The shelves of the treasury technology supermarket have never been better stocked, with vendors offering everything from a TMS for the entire function through to tailored tools to support specific, and sometimes niche, processes. To take advantage of what is on offer, treasurers need to secure enough investment budget – and to do that, all stakeholders must be on the journey from the start.
Putting together a successful business case for treasury technology investment is critical in ensuring that the function can purchase the kit it needs to run an efficient operation. Crucially, partners in the business outside of treasury can play a vital role in assisting in the process. One of the first tasks is to identify who the other stakeholders within the business are for the type of project being developed. In most cases, this will include the IT department, but there are several different areas where a treasury technology project might have an overlap or a synergy with other business functions.
Jim Scurlock, Treasurer, DataRobot, explains: “If you’re developing a system around intercompany lending, for example, pull in the tax team and, potentially, the legal team, to understand the agreements. That way, you’re building a solution that doesn’t just meet treasury’s requirements but also the needs of others. In addition, it can be helpful to have these stakeholders onboard along the way, so they also understand your vision.”