Five Important Things to Keep in Mind when Choosing a Treasury Management System
Having a well-chosen treasury management system (TMS) is necessary to streamline your operations and strengthen the performance of your organization. However, because there are many options out there, you must ensure you pick a system which works for your situation and fits your requirements. Make sure you check out the system for gestion de la trésorie par le GroupeAzur. Here are tips when choosing a good TMS:
Perform a Review o your Current Treasury Operations
In order to lay the groundwork for a new TMS, you must examine how your existing operations are doing. Determine the processes and procedures you are using and whether they are working as expected. Analyzing these things will help you optimize your operations before you get a new system.
Define your Requirements
Talk to your people about who will use the new system and who will it affect. This will help you know their current situation and what they need the most to perform better. After identifying your needs, do your homework to know the type of treasury technology that can address best the issues you want to resolve. You might need extra software together with your TMS to meet all the requirements of your organization. Ensure you include all stakeholders in the process.
Involve Senior Management and Budgeters
This means that all those who hold the purse strings in your organization must be involved in the process. This is especially important in terms of collecting quotes and estimating total implementation costs. Preparing the budget makers ensures that your effort of sourcing the right solution will not be wasted.
As you determine the available options, you will disclose features you did not know existed and ideas you haven’t thought before. But, make sure you don’t get carried away with things you don’t need at the expense of what you need. Your new TMS should cover at least the basics. You don’t want an expensive system with plenty of features that your team cannot use for daily applications.
Plan the System Implementation
Aside from budgeting support, implementing your TMS should get the full support of the senior management. Establish a team for the project that includes representatives from major finance and business areas of your organization as well as suppliers, sponsors, and stakeholders. Appoint an expert project manager to manage the implementation process. Finally, you should work together to make a detailed plan which breaks down the project into smaller components and designates responsibilities, roles, and deadlines to all team members.