A successful implementation comes down to choosing the right treasury software and solution provider.
Over the past decade, the rapid pace of digitalization has introduced a range of sophisticated tools that facilitate treasury operations by exercising more robust governance into cash flows, providing better analysis, and enabling informed decision-making. AI-enabled treasury solutions are now being implemented into treasury processes for the following reasons:
However, implementing a new treasury solution can be challenging and time-consuming. Treasury management system implementation projects can take months or years to complete, and in that timeframe, the resources often get implementation fatigue as timelines get pushed, and costs increase. As a result, the cost-benefit ratio gets lowered when the software doesn’t live up to the expectations. Hence, the team needs to create an implementation plan by:
As a best practice, the treasury department needs to have an implementation plan before commencing the implementation to maximize opportunities. An implementation plan is a project management tool that facilitates the execution of a project by breaking down the implementation process into smaller steps while defining the timeline and the resources that need to be involved. The plan can be developed in tandem with the selected vendor since they know their product best.
Generally, a project implementation entails these 7 steps:
The project implementation plan should include these stages:
Although it is best to create the implementation plan ahead of time, it is never too late to make one. To ensure a win-win for clients and vendors:
Project goals and metrics help evaluate how efficiently and quickly the goals are being met and determine corrective measures if there are issues.
The key players are stakeholders responsible for the project throughout its completion. These stakeholders ensure that project goals are on time.
Watch these mini-webinars on buying and implementing treasury technology to get detailed insights into the implementation process of treasury technology.
If you are looking for an easy-to-implement treasury solution that meets your company’s needs, schedule a demo with HighRadius today.
Get a Demo of Treasury Management Applications for Your BusinessRequest a Demo
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.