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Top 10 ways to implement a TMS with minimum fuss

Ken Lillie, of Lillie Associates, draws on his years of experience to show that the top 10 steps to install a treasury management system (TMS) with minimum fuss are:

  1. Recognise that implementing a TMS is a project and not a process.
  2. Define the project – set out clearly what the project is supposed to deliver and list critical success factors.
  3. Reaffirm management commitment for the project and ensure there is sufficient budget to cover ALL project costs.
  4. Form a small internal project team and appoint a project manager.  The supplier will be represented on this team. Consider the supplier to be part of the one overall project team – and not the enemy!
  5. Define the structure of the project and set regular project meetings and progress reporting disciplines.  Set this down in a project structure document.
  6. Build a project plan – and do not start the project until this has been signed off by all key players.  Divide the project into phases if appropriate and include milestones.
  7. Ensure everyone involved in the project is aware of their role and responsibilities and the tasks that are assigned to them.
  8. Hold a Project Kick-Off meeting to bring everyone together.  Discuss potential risks to the project.
  9. Make sure all issues arising throughout the project are managed and resolved in a structured manner and are recorded.
  10. Ensure thorough system testing with parallel runs before go-live.

Then you will have a TMS installation with minimum fuss.


This item appears in the following sections:
Treasury Management Systems
Selecting & Implementing Treasury Systems

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