treasury now sits at the intersection of risk, technology, liquidity strategy, operational finance, and external financial systems. In many organizations, it's becoming something closer to a coordination layer, a function that connects decisions and information across the enterprise.

And that raises an interesting question. If Treasury's role is expanding this much, are most Treasury teams actually designed for the job they are now expected to do? To explore that, I'm joined by Justin Guerra, Senior Vice President at Kauffman Hall's Treasury and Capital Markets Practice. Today we’ll talk about what's really changing inside the treasury, what organizations may be underestimating, and how leaders can intentionally design the next version of the function.

Justin Guerra: Thank you for having me. I'm excited to be here and a lot of pertinent topics that I know I'm talking about every single day. I'm sure across industries and corporate treasury, across banks, across consulting firms, this is very pertinent in what we're talking about every single day. So thank you for having me.

Tanya Kohen: A few words about your background.

Justin Guerra is a Senior Vice President with Kauffman Hall, a Vizient Company. Justin is a member of the firm's treasury and capital markets practice. He provides analytical, quantitative, and strategic support to nationwide non-for-profit hospitals and healthcare systems, focusing on innovative treasury solutions built for sustainable growth. Prior to joining Kauffman Hall, Justin served as the Vice President and Treasury Management Officer on the corporate client banking and specialized industries team for JP Morgan Chase. In this role, Justin was responsible for managing Fortune 1000 portfolios, managing a team of treasury sale associates, and driving business development.

Justin, thanks for joining the podcast. I'd say let's jump right into it and talk about treasury. Let's start with the discussion. If we step back and compare treasury today to what it looked like 10 or 15 years ago, what's the most fundamental shift you are observing and in how organizations expect to operate today.

Justin Guerra: I started my career in treasury and cash management a little over a decade ago. I started on the banking side at JP Morgan Chase. So the huge bank that has the whole suite of offerings. And it's funny, when I joined the people that I was learning from spoke about how the treasury space had not changed for decades. Checks were still around and prevalent and paper flooded the industry on the payout and the collection side. I feel now 10 years later, everything has changed and the change in the development in the last decade has been exponential. At least that's my perception of the decades prior. And so, you know, I think a lot of the change that we've seen, it's not just in the banking landscape. It's not just in the corporate treasury landscape.

It has started with the consumer. And I think the shift in the eyes of the consumer, the demands of the consumer is where it all starts. Like you think about you and me as individuals, we want things now. We want them fast with ease of purchasing them, a single click, a single button. I wanna be able to compare price over here to price over here, quality and product over here to product over here. And so, consumer demands shift in that trickle downstream. So banking solutions have to shift to accommodate these requirements for real time, frictionless payments, ease of purchasing and comparison. You go downstream from the banking institutions who create the solutions to enable that. And then you have the corporates that have to adopt and enable this technology to bring that to their consumers.

Treasury and technology need to speak the same language to weather this paradigm shift from just reconciling yesterday as a cost center to steering tomorrow and being the strategic leader for the organization. So corporate treasury teams are starting to integrate this real-time and right-time visibility and automation and improved financial decision-making into their day-to-day processes through their banking relationships, their ERPs, their treasury systems.

I love that conversation around Treasury historically being this cost center. But now there's this shift towards Treasury becoming this enabler and this value generator for the organization, bringing tangible bottom line benefit back to the organization. Treasury is so uniquely positioned within an organization, building bridges to critical operations groups, being the conduit in the bridge to external partners, Treasury's managing external relationships with banks, with technology providers, with third parties. Other groups might have a hand and they might forge a one-off relationship, but Treasury should be the home to these relationships with these external parties. And so the organizations that have adopted technology as an enabler have captured the most value for their organizations in the midst of these consumer shifts and banking landscape shifts.

Tanya Kohen: That's a great way to look at Treasury. And we've been talking about Treasury actually proving, I guess, especially internally in some organizations, proving to be the strategic partner. And we've been talking about this for quite a number of years. But I think now it's finally when we are enabled with technology even more as we used to be in the past because the developments are so fast now, and we'll talk about the newer developments later as well but I think now is the time where everything can be brought together and when finally Treasury can participate in so many activities as it should throughout the organization and add this value.

So, because of this and because of the way markets are developing many treasury teams feel that their scope is expanding. Risk oversight, technology decisions, working capital strategy, bank relationships. At what point does the expansion stop being just more responsibilities and start becoming a different operating model for treasury focused on shaping how value flows through the business?

Tanya Kohen: That's so true, right? Do more with less. I mean, that's almost every industry and every individual kind of feels that pressure. But this theme resonates with conversations I'm having with corporate treasury leaders every single day. Treasury is historically this thinly staffed function within an organization, yet it becomes this catch-all bucket for all things in finance that no one else wants to do, right? And so you think about the list of responsibilities that a corporate treasury team takes on and it's vast. Cash and liquidity management, managing banking relationships, like I mentioned, external third-party relationships, executing payments, working capital optimization coming in, what are we doing with it? And then how does it go out? Investments, debt, risk management, compliance, governance, forecasting. Then if you have time, strategic projects, right? And the things that are gonna bring value like a competitive banking RFP or deploying a new piece of technology, that's the strategic stuff that gets shoved to the side because we have all this tactical stuff we need to manage daily.

I think many organizations add responsibilities without appropriately defining the treasury function. And this sounds very fundamental and rudimentary, but it's so critical. So many organizations that we step into are performing accounting functions within the treasury as a function or other finance functions that should sit with a different FP&A group or another group. And so I think that first step is defining the responsibilities that are treasury and are not treasury.

I think once you do that, you can start to build policies and procedures and governance around what should those tasks look like on a day-to-day basis? How do we perform this task every single day? And it's only once you've done this, where you could start to evaluate each task and look at how insightful or valuable this task is to the organization and compare that against how manual or automated the task is.

I have an illustration that I want to pull up that I think will be super helpful, and kind of the framework, a way to think about performing this exercise. So first evaluating how insightful or valuable a treasury task is. It asks simple questions. Does this task generate financial value for my organization? If not, the next question asks — if it's not generating financial value, is this task mitigating risk for my organization? Is it protecting my organization from fraud? If “no” to that question as well, am I at least providing critical data and information to key constituents and other pieces of the organization? If not — it's not bringing financial value, it's not mitigating risk, it's not providing critical data and information — maybe it's important to ask, is that task even required? These are all required tasks. They're mitigating risk, driving value, providing critical data. The next thing to evaluate against that task is how manual or automated is this task today? In order to navigate through that thought track, you gotta ask yourself, how long does this task take? How many FTE, how many individuals are performing this task and what is the frequency at which we're performing this task? If we fall to the left side of this illustration and even the bottom left quadrant — it's a highly manual task that isn't bringing a lot of value to the organization, but it checked “yes” on one of those questions, and so we need to continue to perform that task.

If we're on the left side of this illustration, it's very manual, but we're on the top left quadrant using cash forecasting as an example in the illustration. If it's very manual today, but it's driving insights and bringing value to the organization, providing critical data and information, we should start to think about how we automate that task. And that is a great task that is a candidate for automation or integration of technology to help alleviate the manual nature, how burdensome that task is.

I don't want to belabor the point, but I think it's an awesome framework for defining the tasks that are treasury and are not. Documenting those tasks, making them a part of our procedures, our tactical functions day to day, and then starting to put each task under a microscope and looking at is this driving significant value for us or not against how manual or automated is this task?

And this is a great framework for building and establishing a treasury organization so that you're not just absorbing more responsibilities and you're being really thoughtful and critical around what are our responsibilities each day and how are we performing them. This is a great baselining exercise to define the task that could be in that consideration for technology adoption tomorrow.

Tanya Kohen: It is a great framework. Even from speaking at conferences, every time I start talking about treasury processes and how in different frameworks that you can put in place to map out either the automation or just the way you think about getting tasks done every time, — there's a lot of excitement about it. Odd to say, because treasury teams understand their tasks and their processes and what's involved and how many hours are involved, which systems are involved and what it takes to actually get something done, something that you can put into words like cash forecasts.

Behind this, there's a huge process and many people involve different departments and it's very helpful to think about automation from this point of view as well. I agree with you very much. And especially when you combine what's manual versus automated, where on the spectrum this task is in terms of the value it brings to the organization. That's the key here.

In our conversation with you, I feel that we often come back to the topic of working capital management as one of the very valuable things that sometimes doesn't get enough attention in some organizations and sometimes doesn't reside with treasury departments. So I wanted to touch on that and talk about working capital optimization and how it used to sit mainly with finance or operations in the past, but treasury should stay closer to this because of the tasks related to working capital, because of cash optimization, because of banking relationships that treasury has.

So where do you see treasury creating the most impact today when it comes to connecting working capital decisions with liquidity strategy?

Justin Guerra: I think Treasury should absolutely stay closer to strategic initiatives that are centered around working capital optimization. Treasury's the enterprises steward of cash, right? Seeing to it that cash is directed appropriately to maximize value. And as the owner of the relationships that connect our organization to banking tools, critical systems in our technical architecture, third-party relationships, fintechs that bring solutions to us, Treasury is at the center of this hub, and engine that powers and propels the organization forward. A very strict strategic objective and strategic initiative of Treasury is to partner with core functional groups across the organization to lever working capital effectively. As a prime example, Treasury can partner in leading a procure-to-pay optimization effort aimed at driving value to the bottom line of the organization. This comes in the form of automating workflows and improving operational workflows and the payment execution and procure-to-pay ecosystem, accelerating technology adoption to do so, and then monetizing payments, bringing value back to the organization through levering rebates, through levering working capital.

The issue is in a typical organization procure-to-pay touches anywhere from three to five or six teams with vastly different objectives. So you think about the procure-to-pay life cycle. A sourcing team, which will typically sit within the house of supply chain, is worried about identifying the best vendors in purchasing the most widgets at the best price. Contracting typically sits within supply chain as well, but partners with legal and the objectives are legally, it's in making sure we're protecting ourselves from negative punitive contract terms. You continue to move through the spectrum. Purchasing is all about supply and demand, requisitioning POs, making sure that we're getting the inputs and the products to our team appropriately as needed when needed on time. And then you start to talk about Accounts Payable and it's all about invoice management and matching invoices to POs. It's about onboarding vendors, collecting their bank account data, getting their data into our systems and creating supplier records in our systems. It's about payment execution, getting payments out on time, and this is where most AP teams are acutely focused is — how do I get payments out on time so that we don't have credit holds? You know, it's all about payment execution.

And then you have finance and treasury on the tail and doing reporting and reconciliation. So who owns optimizing that ecosystem and that workflow? It's touching three or four teams that we just went through all with vastly different objectives. Treasury could be the appropriate answer, right? In my opinion, treasury is the answer.

For organizations that have cracked the code, treasury is set in the middle of this ecosystem of players. Treasury's locked these individuals in a room and developed a strategy to crack this code. Why is Treasury the perfect partner? They sit in this central position of authority and influence and direction to lever this entire lifecycle, not just the players within the four walls of our organization, but through our connections with banks and partners that could connect us to technology solution systems that help us bring the pieces together.

Tanya Kohen: That's a very powerful concept. As you were talking, I was thinking about ownership, because you mentioned that it is not so easy to find the appropriate owner when you are talking about cross-functional projects and improvements that are to be made. And perfect scenario when teams can work very well together and can be robust in distributing tasks and figuring out the tactics.

Again, it's not obvious, but even when the strategy is there and the company understands where it's headed with where this improvement actually lies, it's still not always easy to figure out the tactics, who does what, so to speak. So it is critically important to be able to work together and find owners for appropriately divided tasks.

Recently in many of the projects I'm involved in, we keep going back to this discussion as well. Who owns the data? You own a process and then how do you carry out this process? It's either through systems or manually, which is not ideal. And if it's in a system, then it creates data, which is supposed to be stored somewhere. And then there's this question of ownership, because every time you want to analyze something to figure out how to improve things, how to adjust your strategy, you want to rely on this data. And if it's not clearly stored and owned and indexed, data governance piece should be there. If this is not done from the beginning it's even harder, even when you have an owner of the process, of the piece of the process or the strategy, how do you get things done. So I'm a very big advocate of “get to the very bottom of it” — go from the process to the system level to the data level, and only as long as you are sure you have an owner for all these system-driven pieces of the equation, then you're doing great with actually putting together a roadmap for this improvement. Could not mention this as we talk about the importance of technology and systems in our processes in treasury.

So treasury technology. It used to mean systems for payments and cash visibility. Today we're talking about integrations, data layers, analytics and AI. In your opinion, how should treasury leaders think about technology now — as tools they adopt or as infrastructure that help shape their strategy?

Justin Guerra: Treasury technology has grown incredibly in sophistication in the last 10 years. You think about from a banking perspective with the banking portals, there has been this acceleration in investment dollars that the banks are putting into sustaining and growing their portals. There has been this introduction of treasury management system light solutions that are very effectively solving for these niche bespoke use cases, oftentimes like cash forecasting or whatever the core function might be. And then there's been this rapid advancement in the full-scale comprehensive TMS solutions to layer in technology and to achieve everything under the sun that we might need in a modular approach for our corporate treasure routine.

With that being said, there's a few key themes that have surfaced that we should all be mindful of.

The first is real-time or right-time data integrations have become so much more prevalent through the use of APIs and the ability to connect systems together, connect to our bank with a click to receive balance information or to transact payments.

It's a theme in the B2C space, very prevalent, but also in the B2B space. If you think about real-time applications for some of these APIs and this new technology to enable real-time banking, from a B2B perspective, it's payroll. If Pizza Hut is paying employees bi-weekly traditionally, but Domino's across the street has this payroll on demand capability where you could say, “I want to be paid real time after my shift.” That is this technology finding its way into corporate treasury. And so maybe that is more the B2B example.

And then on the B2C side, you think of reimbursements or disbursements where companies need to get money to an individual quickly. There's been a rise in the gambling applications, a DraftKings or a FanDuel. The competitive differentiator that one of them moved to was when I want to cash out, I get my money immediately. You see Venmo doing the same thing, right?

The second theme that is really important to understand is data — in the absence of analytics, insights, actionable recommendations — is just data. Collecting data, cleaning it, sanitizing it, normalizing it, and then summarizing it are tasks that could be performed in seconds. There is technology that can do all those tasks, and not just that, but taking it to the next level. In levering these same technologies layered into our ERP's, our AR, our AP, our TMS systems to drive recommendations and insights. It's not just cleaning the data now, it's summarizing it and bringing you insights proactively.

If you think about your systems and the architecture you have in place, if you haven't evaluated these technologies and layering these solutions into your core native systems, you need to have investigated this yesterday because the opportunity cost is high.

The third theme that is super important and should serve to motivate us all is this concept that you've talked about. Data is so disparate and fragmented across the finance and treasury organization. And so you think about all the data sources that are so critical and important for a treasurer to make decisions. You have the ERP, you have sometimes a different AP or AR system, you have industry specific systems like Epic or Cerner in the space that I work in heavily, in healthcare. You have banking data that comes from transactional and balanced data on the banking side and in the banking portals. You have Excel spreadsheets and Access databases. It's eye opening how many organizations we step into where it's just Microsoft applications that are housing all the data and all of that that I just said is just quantitative.

Think about all the qualitative pieces of data that sit in here. And it's a CFO, a treasurer, a VP, a RAPA controller that holds the data and the decision-making. And so it's exponentially more critical now to consolidate and integrate these disparate data sources, identifying the right technology solutions that pull together disparate data bolstered by strong treasury as a function, treasury procedure that support the subjective to advance us forward and make informed decisions with comprehensive data sets.

While the ERP or the TMS might be the primary and secondary sources of truth, this doesn't eliminate the mandate to explore other solutions and other pieces of technology that elevate and connect this ecosystem.

Tanya Kohen: This piece is so important, cannot stress this enough. Also, banking transactions data and data that treasury often relies on, sometimes it is viewed internally as something external, like organizations have their ERP systems as their source of truth. There are data flows that go into the system, but sometimes, operations related things, they are on the side somehow. I think that's one of the problems that Treasury departments struggle with is to convince internally that there is more to those data sets, that there are other sources that are not just a system that sits on the side and that's where we go and do our transactions. But it's also data storage that if brought inside, so to speak, can be a good source of additional insight into cash forecasting or whatever. I think this is not only fragmentation within organizations, back to the concept of owning data and who is to say that this data should also be part of our data warehouse, right?

Again, these conversations, they can get so technical that maybe that's the part that many leaders are struggling with because what is the depth that you should understand? With newer developments with AI and how we can request in human language for more insights now, it's very powerful and maybe that's where the part of the answer is. If there is a good configuration and connection between what we ask AI to help us with and the actual underlying data and systems, then that's what could be so helpful and that's how we can dive even deeper into deeper layers of insights.

If to simplify, and you mentioned there are so many billing processes owned by AP, AR and so on. And treasury teams often think, okay, this is not the part of my process at all. Like I don't do AR, I do AP. But hey, wouldn't you want to understand on the detailed level, like invoice level, the cost of payments, for example. Because why not? Because it boils down to transactions generate overall flow of expenses and revenue. So why not get to the bottom of it and really detailed in the analytics? But it's not always easy to do just because of how systems are interconnected and how data lives in those systems. I think it's so important for the teams to start owning the data that's related to their decision-making process.

Let's talk about the future and designing the treasury of the future. If a treasury leader were starting from scratch today, knowing everything that's changing, risk complexity, liquidity dynamics, treasury infrastructure, what would they design differently, in your opinion, about the structure or priorities of treasury?

Justin Guerra: Firstly, every single day we interact with clients that span revenue size, employee size, geographic footprints, industries. Yet we find treasury as a function at every organization looks vastly different from one to the next. If I'm the treasurer, how I would build the organization of the future is it starts with structuring the team and the organization and resulting responsibilities, tactical and strategic that gotta come first to form this strong foundation. Because clearly identifying what is treasury and what our roles and responsibilities are is the first step to defining what follows this human capital conversation, the people and the roles and responsibilities of procedures quickly blurs the line into technical architecture. And what are the systems and partnerships, relationships that help us to support these objectives to do our job every single day? And not only does the line get blurred with technology and technical architecture, but we start to blur the line with the functional structuring of the other teams that sit around treasury, right?

If I'm thinking about building a treasury team for tomorrow, I'm defining the roles and responsibilities, properly resourcing the team, defining rules of the road as it relates to partnerships with these other functional groups and then I'm layering in the technology to connect the data and connect the groups.

People, processes, technology, it's this triad of a successful treasury platform. And if a single prong in that triad is broken, it'll likely become symptomatic downstream and inefficiencies within your operations, misaligned functional objectives, functional partnerships, elevated costs, foregone value to be captured, manual operations, growing risks, that's all inherent in a broken piece of that trio. So it's super critical to get people, processes, and technology right, more today than ever before.

Tanya Kohen: That sounds like a recipe for success, for sure. Thank you, Justin. Now it's time for our rapid fire questions. What does an invention mindset mean to you?

Justin Guerra: To me, invention is a net new idea or concept or product service. So I think about the clearinghouse developing the real-time payments rail. To me, this is invention.

Innovation is new application of an existing idea, concept, product, service. So innovation would be a first mover in leveraging this new payment rail of real-time payments with a novel use case to differentiate my business.

And so both mindsets, in my opinion, are critical for the treasury professional today as treasurers are facing off with banks and third parties, technology providers to solve very complex challenges every single day. And so often as a consultant, I stretch my brain and I aim to challenge myself to think about leveraging banking tools, disruptive technology solutions that have existed maybe for three months, three years, three decades to apply them to a novel use case.

As a quick example, virtual accounts are a banking tool that have been used for the better part of the last five years or so to rationalize a physical account structure. So in my prior life, virtual accounts within this B2B use case as a bank salesperson connecting my clients to this product was all about, you have eight business units under a single entity. You have eight accounts today. You have the ability to lever a single physical account with these eight virtual accounts underneath it. That's kind of the traditional use case. But where we've become more innovative in thinking about using this tool in the healthcare space today as a consultant is we've worked with a provider organization who has separate physical accounts to collect payments from insurance payers. And so we have this just vast physical account structure to aid in accounting and reconciliation. So we know that commercial payer A is paying into account A, commercial payer B is paying into account B. But what about innovating a little and applying this virtual account concept for the first time with a very large banking institution to say we don't need all those physical accounts anymore. We could have a single physical DDA and we're unlimited in our ability to open virtual accounts underneath that physical DDA for every single insurance payer if we wanted to. And what we communicate to that insurance payer is the instructions for the virtual account that all sit underneath the one physical DDA. And that immediately reduces costs associated with all the tens of physical accounts that the provider maintains today. It improves reconciliation and streamlines the collection in ring-fencing the collections for a given insurance payer to that virtual account. And so it solves all the challenges that the client was looking to solve for.

While oftentimes as corporate treasury or innovators over inventors, I think it's important to think about ourselves as both and think about how we can do both within the context of our day to day.

Tanya Kohen: I very much agree that invention doesn't have to be huge and it very often is repurposing, so to speak, of certain tools to do something new, solve a problem that existed forever, but no one ever thought or no one ever got to use certain tools to solve certain things.

What do you think is missing in today's tech stack for finance and operations?

Justin Guerra: I think two main things are missing, and the first is that we're missing tools that connect the fragmented disparate pieces of data. ERPs and TMS systems continue to advance in solving for this, but they're always missing pieces of data, sometimes qualitative, oftentimes qualitative. This leads to decisions that are predicated on incomplete data sets or solely quantitative measures without that qualitative polishing that makes decision-making in corporate treasury so impactful.

The second thing that I think is missing is insights that elevate the data. Humans are typically this engine, right? Humans are supposed to do more with less. The integration of Artificial Intelligence and other tools that could be layered on top of our data sets and systems is missing in most organizations. Yet it's becoming impaired. I mentioned the opportunity cost is high to ignore it. And you should have been researching these technologies yesterday if you are not already. Large language models, agentic AI, think about chat GPT, RPAs — these are the solutions and tools that enable us to do exponentially more than we ever could today. That's the million dollar question, where and how do we layer and integrate these tools into our native architecture today?

Tanya Kohen: And they're very related, those two things as well, right?

If you could improve one thing in a business, not necessarily tech-related, what would it be?

Justin Guerra: This might be my favorite question because to me it's leadership. And I'm extremely passionate about the power and value of strong leadership in teams and in an organization.

When I was in college, I got a job because I just needed to pay for food and stuff week to week. And so I got a job at the Illinois Leadership Center at the University of Illinois in Champaign. And what the Illinois Leadership Center was all about was building programming to support the growth of leadership skills of students on campus. And we would bring in business leaders, CEOs, leaders in government to help lead these courses. So I did it at the time to make a little bit more money. I didn't realize how important the things were that not only I was learning, but I was helping to administer and facilitate across a campus of 40,000 students.

But I've realized now retroactively, leadership is something that permeates individuals. It breeds and cultivates culture, character, and vision, direction. It establishes the DNA of an organization and a team. I think the strongest leaders that I've witnessed demonstrate consistently a lot of the same qualities.

I would say, what are these qualities that epitomize strong leadership? It's humility. It's servant leadership. No job is too big or too small for me, irrespective of my title. It's integrity in the way that we do business. It's accountability and ownership. It's confidence. And don't mistake that with ego, but risk seeking confidence in the decisions we're making, emotional intelligence, strong communication skills, written verbal and being adaptable.

And those are in no particular order, but those are kind of the themes that I've seen across strong leaders. And I aspire every single day to be one, but we all face this challenge in these pressures of “do more with less”. We feel it at Kaufman Hall today. This pressure to scale, but you cannot compromise leadership and doing business the right way. It's so incredibly key. So to me that is the one thing in a business that I think can always be improved. You know that the needle can always be moved and there's always more that we could do to demonstrate greater leadership.

Tanya Kohen: And the leadership you just described is also the key to this new AI era and gaining competitive advantage in this regard as well, right? Because of how agile you have to be now and how forward thinking. It's great that there are thought leaders that can give such great advice as you did today.

Thank you, Justin, for today's conversation. I think there were so many great takeaways from it and thanks to a lot of food for thought there for sure.

Justin Guerra: It was great to be here. Thank you for having me.

Tanya Kohen: Treasury used to sit mainly around liquidity and control, but our conversation today really confirms something I'm seeing across many organizations. The Treasury now touches something much broader. It connects risk management, banking relationships, working capital, and the technology that ties all of those pieces together. In many ways, Treasury is becoming the place where the financial system of the company comes together. And the opportunity for leaders now is to design that system intentionally instead of letting it evolve by accident.