STEP 8- SELECTING THE "SHORT LIST" OF TREASURY MANAGMENT SYSTEM VENDORS

Step 8 - Create “Short List” of Treasury Management System Vendors and Schedule Demonstrations

Based on the results of the Treasury Management System Scorecard, create a “short list” of vendors (3 or 4) and schedule a demo (1 hour) with the vendors and selection team.  This is the fun part. Treasury Management System Vendors look forward to demonstrating their product's capabilities.  It is critical to review all required features from the Defined Requirements List created at the beginning of the project.  Also, make sure the vendor covers all anticipated future functionality requirements.

At this point pricing should be vetted out and thoroughly understood.

The systems are evaluated and scored using a Treasury Management System Scorecard or a variation thereof.   Select a finalist or at least cut it down to two systems.  A second more detailed demonstration could be scheduled to clarify specific questions or issues. Any follow-up questions from a system or pricing standpoint can be addressed individually with the vendors. 

Schedule visits to the vendor’s office to meet the implementation and support staff and get a flavor for the vendor and its people.  Call several customers and ask specific questions about the product’s flexibility, scalability, down time, etc.  Schedule visits to existing customers to see the Treasury Management System in action and a get a feel for how the client likes the system.  Ask each client, “Would they select this Treasury Management System again?”  Make note of responses for possible follow-up calls. 

Based on the results of the Treasury Management System Scorecard, system demonstrations, pricing, and customer visits, it is time to select a Treasury Management System and begin the implementation phase.   Errr hang on…..  what about a free trial?

An RFP and demonstration may not be able to tell you how adaptable and configurable the Treasury Management System really is.  A trial period may be able to assist in this area.  Some vendors offer free trial periods and others want you to pay for it.  A system trial should be considered as this is a large investment.  It may end up saving you a lot of time, money and heartache. 

Once a selection has been made a contract should be negotiated and reviewed by your legal council.  It should include a “trial” period where you can exit the contract if the system does not perform as you had anticipated.    

Now it is time to begin the implementation phase.