Ken Lillie at Lillie Associates believes that all his years of experience show that the Top 10 Things in Selecting an Appropriate and Effective Treasury Management System Solution are:
- Review your treasury processes first – don’t put a new system into an outdated treasury environment. And also review your current use of technology
- Be very clear why you are considering a new/replacement TMS. What are your requirements? Build and agree internally a detailed requirements definition
- Ensure you have management commitment for the project and sufficient budget available to you
- Form a small project team and make sure you advise all key personnel outside of treasury (IT, accounts, internal audit, procurement, etc.) of the project and involve as necessary
- Research the market to ensure you consider all of the options (treasury publications, Web search, conference exhibitions, etc.)
- Submit RFI to the initial shortlist (6 to 8 systems max) to obtain high-level company and product information and to ensure key requirements can be met and reduce to a second shortlist (4 to 6 systems max) for a series of demonstrations
- Select final two systems (3 max) for detailed in-depth workshops
- Build a searching RFP document and submit to the final suppliers in advance of the workshops
- Take notes throughout the demonstrations/workshops and hold a team discussion after each session to cover the attributes and issues
- Keep a record of the process you follow and document the reasons for making the final decision and include a scoring matrix if applied.
Then you are sure to select the ‘right’ TMS for your company.
Like this item? Get our Weekly Update newsletter. Subscribe today