by John Laurens, Regional Head of PCM Asia Pacific, HSBC
Having the right cash management solution in place can make a world of difference to a company – especially for a multinational that has complex operations across several regions. A consistent approach to a company’s cash reserves, no matter where they are located, provides a wide range of benefits – such as improved efficiencies, greater visibility, and better expense controls.
But these benefits cannot be realised immediately. After choosing the right mix of services, the solution must be implemented. Onboarding a new system is usually a critical procedure that can affect a company, its subsidiaries, vendors and customers. These parties will all have different objectives, perceptions and expectations for the new system. Furthermore, these parties can often be located in diverse geographical locations.
As solutions become more complex, there is an increasing recognition that both the client and service provider should start thinking about the implementation process as early as possible. Because when a delivery is poorly managed, a number of problems can arise. In a large organisation for example, the implementation can lead to an inconsistent and fragmented installation, resulting in a global or regional solution that offers poor customer service and does not live up to its promise of convenience and efficiency for employees.
We find that customers often have two major concerns before implementing their system. First, they worry that a major system change will require large amounts of internal resources to exchange documents and manage project tasks within the company. Second, clients also fear delays in problem resolution during the process due to a lack of visibility and timeliness of access to project details.