3 Tips for TMS Implementations
3 TIPS FOR TREASURY MANAGEMENT SYSTEM IMPLEMENTATIONS
Chad Wekelo, Principal and Owner at Actualize Consulting
Treasury is the hub of your organization. With the entire company’s cash movements and financial activity flowing through it, it is the cog that keeps the machine running. It’s no surprise that this area of your firm can be very operationally manually intensive. It’s the reason companies are looking for solutions like treasury management and cash application systems and new technologies such as robotic process automation. These tools can be beneficial in automating certain operational processes, but this is actually where a lot of implementation teams fall short; they strive to automate, but they don’t take the time to plan properly and understand their key objectives at the outset. The reason most people seek out treasury solutions is for cash visibility and liquidity, and for the automation of labor-intensive processes. However, this isn’t the biggest challenge of treasury management – it’s understanding where the information lies and how you can best utilize it to make informed decisions.
Given most Treasury professionals are focused on their operational responsibilities, they typically have limited experience implementing treasury systems for their own organizations. Given our primary focus on implementing treasury solutions, Actualize Consulting team members get to know the ins and outs of each software. We’ve done hundreds of implementations, so we’re well versed in the typical problems that accompany a technological project. Because of this, we have a better appreciation of what is required. Here are 3 things to keep in mind when you’re considering implementing treasury technology:
1. Don’t be afraid to over-plan: Having a solid foundation is essential to success, not only in your treasury technology implementation, but also in all aspects of your firm. Treasury technologies can affect areas of your day-to-day operations that you might not expect. Making sure everyone understands the top-to-bottom process and has a vested interest in the project’s success can help ease the transition and minimize potential internal roadblocks throughout the project.
2. Ask your peers: Ask around to see if anyone you know has implemented similar solutions in their organization. See what vendors they used, how their implementation went, and their experience utilizing the new technology to support their operations. Typically, implementations run into similar problems with little variance – learn from others to see what has worked for them and what they would have done differently.
3. Be realistic: Educate yourself on what can and cannot be accomplished by the technologies available in the market. Be mindful of how long treasury solutions take to implement and be prepared for the amount of resources, both money and personnel, that need to be dedicated to the project. The project will not be successful without proper planning and true dedication of resources. Adding implementation responsibilities without removing existing ones is the most common problematic scenario we see – it typically does not lead to a positive result.
No matter what your concerns are for your treasury technology needs, it’s nice to have a team and organization with tenured experience. At Actualize Consulting, our highly trained consultants can help you with all your implementation needs whether that’s vendor selection, reporting, or the implementation itself – and more. Our Expertise and Commitment Drive Your Success. Please visit our website at www.actualizeconsulting.com to find out how we can help.
These tips and more can be heard on The Treasury Talent Podcast, episode 47 with Simon Lynch at https://treasurytalent.com/treasury-talent-podcast/
Your comment will be posted after it is approved.
Leave a Reply.
Latest release news and tips for your Kyriba implementation.