North American corporates have undervalued and under-resourced treasury departments compared to their Asian, Latin American and European peers, according to a recent survey by EuroFinance.
Only 67% of North American respondents agreed that treasury was viewed as a strategic asset within their business, compared to 88% in Asia and 81% in Europe according to the survey.
Nearly half (48%) of North American respondents, went on to say that their treasury did not have the resources it needs to meet future business needs. This compares to only 18% in Asia and 24% in Latin America. Meanwhile, 31% of European treasurers say that their treasury departments are not fully resourced.
“These results have implications that could be worrying for some North American companies’ competitiveness. Now more than ever, treasury has an essential role in supporting sustainable long-term growth and needs to be resourced accordingly,” says Katharine Morton, EuroFinance’s editorial director.“We speak to treasurers around the world who are driving change, adding value and directly impacting profitability.”
The survey is based on an e-mail invitation to selected corporate treasury professionals from the EuroFinance Research database on 11 July 2013. The data was collected online and 397 responses were received.
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