RECAP | Treasurers’ Survival Guide: The Do’s and Don’ts of a TMS Implementation

Panel of Experts

The panel included three distinguished experts:

Konstantin Khorev: A corporate treasurer with a PhD, bringing extensive knowledge and hands-on experience in treasury management and TMS implementation.

Bas Rebel: A seasoned treasury consultant with a strong background in treasury consultancy and implementation, providing expertise in managing complex projects.

Andrew Winders: From FIS, representing the vendor perspective, offering insights into successful TMS implementation from a technical and vendor-client relationship standpoint.

Key Takeaways

The live session covered a range of topics related to TMS implementation:

Stakeholder Management and Communication: Andrew highlighted the importance of early stakeholder engagement and clear communication throughout the implementation process. He noted that internal buy-in is crucial for success, suggesting that a well-defined business case can create a consistent narrative.

Building a Strong Business Case: Bas discussed the need for a robust business case, including clear Key Performance Indicators (KPIs) and realistic expectations of costs and benefits. He emphasized that this step is crucial for gaining management support and establishing a clear roadmap for the implementation process.

Implementation Challenges: Konstantin shared his experiences with TMS implementation, pointing out common challenges such as operational risks, vendor reliability, and managing expectations. He underscored the importance of flexibility and scalability in the chosen TMS solution to meet both current and future needs.

Project Management and Team Structure: The panel agreed that a dedicated project manager is vital for a smooth implementation process. Andrew recommended that the project manager be from within the organization, with a clear understanding of its culture and processes. The experts also discussed the optimal team composition for implementation, suggesting that at least 80% of the work should be managed internally.

Vendor Selection and Collaboration: Konstantin advised focusing on a vendor’s commitment to delivering a customized solution, rather than being swayed by flashy features. He suggested that detailed case scenarios are valuable tools for evaluating vendors and ensuring they understand the organization’s unique requirements.

Final Recommendations

At the end of the session, the panelists offered practical advice for treasury professionals embarking on a TMS implementation:

Take Ownership of the Project: Konstantin stressed that the treasurer or head of treasury should take ultimate responsibility for the project’s success, ensuring that the implementation aligns with the organization’s strategic goals.

Maintain Focus on Vendor Commitment: Prioritize vendors who demonstrate a genuine commitment to meeting your organization’s needs and are willing to work closely with you throughout the implementation process.

Ensure Proper Staffing: Bas recommended backfilling operational roles with temporary staff to ensure that the most knowledgeable personnel are available for the TMS implementation, ensuring continuity and expertise throughout the project.

Closing Remarks

The live session concluded with a lively Q&A, allowing participants to interact with the panelists and discuss various aspects of TMS implementation in more detail.

Recording

The session was recorded and available here. Have fun watching and see you in our upcoming live sessions.