TMS – Implementation Process
Like any other project, Treasury Management Solution (TMS) implementation requires four phases: Initiation, planning, execution, and closure.
Initiation Phase – Get the Ball Rolling
In this phase, we have multiple meetings with the client, IT/Network team, and internal product team to discuss the scope and deliverables of the project in detail. These meetings are conducted to help understand the current business processes, applications and documents involved. This step is critical to the success of the implementation.
During initiation, the Vendor must:
- Understand the business need, and map it into the TMS application.
- Come to a compromise when a requirement or process does not fit the application.
- Understand the growth of the business.
- Learn about the IT or Network limitations, if any.
- Be ready for changes – as the market grows, so does the TMS application.
The Client must:
- Tweak processes to improve their organizational needs and follow the industry standards
- Analyze the future growth of the business
- Cleanse the current data – this very crucial, as it is important that correct information is used
- Be ready for changes — as the market grows, so does the TMS application
Planning
In this phase, we take all the defined scopes and deliverables and make a detailed execution plan. This allows all parties to be aware of the timeline and task assignments. The tasks are then broken down into small, manageable work efforts and revised weekly.
- Ensure that the scope and deliverables are met and keep track if any changes occur
- Make sure the project is delivered on time and on budget.
Execution
The scope and deliverables must be met and the client should be satisfied with the outcome so that they can perform their daily business tasks. This is crucial to the success of the project.
We recommend weekly or bi-weekly meetings with all team members to ensure that the project is moving in the direction favorable to the client.
Closure
At the close of the project, we must make sure that the client is satisfied with what the team has delivered, and the client has no concerns. All lessons learned during the process should be discussed and any ideas or suggestions that the client might have on improving the system for the future should be noted, ensuring that the client’s voice is heard.
April 12, 2018
