SELECTION PROCESS:
With a large variety of Treasury Management Systems and vendors available today (over 40), the selection process can be a daunting challenge for a treasurer to navigate. To further complicate matters the market is maturing, meaning the available systems currently meet the functional needs of most companies. So a treasurer must look into the future and select a vendor whose Treasury Management System will be flexible enough to evolve with the rapidly developing technologies that surface.
As you can imagine there is corporate (and personal) risk involved in selecting a Treasury Management System. This risk is derived from cost and time. The cost can be from $20,000 to $250,000+ plus while the resources and time spent on selection and implementation can range from 5 month to 1 year.
Whether you are selecting a bank-offered system, in-house installed application, the treasury module of an ERP, or an Application Service Provider (ASP) system you can see the importance of utilizing a structured and disciplined selection process that ensures all requirements are met.
My approach is quite simple and intuitive but it helps to have a website where you can come back and review the steps again and again. Here we go….
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