A step-by-step process of buying and implementing treasury technology and get started with your digital transformation in treasury.
Digital transformation projects come with a lot of how-tos and what-tos. Implementing new technology requires proper guidance and care.
Things to consider before you embark on your buyer’s journey:
Here’s a quick table that summarizes the key essential points you need to consider with each step.
|Business requirements analysis
|Budget, cost, and benefits
Once you have sorted out your business requirements, your vision, budget, and the stakeholder’s buy-in, you are now in the most tricky phase in the buying process. A successful implementation comes down to choosing the right technology and the right technology vendor.
Once you’ve seen all the demos, selected a few top vendors, and answered all the last-minute questions, it’s time to decide. For each organization, the final decision will be made differently, and it will often involve comparing prices, considering delivery times, and taking security into account.
RFP is one of the most important documents you’ll generate as a client during the technology buying process. While preparing an RFP, make sure to
Once the RFP is completed, send out to different selected vendors and score their responses.
Refer to this vendor evaluation scorecard to compare vendors objectively feature-wise.
After looking at the evaluation scorecard and calculating the final weight scores, it becomes easier for the C-suite to decide which vendor to choose.
Adding another layer of detail to the vendor shortlisting process, the committee should look for certain exceptions and a few final details before choosing the right vendor. These details are
After the vendor selection, it is essential to build a business case and present it to the C-suite. This business case would help the senior executives get an overview of the planned automation project and the vendor’s contribution to it. While building the business case, it is important to highlight the Savings & Average Rate of Return(ARR) as the C-suite is always eager to know what profit their investments would bear soon.
Contracts govern almost every interaction between businesses. A closed deal isn’t officially set in stone until someone signs on the dotted line. Contract agreement is critical to the project’s success as it will form the basis of any redress if something does not perform as expected.
Furthermore, here are some of the best practices or tips/tricks for the smooth flow of the contract agreement:
Once done with all the basic requirements of buying a treasury technology, from gathering resources, planning the budget, creating a team, completing the RFP process, and selecting the best solution for your organization, it’s time for the implementation phase.
Let’s talk about how to navigate the implementation process. Most vendors will use a 5 phase implementation methodology. Here’s a breakdown of the 5-phases:
Treasury today must be agile to swiftly react to changing circumstances, rather than relying on outdated systems. The need of the hour is to conduct a comprehensive examination of internal processes to identify components that must be kept and those that may be enhanced utilizing the current technological solutions.
With relative certainty, technology is currently altering the way the Treasury runs. As new features and functionalities are introduced to these systems, they continue to improve Treasury processes. One such aspect is using a voice-enabled virtual assistant to make working with these solutions even easier. When workers enter into the solution, another option is to display an ordered work schedule on a dashboard. Treasury’s future is bright, with so many features that substantially enhance productivity.
Over time, vendors and service providers engaged in newer technologies will become more experienced in their fields.
HighRadius Integrated Receivables Software Platform is the world's only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Integrated Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway - covering the entire gamut of credit-to-cash.