- Use this as an opportunity to review treasury
Starting with a TMS project provides an excellent opportunity to check all of the current processes and procedures within treasury. Are they still efficient? Are they still relevant to a changed business? Do the actual tasks performed still match the original processes and procedures document? Time for a spring clean!Also, check the existing application of systems within treasury and how they are used; it’s possible that the solution is not a new system but a more fitting application of the existing one.
- Build a requirements definitionThis document should be a thoroughly researched definition of treasury’s requirements in respect of treasury technology. It may include other software in addition to a TMS. Be sure to involve all relevant parties and ensure that all key personnel (stakeholder’s, etc.) sign off on the completed document.
- Ensure management and budget commitment
At the outset ensure that there is solid management commitment to its completion and agree any parameters that management may require. Also ensure that budget is available. Naturally, this will initially be of an estimated cost gleaned from a little research but as the selection process moves forward and discussions are held with suppliers more accurate costings will be available. Make sure management are aware and regularly check on-going support for the budget.
- Carefully manage the selection project
Research the market thoroughly to ensure that all of the options are considered otherwise opportunities may be lost. Plan the selection project carefully and compare all of the systems that you see against a common yardstick, usually the key points from the requirements definition. Distinguish carefully between essential requirements and those system attributes that are “nice to have”. Make sure that all of the important areas have been covered with the suppliers and keep asking questions and seek assurance before a final decision is made.