Many companies are making treasury management systems a priority this year, and with good reason. These solutions have the potential to improve cash forecasting, protect companies from fraud, and generally boost the efficiency of corporate treasury.

But actually implementing them can be more difficult than anticipated, es­pecially for businesses that have never selected or used a treasury workstation. Treasury teams may find that if they do not plan carefully, they miss oppor­tunities to get the most out of this cru­cial investment. Proper planning from the highest strategic levels to the most minute details can go a long way toward guaranteeing success.

Damien McMahon, a partner in the Fi­nancial & Treasury Management practice at PricewaterhouseCoopers, recounts his experience of working with clients who rush into implementation without con­sidering what they really need from their treasury management system. According to McMahon, sometimes clients finish one part of an implementation only to find themselves out of time, over budget, or just plain overwhelmed.