The podcast today is another techonolofy special and we have Bob Stark chatting with us today.
Bob is the VP of Strategy at Kyriba. Bob is here to chat with us about TMS implementation and the insights into getting it done correctly and efficiently.
On the episode:
- When choosing to implement a TMS in your business it is important to firstly understand what it is that you need and if the program will be right for you. Look into the things you are currently doing, what you would like to be doing and where the gaps lie.
- The TMS systems have changed in the last 18 months and have become a lot more module based where you can choose what modules will be beneficially for your business which helps with your ROI.
- The systems, requirements and modules have all changed and become easier to integrate between different programs making it a lot easier for a treasury team to put together the necessary program that is needed for them.
- It was once that only the larger companies would look at implementing a TMS however it is becoming a lot more beneficial for the smaller companies to also use a TMS due to the modular approach, smaller businesses are also seeing the benefits of a TMS.
- Bob explains a business who has a handle on their requirements and what they need are able to choose what they need without the need for outside help. However there is also the help available to help you to determine the best way forward and the best modules or TMS that will work best for the business.
- Your RFP is a formality that is not as important if you are already aware of your requirements and what you need. The RFP can help you to see other perspectives and make you change your thinking and make changes or help to validate the thinking you have been following.
- The implementation process as a few stages. The first stage is the organisation and preparation. The second step includes knowing what it is that you want to change and things that you want to improve. Knowing these upfront will help you to be more productive and efficient during the implementation process.
- It is important when starting a project such as TMS implementation that you have dedicated resources for the project and not just people within the team giving a small amount of their time as this can get messy and cause issues with the implementation as their attention is not dedicated to the project.
- There are a number of benefits of using a TMS and in most cases they can be grouped into one of three categories. Productivity is the main one and a TMS can increase the productivity of everyone in the team. Visibility is another big area of benefit and the TMS can help you have full visibility of all your accounts at once. And the third is control. Control has taken on a new meaning now that fraud has become more prominent and having a higher level of control and process lowers your financial risks.
- The TMS can also help with the checking and understanding of the different data within the cash and management side of things. It can help you to see where you need to make improvements of change things.
- After the implementation process it is common to find areas of the team or processes that were not running efficiently and are pulling the department backwards. It can help you to then go through and update these to be more efficient for the business.
- It is important that you continue to look to improve and not sit back and become stagnant. By continuing to improve and find more effective ways forward it will make you a compelling employee and member of the team.