by Don Addison, Knowledge Management Executive, Global Business Solutions, and Mark Kirsch, Treasury Practitioner Executive, Global Business Solutions, Bank of America Merrill Lynch
Companies must change to survive, a mandate that applies to their treasury departments. In an environment of changing regulations and operating needs, remaining static is not an option. But once you resolve to initiate change in treasury, how do you effect it? There are plenty of experts ready to help you manage process and technology, but what about the third element of change — people? How do you lead people — in treasury and other impacted areas of your business — to ensure the success of a change initiative? This article provides a suggested six-step framework.
Step 1: Evaluate/confirm the need for change
Transformative change in treasury often means implementing major technology investments, such as an outsourcing arrangement or in-house banking, among other projects. It could mean transitioning functions to a shared service centre, or integrating an acquisition.
Before you embark on a change initiative, consider whether the change truly makes sense and aligns with company priorities.
The treasury leader should start with an introspective examination focused on identifying the change trigger. Begin by asking, “Why should we make this specific change?” Your answer should be straightforward and compelling, if you are to garner support for the change.