Every company is unique in its set-up, stakeholders, and workflows, meaning that there is no one-size-fits-all approach to implementing a treasury management system (TMS). What all corporates have in common, however, is the opportunity to leverage a TMS implementation project to maximise the benefits of cutting-edge technology, whilst optimising treasury processes and structures. Read on to discover how this can be achieved – with very little additional effort.
Being able to push a single button and see a global overview of the company’s cash position, in real time, was once the stuff of dreams for many treasurers. But modern TMSs can now enable this kind of instant visibility – and help treasury to move from paper-based or manual processes to automated digital solutions. And if a TMS is integrated to its full potential, it links all group companies with the parent company, creating immense added value for the treasury function.
Simply buying and quickly rolling out a modern TMS won’t solve all of treasury’s problems, though. Of course, the technology itself will bring benefits, that’s not up for debate, but a TMS can only unfold its full potential when its features are aligned with treasury processes. And this is one of the secrets of a best-practice TMS implementation.
The following simple steps can help treasurers to achieve this alignment: