15 Questions for Treasury to Ask Their Vendors During Technology RFPs

How Can Treasury Professionals Best Determine Which Technology Solutions are Right for Their Company?

In 2023, data shows that treasury teams are expected to continue investing significantly in new technology solutions. These plans include the adoption of new ERP and TMS solutions as well as more “disruptive” technologies like artificial intelligence (AI) and machine learning (ML). As practitioners and business leaders prepare their budget and move forward with their selections, the following questions can be used as a guide for determining the key ingredients of a successful project. Our hope is that this list will help treasury refine their strategy for securing project approval, collaborating with other internal stakeholders, preparing an RFP or RFI, measuring the ROI of their project, and planning for onboarding to avoid hurdles and common sources of delay.

Questions covered include:

What is typically included in a request for proposal (RFP) or request for information (RFI) as treasury groups begin the technology selection process? How is this process managed? How many vendors should be considered?
What other internal stakeholders should be involved in a treasury technology implementation or onboarding project?
How can treasury most effectively ensure buy-in from other stakeholders for their projects, including the CFO, AP, and Accounting?

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