Operational Processes

In Corporate Treasury, processes are often data driven. As a consequence, data sources should be, to the extent possible, in a database format. Organizing data source in databases allow tools (ERP, TMS, Excel, etc.) and programs (based on Power Query, VBA, Python, etc.) to streamline and automate processes while mitigating the risk of errors.

In addition, the business user can leverage technologies like ChatGPT/Gemini/Copilot to help him building programs/codes, based on a clear description of i) the context and the objective of the tool, ii) the datasource(s) (columns, file format, etc.) and the expected output (file format, data, etc.).

Below are some important steps to help optimizing and automating processes:

• Challenge requirements: Always question the necessity of the requirements for a given process. This involves asking if the requirements make sense and if they are truly needed. It ensures that unnecessary steps are eliminated from the outset.
• Delete unnecessary steps: Eliminate any part of the process that is not adding value. Musk emphasizes that simplification is critical, and often, parts of a process that seemed necessary are not.
• Simplify and optimize: Simplify the remaining steps. Optimization is important, but only after unnecessary steps have been removed. This ensures that efforts to streamline are focused on what actually matters.
• Accelerate cycle time: Speed up the process by reducing the cycle time. This means making processes as efficient as possible and reducing delays or bottlenecks.
• Automate: Automate the process only after all previous steps have been addressed. Automation of inefficient or unnecessary processes can lead to problems, so it's crucial to first ensure the process is as lean and efficient as possible.
• Use feedback loops: Implement feedback loops to continuously monitor and improve processes. Listening to employees, customers, and other stakeholders can provide valuable insights for ongoing improvements.
• Encourage innovation: Foster a culture of innovation where employees feel empowered to suggest and implement improvements. This includes embracing new technologies and methodologies that can enhance efficiency and effectiveness.