In the sixth episode of Treasury Tuesdays mini-webinars, Taylor Herron and Juan Saudino of HighRadius addressed, ”how to secure a deal by creating a win-win situation for both clients and vendors”.
According to both, “prior to moving on to the more granular pre-requisites, it is critical for both sides to be on the same page in order to avoid any misunderstandings”.
But How ??
Individual tasks must be defined and worked on to ensure the same.
CLIENTS-
Set up a timeline.
Focus on both Hard & Soft dollar savings.
VENDORS-
Define KPIs to keep track of the project and ensure its success.
Having specific resources to meet the timelines.
Apart from these, there are a number of factors which usually get neglected but play a pivotal role throughout the process. These aren’t individual tasks, but rather key focus areas that both parties involved must address as a mutual commitment in order to facilitate smooth transition and a win-win situation.
What are they ?
- Proper communication- A proper timeline should be established for the dialogue to proceed, ensuring a healthy exchange of ideas between the vendor and the client.
- Take a note of the stakeholders and system end users- When taking a decision regarding the deal, it is critical for the client to identify and understand who their stakeholders and end users are and how they will affect the system.
- Role Of SME- It is imperative to have a Subject Matter Expert (SME) who can assist the vendor in understanding the critical and important aspects of the process.
- Aim for accuracy- It’s essential to double-check that the data we collect throughout the testing phase is correct; otherwise, we won’t get the desired outcomes, resulting in a squabble between the customer and the vendor.
All of this linked together establishes a self-sustaining chain that, as long as everything remains in order, will ensure a win-win situation for both clients and vendors.
