Buying and Implementing Technology For Treasury Professionals : How to identify and short-list vendors?

In Episode 1 we covered the honey evaluation of your existing process and in episode 2 Tracey Ferguson Knight, the Director of Solution Engineering at HighRadius, discusses the methods for finding and short-listing vendors.

Choosing the incorrect vendor might result in poor adoption and a large financial loss; even worse, getting locked into a long-term contract for software that no one uses. Tracey Ferguson Knight explains how to identify the right vendor.

• Treasury technology trends should be chosen and implemented: First, consider acquiring information about a marketplace, identifying it, and shortlisting it. We don’t want a huge number of providers and items to consider when we get into the real process.
• Purchasing technology appears to be straightforward, but it isn’t since we aren’t professionals in the field: Seek assistance from persons who are professionals in the industry and strive to obtain their assistance, expertise, and experience. Companies go for the product rather than the huge brand since technology is evolving so quickly. So, constantly be on the lookout for new ones.
• Begin by reaching out to a large network: Google and Linkedin are our friends; attempt to acquire assistance from them. Talk to folks at local, city chapters to learn about the systems they use. Talk to other people who use the items you’re interested in, such as cash forecasting systems. Use your professional and personal networks to discuss the goods, difficulties, and lessons learned through the process. Read up on the technology and product as much as you can.
• Vendors should be screened using tech guides (AFP, strategic, treasurer, etc.): Talk to several consultants via tech manuals. There is a lot of technology available to employ. Visit several suppliers’ websites, download and study the paperwork, speak with customers, and read case studies. To learn more about the product, request a demo or give them a call. Define your priorities first, then consider your needs and budget, and then ask for the best. Speak with suppliers; they will be pleased to assist you in keeping up with the latest technology and products. Speak with a specialist who is well-versed on the subject. Share your timetable with them and enlist their assistance in completing the work. They will assist you more if you reveal more.

Don’t think about the company first, but on the product, and then deal with the best ones and grow together. Talk to the salesperson before the deal since his behaviour reflects the company’s culture. Instead of focusing on the product’s look, consider its interface, speed, and purpose.