THE ABCs OF A TREASURY MANAGEMENT SYSTEM (TMS) IMPLEMENTATION: HOW TO BETTER EXECUTE YOUR PROJECT
Alysia Kennedy, CFA, Senior Manager, Treasury & Capital Markets
Actualize Consulting has developed a proprietary third-party software implementation methodology which has been successfully utilized on over 150 TMS implementations. Our approach is based on building a collaborative environment where Actualize, the client, and the third-party software vendor are working as one team focused on a common goal to ensure a successful project execution and a streamlined Treasury function. Below are some guidelines to follow.
A – Adoption
Implementing a system takes a lot of resources. Ensuring it gets used and adopted will optimize everyone’s money and time.
B - Business Priorities
Creating a mission statement, scoping requirements before beginning work on the system, making a detailed project plan, and staying timely will guarantee everything runs smoothly.
C – Collaboration
Work together with all appropriate stakeholders to make sure all their needs are met. Communication is key, and their knowledge and expertise are invaluable.
D – Documentation
Keep a record of every process that explains the workflow. Be sure to store in an easily-accessed location so that if any questions arise, team members can troubleshoot before asking for help.
E - Expectations
Set the right expectations up front with stakeholders, project participants, and yourself. Invest time identifying potential gaps and emphasizing that processes change along with the system so you will be better prepared for any roadblocks along the way.
F - Flexibility
No system can accommodate 100% of your requirements – remain open-minded so you can reassess and standardize processes where possible.
Please contact me if you would like to learn more about how we can help your organization. With offices in the US, Canada, and the UK (London) we keep our finger on the ever-changing pulse of the Capital Markets, Treasury, Mortgage and Fixed Income areas.
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