Ken Lillie, Founder, Lillie Associates
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- Review your treasury processes first – don’t put a new system into an outdated treasury environment.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.
TMS’s growing role in payment factory solutions and services
Can corporate treasury departments really put all their group’s payments through their TMS?
TMS guide 2015 available now
The Association of Financial Professionals has published the 2015 AFP Buyer’s Guide to Treasury Management Systems.
TMS market evolution: how the new players are having an impact - TreasuryXpress
Tom Leitch, Business Development Director, explains what TreasuryXpress provide, their impact on corporate treasury departments and on their competitors