How technology can streamline your treasury software selection

Being stuck with a choice for at least the next five years can certainly help focus the mind. But when it comes to treasury software, the sheer amount of data to consider can feel overwhelming. Add in the fact that this is often against a backdrop where senior stakeholders want the process run as quickly (and cheaply as possible) and the challenges become clear. So where are the major sticking points that can make or break a successful procurement process - and how can technology itself make this process more streamlined and cost effective?

Essentially the selection process is simple – define requirements, get information from vendors via some form of Request for Proposal (RFP) or Information (RFI), have demonstrations of potential solutions, take references, analyse all of the data (functional, technical, cost / benefit etc) and make a decision.  In practice however, this process hides what can be a significant data challenge particularly in the information gathering RFP / RFI stage.

Given the specific requirements many treasury teams may still be relying on spreadsheets and word documents to manage RFP/RFI  information.  This is where data problems often begin to creep in, teams get frustrated and a less than effective selection process ensues.  Common challenges include:

• Comparing apples and oranges - treasury software vendors often have different names for the same functionality, varying ways of pricing, diverse ways of responding to information requests and distinctive support models such that is it often a challenge to make sure your data comparison is effective;
• Completeness and accuracy of data - it can be difficult to get complete data for decision making. I have seen many instances where such challenges have led to corners being cut in selection causing regret, delay, effort and hard cash in the later implementation; and
• Losing sight of your ultimate goal - conversely given the data challenges I have seen examples where the selection process goes on and on into ever deeper rabbit holes, the Treasurer losing focus on the ultimate goal of choosing new technology, such that nothing actually comes out at the end of the process.

The good news  is that there now is a realistic alternative.  My colleagues and I at PwC  have combined our experience and technology expertise into an online Treasury technology  RFP Tool, the “Tech Evaluator: TMS”. It allows us to work with you to undertake a comprehensive tailored selection process more efficiently in a shorter period of time without many of the traditional data challenges leaving you more time to focus on your key issues and consider your choices.

The tool has a large library of questions to choose from grouped by functional and non-functional areas with tabulation and scoring built in to enable quicker decision making. Questions can easily be amended or added to meet your specific needs. Prospective vendors get an easy to compile electronic questionnaire to fill in thus ensuring greater consistency of information for you although they can still tailor their responses to focus on the areas they are keen to highlight.

If you are thinking about changing  your treasury technology I would be happy to discuss how the PwC Treasury technology RFP tool can help you accelerate and simplify your selection process.