5 Things to consider when choosing your treasury technology support service provider
Treasury transformation is happening at a rapid pace, and for many organizations this means a significant growth in the need for collaborative working and partnerships. This is an increasing trend and can involve the support and guidance of a specialized treasury support service provider. How can organizations ensure they’re partnering with the right service providers?
While it’s important to understand that each business will have its own unique requirements and preferences, one should also realize the notable differences between large and mid-cap business needs. So, how can organizations make sure they work with those providers that will provide effective solutions which bring true value to their business?
For businesses of any size, choosing the right service provider is a critical decision. There is a myriad of companies, offering some sort of support service and finding the right one for your business can be a daunting task. Not many service providers have the treasury expertise or can cater to the specific needs of your organization.
Whatever your reason for considering another services provider, it’s important to choose the right provider. To guide you through the right, effective solution, we present TRACI.
Technical Expertise / Capability
The rule of thumb here is to choose capability over cost. The age-old saying “You get what you pay for” has never been more relevant. It doesn’t matter how cheap or responsive a service provider is if they don’t have the skills to do the work. Look for a service provider who has partnerships with leading vendors, who is staffed by treasury professionals – people who understand the goals and demands of your organization. Moreover, a service provider that has taken steps to become an expert in an area of treasury and the technologies that support it.
Reputation is everything. Look for a service provider that’s been around long enough to have developed a good market reputation. Be sure to check references and speak to some existing clients to get some feedback on how well services were delivered, whether contract commitments were met, and how easy the service provider has been to work with.
Secondly, do not solely rely on the speed & quality of a response. If your system is down or you cannot make a payment, an immediate acknowledgement, whilst fast, will not help if you are then waiting another 48 hours for the required expert guidance.
Adaptability / Agility
While you’re drawing on the service provider’s expertise, you shouldn’t be forced into doing things their way—they should have the flexibility to be able to adapt to cater for your support needs. The way support is delivered should be tailored to your preferences and your technology needs and business preferences should drive your support decisions and NOT any vendor relationships. As processes change, it’s important that your service provider can be agile in providing more timely support of any process changes.
The service provider should be committed to delivering a high level of service. This isn’t the kind of commitment that’s written down in a service level agreement; this is the kind of commitment that’s expressed through developing a deep understanding of your business, assigning dedicated resources that work as if they’re on your own team, and meeting with you at regular intervals to review how the service meets your needs and whether any changes or improvements are necessary. A personal & intimate experience is what you are looking for.
You want the service provider to act as an advisor and not just as a “fire-fighting” service. While the technical fundamentals are the same across all industries, every implementation is usually tailored to specific business requirements. If the service provider has a strong foundation of experience in your industry already, they’ll bring with them a baseline understanding of the operational and user expectations and use that to help develop solutions that meet your business requirements.
By following the TRACI principal, you can ensure that you select a service provider that will keep you up to date with the latest market developments, ensure your treasury support needs are covered and help you leverage the latest technologies to achieve your business goals.
Finding the right service provider can be a challenge but is often necessary. It’s worth doing your homework because the benefits brought to your organization – by selecting the right service provider to partner with – can provide scalability, service continuity, save on costs, and accelerate business growth.
Realized benefits of using an expert support provider:
Organizations should choose a service provider with the skills, knowledge, and expertise to mitigate that ‘Key Person Risk’ and help take the business to the next level. The service provider should be offering everything from treasury strategy to post implementation support… And everything in between, of course.
If you are looking for a service provider who is specialized in deploying and maintaining treasury technology and can provide expert level treasury systems support and third party integration services, then please get in contact with Warren Epstein