To evaluate the success of a treasury implementation, it is important for clients to be able to determine how quickly bugs or technical concerns get resolved. On the other hand, vendors too need to ensure that the client provides them with accurate and timely information. Multiple concerns need to be addressed for the entire process to be a long-term success for both the client and the vendor. The 5D model is used to help establish a win-win situation for both sides.
Proper goals and the relevant metrics help to gain better visibility of the situation by removing uncertainty. Additionally, it also helps to make well-informed judgments. Here are some tips that will help the clients and vendors to define their goals:
The key players include individuals who care about or have a vested interest in the project and actively participate in the project. Here are some pointers for identifying the key players from the client’s and vendor’s end:
Identifying a bottleneck is only half the battle. It is important to dive into the production process and course correct the processes that are taking too long. Here are some tips for identifying and overcoming the bottlenecks:
Apart from lifting and shifting the data, clean the data at the source to get the expected results. Here are a few pointers to consider to ensure quality data is provided:
Regardless of this, if there are any new updates to the project, it is critical to maintaining excellent communication between both parties.
Ideally, both clients and vendors share equal responsibilities for the success of a project. It is the vendor’s job to assign resources to engage with clients and deliver quality products. Clients must also devote effort to determining who will provide continuous feedback to vendors and assist in project tracking.
Here are a few points to consider to ensure effective communication:
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.