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Congratulations, you have done your hard work to gather resources, line up your teams, plan your budget, completed your RFP process and selected the perfect fit solution for your company. But then technology implementation is the best example of Murphy’s Law.

There’s more customization than you thought. Original timelines aren’t being met. Insufficient budget. Staff just doesn’t have enough time. IT got pulled in a different direction. The project manager isn’t managing. Not enough resources.

Join Episode 5 where Juan Saudino, VP of Professional services will talk about best practices in the vendor implementation process.

Complimentary Webinar

Buying and Implementing Technology for Treasury Professionals:Vendor Implementation 101

webinar

Speakers

Juan Saudino

VP of Professional Services HighRadius

What you'll learn

  • How to build a project team – whom to include?
  • How to develop a detailed project plan?
  • How to maintain the commitment of all the key partners?

About the Webinar

Congratulations, you have done your hard work to gather resources, line up your teams, plan your budget, completed your RFP process and selected the perfect fit solution for your company. But then technology implementation is the best example of Murphy’s Law.

There’s more customization than you thought. Original timelines aren’t being met. Insufficient budget. Staff just doesn’t have enough time. IT got pulled in a different direction. The project manager isn’t managing. Not enough resources.

Join Episode 5 where Juan Saudino, VP of Professional services will talk about best practices in the vendor implementation process.

Implementing treasury technology can do wonders for your organizations. However, many companies are unable to do it right and the technology project fails. Right implementation is getting the exact product you need which works exactly how it was supposed to at the right time.
In this episode, Juan Saudino, VP, Consulting, Treasury at Highradius will talk about the 3 major parts for the implementation of cash forecasting software.

What you’ll learn

  • To Build the project team.
  • Develop a detailed project plan.
  • How to navigate implementation.

Building the project team

Typically for implementation of a new system in your organization, the team consists of:

  • The project manager, from your organization, would oversee the process.
  • Subject matter experts (SME), people who are involved in the daily process in treasury, core users.
  • End users, people who are responsible for entering data into the system, people from different subsidiaries.
  • IT resource, for technical work related to integration, would depend on the kind of implementation and requirement of technical knowledge.

Dedicating the maximum number of SMEs with consulting team from the vendor’s side will have the advantage of producing maximum value as they’ll be very knowledgeable about the system to support your organization’s growth.
Having a good mixture of technical and business knowledge in the team is necessary as recently treasury getting more and more tech-heavy.

Develop a detailed project plan

  • Be realistic on how many hours each resource can allocate to the project, as the main job for treasurers is to handle treasury operations and are partially assigned to the project.
  • Ensure that blackout dates are defined in which some or all members are unavailable and allocate them accordingly.
  • Making sure there is excellent communication between the team is essential in creating a project plan is a great tool to ensure everything goes as per the timeline.

Navigating implementation the correct way

When implementing the software, vendors usually utilize a 5 phase implementation methodology.

Phase 1: Preparation

The first phase is started after the agreement is signed, there will be a kickoff call, led by Vendor’s side project manager to ensure the team is on board and create project governance documents that are used to run the project. Usually, necessary documents are:

  • Action Item logs
  • Weekly status reports
  • Call status log
  • High-level status template

Phase 2: Design

The vendor team researches the process of your company and tests out designs fit for your company. The goal for this phase is to get your buy-in with an implementation, changes are made according to your company’s needs.

Phase 3: Configuration

In this phase, most of the work happens in the system. Communication and coordination between the teams are of utmost importance. Different workflows are merged for various integrations and all of it needs to come together.

Phase 4: Testing

In this phase the system is tested, core users go through the test script and perform required activities. The goal is to make sure that the system delivers the value that you are expecting based on what you signed during the design phase.

Phase 5: Go live

After successful testing and after all the integrations, the vendor launches the solution in your production environment, and the product will go live.

There’s no time like the present

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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.