One might argue that this reflects the current condition of the moribund European economy, but we observe similar trends in North America as well. The survey goes on to suggest that companies will increasingly adopt treasury technology to compensate for the lack of sufficient resources.
But, there is a problem with this. If resources are not available for treasury’s “day job”, how will resources be found for a technology project? It is this fundamental, yet crucial hurdle that often sews the seeds for a failed project. This is not something that can be swept under the carpet. Determining exactly how you will navigate the temporary bump in resource requirements for a treasury technology project should be tackled very early.
First, a few hard realities:
- The technology project will dramatically increase the demands on the treasury department
- There will be some early mornings to insure current activities are completed and some late nights to work on the project
- Unexpected organizational demands will stretch treasury’s ability to manage the project
- The project will be scrutinized internally by other department heads
Given the enormous benefits that will be realized upon project completion, it is best to accept the existence of these difficulties and put a plan in place to mitigate them. Here are a few tips:
- Develop Business Case and Budget - Insure that a full business case is determined and that a budget is approved prior to beginning work on the project and include internal costs to account for time required from all project participants.
- Document Plan for Ongoing Duties - Take the time to document exactly how current duties will be carried out and what type of ad-hoc requests from the rest of the organization will not be completed during the project.
- Planned Absences to Recharge - A treasury technology project can take over a year from inception through design to selection and implementation. The stress placed on Treasury during that time is enormous and key members of the team will have to recharge. If possible it is best to lock vacation times in the schedule at the earliest possible moment so that the necessary recharging actually happens.
When faced with a treasury technology project, there is no sugar-coating the message that you will be asked to do more with less, but there are ways to manage the demands on resources and once the project is complete you will be in a better position than before you started
Ari Morris
Founding Partner
Global Treasury Partners
www.globaltreasurypartners.com
But, there is a problem with this. If resources are not available for treasury’s “day job”, how will resources be found for a technology project? It is this fundamental, yet crucial hurdle that often sews the seeds for a failed project. This is not something that can be swept under the carpet. Determining exactly how you will navigate the temporary bump in resource requirements for a treasury technology project should be tackled very early.
First, a few hard realities:
- The technology project will dramatically increase the demands on the treasury department
- There will be some early mornings to insure current activities are completed and some late nights to work on the project
- Unexpected organizational demands will stretch treasury’s ability to manage the project
- The project will be scrutinized internally by other department heads
Given the enormous benefits that will be realized upon project completion, it is best to accept the existence of these difficulties and put a plan in place to mitigate them. Here are a few tips:
- Develop Business Case and Budget - Insure that a full business case is determined and that a budget is approved prior to beginning work on the project and include internal costs to account for time required from all project participants.
- Document Plan for Ongoing Duties - Take the time to document exactly how current duties will be carried out and what type of ad-hoc requests from the rest of the organization will not be completed during the project.
- Planned Absences to Recharge - A treasury technology project can take over a year from inception through design to selection and implementation. The stress placed on Treasury during that time is enormous and key members of the team will have to recharge. If possible it is best to lock vacation times in the schedule at the earliest possible moment so that the necessary recharging actually happens.
When faced with a treasury technology project, there is no sugar-coating the message that you will be asked to do more with less, but there are ways to manage the demands on resources and once the project is complete you will be in a better position than before you started
Ari Morris
Founding Partner
Global Treasury Partners
www.globaltreasurypartners.com
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Recevez chaque matin par mail la newsletter Finyear, une sélection quotidienne des meilleures infos et expertises de la finance d’entreprise et de la finance d'affaires.
Chaque mois lisez gratuitement :
Le magazine digital :
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Les 6 lettres digitales :
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