Planning a Treasury Management System Implementation

One of the obvious places to start an evolution of the treasury function is to implement a new treasury management system, or upgrade existing systems, with the goal of improving cash and risk management decisions. Companies deploy treasury management systems expecting to achieve some of the following: process automation, enhanced cash visibility, process standardization, improved controls, optimized utilization of cash, reduced risk of fraud, and enhanced financial and management reporting.

These benefits are alluring, and achievable for most organizations, but many treasury technology projects fail to fully realize their potential. One of the main reasons is a lack of sufficient planning prior to commencing the initiative. There is a significant difference in benefits achieved between companies that dedicate enough time to the planning process, and those that do not. Prior to selecting a treasury management system—and certainly prior to the implementation—the company needs to document current-state processes, prepare a future-state vision and guiding objectives, and create a prioritized roadmap detailing how it plans to reach the desired end state.