The Strategic Treasurer Thinks End to End, Not in Silos

In this interview to POWER SUPPLY, Craig Jeffery, Managing Partner at Strategic Treasurer, Podcast Host, Author, Publisher and CREW Member, shares his perspective on what truly defines a strategic treasurer in this new reality. Drawing on his experience advising corporations, banks and fintechs, Jeffery discusses the macroeconomic outlook in the United States, the impact of tariffs, the rise of AI and digital assets, and the mindset that distinguishes high performing treasury teams. His central message is clear. Strategy in treasury is not about tools alone. It is about thinking end to end, across partners, processes and ecosystems, to enable sustainable growth and resilience.

In a global environment shaped by geopolitical uncertainty, trade tensions, regulatory expansion and rapid technological change, the treasury function is experiencing one of the most significant transformations in its history. No longer confined to cash positioning, payments execution and short term liquidity management, treasury teams are increasingly expected to play a strategic role in corporate decision making, acting as connectors between finance, operations, risk management and growth strategy.

Moderate but persistent volatility has become the baseline scenario. Unlike the extreme shocks of the global financial crisis or the abrupt halt caused by the Covid pandemic, today’s environment demands constant anticipation rather than crisis response. Supply chains have been reconfigured to prioritize resilience over pure efficiency. Access to capital is being reshaped by technology, opening new possibilities for companies of different sizes. At the same time, artificial intelligence, digital assets and evolving regulatory frameworks are redefining how money moves, how risks are managed and how value is created. 

How do you define a strategic treasurer? 

A strategic treasurer thinks comprehensively. It is not about focusing on one isolated component of the cash conversion cycle. It is about understanding how cash, risk, capital and liquidity interact across the entire organization and beyond it. That includes suppliers, customers, banks and other partners. When treasury adopts this end to end perspective, it moves beyond a transactional function and becomes a true strategic partner to the business.

How do you assess the current macroeconomic environment, particularly in the United States? 

From a U.S. perspective, the outlook remains relatively positive. Economic growth has been resilient, unemployment and inflation are in a workable balance, and there is an expectation that interest rates will begin to decline in 2026. The biggest challenge is uncertainty, especially related to trade policy and tariffs. Financial markets and corporate finance functions value predictability, so even when fundamentals are solid, uncertainty creates friction. Still, the general sentiment points to a reasonably strong economy going forward.

Do tariffs make the role of the treasurer more important today? 

Tariffs certainly increase complexity. Protectionism has always existed, but when tariff policies become more dynamic and less predictable, they directly affect costs, margins, supply chains and cash flows. That places treasury at the center of scenario analysis, liquidity planning and risk mitigation. The more uncertainty exists, the more critical it becomes for treasury teams to anticipate impacts and preserve flexibility.

What are the main new normals treasury teams must adapt to? 

We are operating in a period of moderate to moderately high volatility. That requires constant awareness. One major shift is in supply chain thinking. The old model focused on just in time efficiency and minimal inventory. Today, resilience matters more. Companies need multiple sourcing options and buffers to withstand disruptions. Another key change is the growing importance of accurate forecasting and real time visibility into cash positions and flows.

How does the democratization of capital change treasury dynamics? 

Technology has dramatically expanded access to capital, especially for small and midsize companies. Solutions such as supply chain finance, receivables financing and payables optimization allow different parties to achieve their objectives simultaneously. One company can extend payment terms while another accelerates collections, with a third party enabling the solution. This changes the traditional binary dynamic and supports healthier ecosystems and economic growth.

What impact is artificial intelligence already having on treasury operations? 

Today, AI is most commonly embedded within vendor platforms. It is being used in areas like forecasting, payment security and controls. Many organizations are still in experimentation mode, testing use cases and learning what works and what does not. There is a clear divide between companies with strong data and technology infrastructure and those without it. Over the next few years, adoption will accelerate significantly as capabilities mature.

Which forces will shape treasury most over the next one to two years? 

Artificial intelligence will remain the most discussed and potentially transformative force because of its ability to drive efficiency quickly. Fraud and controls will also remain top priorities, as criminals are increasingly using AI as well. Digital assets are gaining momentum rapidly. As regulatory frameworks mature, especially around stablecoins and payments, digital assets will move from the periphery to the mainstream of treasury discussions.

Finally, what distinguishes high performing treasury teams from the rest? 

The key differentiator is mindset. High performing teams think broadly and collaboratively. They do not operate in silos or optimize one metric at the expense of others. Instead, they consider upstream and downstream impacts and engage partners across the value chain. This comprehensive approach shapes the metrics they use, the conversations they have and the solutions they design. When treasury adopts this mindset, it evolves from a liquidity manager into a strategic value driver.