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Identifying and Shortlisting the Right Vendors

What you’ll learn


  • The best practices to identify the right treasury solution vendors
  • Tips for choosing the right solution and the solution provider
  • The common pitfalls to avoid while shortlisting the vendors

Identifying Treasury Solution Vendors

The end goal for technology evaluation is to select a system that meets the treasury requirements. The vendors can be selected through the following ways:
  • Cast a wide net:
    • Research on the latest technology options in the market and features provided by vendors by browsing through Google, LinkedIn, or by attending conferences (both online and offline).
    • Reach out to the existing users to understand their experience with the product.
  • Screen the vendors:
    • Screen via online technology guides such as AFP, Strategic Treasury, Bob's Guide, or other treasury technology resources.
  • Browse vendor websites:
    • Visit vendor websites to gather product collateral and read client stories for better understanding product capabilities.
  • Set up an initial call or a brief demo:
    • Understand the genuineness of the solution and the solution provider.
    • Gather information from vendors on the most recent technology, market trends, and product changes.
    • A few items should be kept on hand before the demo call, such as:
      • The current landscape or process of the company
      • The current problems and challenges
      • The priorities, including the ‘must-haves’ and the ‘extras’
      • The planned budget
      • The general timelines
      • The buying plan
  • Map the pain points:
    • Analyze the pain points to understand how effectively the vendor's solutions enhance the business and generate ROI.

Shortlisting Treasury Solution Vendors

The vendors can be shortlisted after evaluating the demo call, the product features and self-research. Customers should prioritize a vendor that:

  • Offers a more superior product than the competition
  • Is responsive to client needs and requirements
  • Has professional and helpful sales representatives
  • Has positive customer feedback

Coming to assessing the product, the client should not only focus on the look/feel of the product but prioritize the effectiveness of the product and the value it provides. This can be done by evaluating:

  • How the product functions
  • How intuitive is the product
  • How user-friendly is the product
  • How scalable is the product

Finally, based on the above criteria, the client must shortlist a few vendors (not more than five vendors) for a detailed demo, RFP, or a workshop for zeroing on the best-fit solution provider.

Take a tour of the entire webinar to understand how to identify and shortlist the right vendor for your business.highradius

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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.