In our recent live session in cooperation with our partner FIS, a panel of experts explored the complexities of Treasury Management System (TMS) implementation, providing valuable insights and guidance for treasury professionals. The session, moderated by Pieter de Kiewit, discussed the challenges, best practices, and critical factors for successful 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.

Speakers

Andrew Winders

Senior Manager Business Solutions Group

FIS

Confident, professional and thoroughly motivated team player who has the ability to operate on a results and delivery basis at the ‘C’ level across all treasury and application solution topics. Executing the strategic vision on a considered, business and geographical basis whilst growing revenue alongside the expansion of the client and industry. Industry knowledge, personal initiative and a proven track record provide the solid infrastructure required to deliver on expectations and maintain complete alignment to the growth plan of the business. The open and enthusiastic manner shown together with excellent interpersonal skills promotes strong relationships and motivated team members.

Konstantin Khorev

Treasurer

STX Group

Konstantin has 18+ years of experience in corporate treasury, gained in various environments: from public companies with +100BUSD turnover, to PE and privately owned companies, as well as at a prominent treasury consulting firm.

Being exposed to a wide range of different challenges and projects, Konstantin has built a strong expertise in the full spectrum of treasury and risk activities and in cross-functional collaboration and treasury partnership with business operations, tax, accounting, audit, and internal control.

Konstantin holds a Ph.D. degree in financial mathematics and is a CFA charter holder since 2009.

Bas Rebel

Independent Treasury Consultant

treasuryXL

Bas is a self employed treasury consultant who supports organizations managing, improving and transforming their treasury function. He brings 30 years of practical experience in treasury consultancy, corporate treasury, treasury applications and banking to the table.

Bas has published on several treasury topics concerning strategy and operations. He is also speaker at conferences and webinars.

Pieter de Kiewit

Moderator | Managing Director

Treasurer Search

Treasury Aficionado, Recruitment Consultant and Managing Director of  Treasurer Search. Together with his team, Pieter finds candidates for interim assignments and permanent positions in treasury, corporate finance, cash management and related positions. His market focus is the BeNeLux and Germany, his clients are mainly corporates, non-profit and consultancy organizations.

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