5 Tips to Get Guaranteed Yield from Treasury Solutions
What you’ll learn
- Understand how to get continued value from the implemented treasury technology.
- Learn the best practices to manage and enhance the technology post-implementation.
Why is treasury technology important?
Technology helps treasurers become more involved with their businesses. This improves the efficacy of data and communication. Some crucial responsibilities of a treasurer are:- Gathering data and ensuring high accuracy of cash forecasts
- Financial planning and budgeting
- Making confident and timely business decisions
- Financial reporting and record-keeping
- Regulatory compliance and risk management
How to improve the treasury process and treasury solutions after go-live?
Most of today’s corporate treasury solutions are Software as a Service (SaaS), meaning that consumers receive automatic upgrades.
Moreover, not all of the features in an update are forced upon customers, and they can choose whether or not to use that part of the functionality. For this reason, there needs to be at least one person in the business to keep a track of the release notes and distribute them among employees when a new functionality can enhance treasury KPIs in the organization.
Hence, it is important for all users to:
- Check the release notes regularly
- Attend webinars, seminars, or other product training
- Track all the new releases and their capabilities
- Maintain the system regularly for better performance
Best practices post-implementation
Corporate treasury should emphasize the following to achieve targeted levels of post-implementation strategies and cost-effectiveness:
- Ensure that lenders receive reports on debt covenant compliance
- Monitor debt covenant compliance and report to financiers
- Preserve the governance structure created during integration to advance activities
- Establish working capital management strategies to maximize value
5 Tips to get maximum value from the treasury technology
It is often seen that even after a successful implementation process, many companies are not satisfied with treasury management solutions in the long run. This happens because the product might no longer fit their business requirements or meet the expected value.
These are the five tips to get continued value from the implemented treasury management solutions:
- Review the treasury KPIs:
Treasury KPIs should be reviewed annually to make sure better results are achieved. Treasury KPIs help to measure performance towards achieving the objectives. Reviewing the treasury KPIs frequently helps identify the decline in the value received and make necessary changes at the earliest.
- Implement business changes:
The product should be updated based on the business changes and evaluated to meet the organizational needs.
- Conduct a proper training:
Clients should ensure that users get extensive training from the vendor or Subject Matter Experts (SMEs) to understand the features and functionalities of the system. There could be a situation where a user might know how to operate existing functions but cannot cope in the event of a change. Detailed training on the product’s usability clears any doubts and better prepares clients to handle changes in the system.
- Review the product post-implementation:
Clients should conduct a thorough post-implementation review with the help of a consultant or an end-user of the system to get unbiased suggestions.
- Set appropriate budget allocations:
Budgets should include subscription fees for the product and the expenses incurred in its upkeep. The costs could consist of the price of making reports, maintenance, etc.
Watch this webinar to gather more insights on how to get maximum benefits from the treasury solutions at your company.
There’s no time like the present
Get a Demo of Cash Forecasting Cloud for Your Business
The HighRadius™ Treasury Management Applications consist of AI-powered Cash Forecasting Cloud and Cash Management Cloud designed to support treasury teams from companies of all sizes and industries. Delivered as SaaS, our solutions seamlessly integrate with multiple systems including ERPs, TMS, accounting systems, and banks using sFTP or API. They help treasuries around the world achieve end-to-end automation in their forecasting and cash management processes to deliver accurate and insightful results with lesser manual effort.
