How do you collaborate and communicate with your cash management software vendors and service providers?

Cash management software vendors and service providers are essential partners for any business that wants to optimize its cash flow, liquidity, and risk management. However, working with them effectively requires more than just signing a contract and installing a system. You need to collaborate and communicate with them regularly to ensure that your cash management needs are met, that any issues are resolved, and that you leverage their expertise and insights. Here are some tips on how to do that.

1 Establish clear expectations

Before you start working with a cash management software vendor or service provider, you should define your goals, requirements, and expectations for the project. What are the specific outcomes and benefits that you want to achieve? What are the timelines, deliverables, and milestones that you need to track? What are the roles and responsibilities of each party? How will you measure and evaluate the performance and quality of the service or software? By setting clear expectations upfront, you can avoid misunderstandings, conflicts, and delays later on.

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Mattia Mucci

Treasury & Finance Manager
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During agreement arrangements ensure to define the level of consultancy are aligned with your expectations. If you pay a flat fee define what is included and what is not. Be clear and honest with your partners and pretend the same from them.

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Benzi Masoka

Banking and Finance Professional/ Researcher
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A clear sample of results achieved under the present conditions and amendments or additional functionality advise to make expectations relatable to all parties..what can be accomplished by new vendor needs to be clear also to guide in choice and/or decision making.

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2 Communicate regularly and effectively

Communication is key to any successful collaboration, especially when it comes to cash management software vendors and service providers. You should communicate with them frequently and consistently, using the channels and tools that work best for both parties. You should also communicate openly and honestly, sharing feedback, concerns, and suggestions, as well as acknowledging achievements and successes. Communication should be respectful, constructive, and solution-oriented, not accusatory, defensive, or dismissive.

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Benzi Masoka

Banking and Finance Professional/ Researcher
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Typical use throughout the day should be accessed and any cross function use of information generated discuss or shared by end user....A comparative analysis of the former and proposed system need to be done to inform on cost to benefits.

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3 Provide accurate and timely data

One of the main reasons why you work with cash management software vendors and service providers is to get access to reliable and actionable data that can help you improve your cash management decisions and processes. However, to get the most out of your data, you need to provide them with accurate and timely information from your side as well. You should ensure that your data sources are updated, verified, and integrated with the software or service that you use. You should also follow the data standards, formats, and protocols that the vendor or service provider specifies.

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4 Seek and offer support

Another benefit of working with cash management software vendors and service providers is that you can tap into their knowledge, experience, and expertise in the field of cash management. You should not hesitate to ask them for support, guidance, or advice whenever you need it, whether it is about technical issues, best practices, or industry trends. At the same time, you should also offer your support to them, by providing them with relevant feedback, insights, or referrals that can help them improve their service or software.

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Benzi Masoka

Banking and Finance Professional/ Researcher
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A review of common errors or issues raised under user acceptance testing conditions or where the software is already running can assist in transitioning and also make the system relatable.

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5 Embrace innovation and learning

Cash management is a dynamic and evolving field that requires constant innovation and learning. You should work with cash management software vendors and service providers that are committed to staying ahead of the curve and delivering cutting-edge solutions that meet your changing needs. You should also be open to learning from them and adopting new technologies, methods, or strategies that can enhance your cash management performance and efficiency. By embracing innovation and learning, you can foster a culture of continuous improvement and growth for both parties.

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Benzi Masoka

Banking and Finance Professional/ Researcher
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A discussion on policy around obsolency and trade back options should be made clear and maintenance and repair cost and support available made clear.

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6 Hereâ€™s what else to consider

This is a space to share examples, stories, or insights that donâ€™t fit into any of the previous sections. What else would you like to add?

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How do you collaborate and communicate with your cash management software vendors and service providers?

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1 Establish clear expectations

2 Communicate regularly and effectively

3 Provide accurate and timely data

4 Seek and offer support

5 Embrace innovation and learning

6 Hereâ€™s what else to consider

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