The planning phase involves documenting project plans, defining project deliverables and requirements, and putting together a timeframe. It entails developing a set of plans to assist the project team in navigating the project’s implementation stage.
These are the best practices to navigate the implementation process:
The project implementation follows the 5 phase methodology that includes:
1. Preparation phase: The vendor initiates the project onboarding process after signing the contract.
2. Design phase: The vendor begins designing the deliverable after gathering information about requirements. This stage ensures that everyone is on the same page and that the project proceeds according to plan.
3. Configuration phase: The vendor refers to this step as the “build phase.” In this phase, coordination and project management takes place.
4. Testing: Firms utilize the testing phase to identify all of the system’s flaws and faults, fix those issues and verify if the product fits the needs of their clients.
5. Go live: The system is ready to use by the clients.
Digital transformation can be a complex project for most companies if not planned properly. The most difficult area is integrating a new system into existing treasury systems without disrupting team productivity. Here are a few pointers to streamline the implementation process:
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.