In today’s landscape, there is a significant shift in the market moving from on-premise software treasury solutions towards cloud-based alternatives. Taking the proactive approach to designing a thoroughly thought out plan for your organization’s cloud journey is key to implementation success.
Treasury Management Trends and The Cloud TMS
Part of understanding Treasury Management Solution (TMS) trends and Cloud includes taking stock of current procedures and systems. Key factors to consider in a treasury process redesign include letting the Treasury Management System drive the process design, having detailed cross-functional mapping, and agreement on guiding principles and treasury process attributes.
Benefits of Cloud Solutions
In a side-by-side comparison of On-Premise vs. SaaS solutions, the graphic below compares the capabilities of each solution in relation to one another:
As you can see, SaaS solutions provide greater flexibility and advantages across a number of areas. Implementation time, scalability customization, and mobile capabilities are just some of the highlights of a cloud-based TMS.
Best Practice Questions & Considerations for Analyzing the Benefits of a Cloud-Based TMS
In being able to fully realize the benefits of moving to a Cloud-based TMS, it’s important to take into account how a Cloud TMS aligns with your organizations’ goals and desired outcomes.
Usability: what is the overall look, feel and functionality of each product?
Cost: what are the one-time and ongoing costs associated with each product?
Reporting: how is it able to meet leadership and regulatory reporting requirements?
Integration & Customizations: what is the level of cost and effort to integrate to other business-critical systems?
Change Management: Is organizational readiness for systematic changes?
Data Conversion: what effort and cost is required to move or convert historical data?
Architecture: how do we ensure the architecture is built to support long-term growth?
A Cloud TMS offers a unique opportunity for a Treasury Process Redesign and these best practice considerations should aid in designing an efficient and cost-effective solution. Staying up-to-date with treasury trends and the shift to the cloud is also a necessary first step. Connect with our team by emailing [email protected] for and questions and inquiries, and in the meantime view our webinar recording of “Success Always Sits Above the Clouds: Moving Towards a SaaS Treasury Management Solution” from the Elire Learning Lab for further information on SaaS TMS solutions.