Implementing a Treasury Management System (TMS) is an important project for businesses that requires definition, coordination and precision. This is why more and more organizations across the world have been embracing project management strategies to drive implementation success. From the customer’s perspective, project management provides a tool to ensure the scope and objective of the TMS project are defined, the steps are clear, and any issues are resolved with a high level of care. From BELLIN’s perspective, project management facilitates the ability to lead and control the system implementation and consulting services.
Within this context, a fully aligned project ideally encompasses the entire organization and stipulates project execution at every level. Implementing a TMS and the workflows to go along with it is one thing, getting everyone involved, including subsidiaries, is another. So why is it important to “get the whole family on board”?
Teambuilding Across Borders
One of the core principles of BELLIN’s philosophy is that the workload of treasury should be shared across the organization. After all, treasury relies on the information held by various different parties. By involving local experts, treasury can rely on accurate data for the management of the group’s cash and financing positions. Consulting them early on in the project ensures that you can tap the knowledge of these experts from the very start. You find out who’s responsible and you receive valuable input on who does what and how in your subsidiaries. This is not just helpful in terms of an authorization matrix but also allows you access to best practices from around the organization and gives you an insight into what processes could benefit from streamlining.
In any corporate group, much of the day-to-day business is done locally. Engaging subsidiaries in the project management process means engaging them long term and encouraging participation. What you want to achieve in the long run is greater accuracy, a better understanding and visibility. You want everyone to back your project. Involving staff at a local level requires them to benefit from the system and processes you plan to implement in their own work. If there’s something in it for me, I’m going to invest in it! The TMS should be just as much a benefit locally as it is for the central treasury. Being included and having a say, playing a vital role, gives people a vested interest, and that ultimately benefits everyone. The earlier you include subsidiaries in the project, the more committed they will be. Conversely, it often doesn’t go down well to not have been consulted and to simply be confronted with an end process. Not only do you miss out on valuable input, you may jeopardize the future cooperation.
Teamgeist or Team Spirit
Treasurers are networkers, linking the various stakeholders in the group whose decisions will impact the finances of the company. In turn, subsidiaries are stakeholders in the project management plan and the overall implementation, and it pays to get to know them. There is no better ambassador to get subsidiaries engaged than one of their own! Getting one “family member” on board goes a long way in ensuring everyone’s commitment. You could even make use of local experts in facilitating knowledge transfer, for example by giving them a role in the training process. On the other hand, it can sometimes be helpful to have a neutral, external party involved who can introduce new processes during onboarding – another step where project management can help immensely.
At BELLIN, the concept of sharing the treasury workload across the entire organization goes hand in hand with the company value of “Teamgeist,” team spirit. We are committed to a team environment where every employee is a valued member, encouraged to participate, and recognized and rewarded for their contributions. The same can be applied to our treasury projects.
A successful project, and hence a successful project management process, relies on everyone’s cooperation and commitment and in turn fosters team spirit. You’re all in the same boat and you’re all rowing in the same direction: this is ultimately the best way to ensure you will really end up where you wanted to go!