Ken Lillie, Founder, Lillie Associates
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:
- Recognise that implementing a TMS is a project and not a process.
- Define the project – set out clearly what the project is supposed to deliver and list critical success factors.
- Reaffirm management commitment for the project and ensure there is sufficient budget to cover ALL project costs.
- 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!
- Define the structure of the project and set regular project meetings and progress reporting disciplines. Set this down in a project structure document.
- 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.
- Ensure everyone involved in the project is aware of their role and responsibilities and the tasks that are assigned to them.
- Hold a Project Kick-Off meeting to bring everyone together. Discuss potential risks to the project.
- Make sure all issues arising throughout the project are managed and resolved in a structured manner and are recorded.
- Ensure thorough system testing with parallel runs before go-live.
Then you will have a TMS installation with minimum fuss.
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