Implementing a new treasury management system represents a considerable investment for a company. When it comes to system selection, David Miller, treasurer at Hunt Companies, recommends spending the time to understand each product.
"The way it's demoed versus the way you actually use it are different in every situation," he said. "Until you actually use the product, you can't fully understand the way it works." If the vendor allows it, he suggests doing a proof of concept with one of the company's banks.
Bob Stark, Kyriba's vice president of strategy, noted that many companies now involve their IT staff in the process by having them assess the systems they're considering.
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"Treasurers are inviting IT resources into the discussion to be sure what they're discussing meets the IT department's standards," he said. "That wasn't a discussion that even happened two or three years ago."
Treasurers should also envision how they want their new treasury management system to work before starting to implement it, "so you're not six months into the implementation thinking, 'I wish I would have done it a different way,'" Miller said.
"Every company is different," he added. "I think there's a right product for every company, yet not every product is right for every company."
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Susan Kelly
Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.
