Securing the Future: Building a Compelling Business Case
This article is written by Cobase With businesses facing more complex financial challenges than ever, the need for sophisticated treasury solutions like Treasury Management Systems (TMS) and Payment Hubs is becoming a strategic choice. However, securing the necessary budget for these solutions, particularly when direct ROI isn’t immediately evident, requires a well-crafted business case. The Challenge of Securing Budget Gaining approval for Treasury solutions in a budget-conscious environment is a common hurdle. In an era where financial prudence is paramount, investments in technology like a TMS, or Payment Hub, must be justified beyond traditional ROI metrics. This necessitates a compelling and comprehensive business case. Articulating the Need The journey begins with a clear articulation of the strategic need for a treasury solution. This involves: Incorporating Best Practices and Research Data Leading consulting firms like McKinsey & Company, Deloitte, and PwC emphasize the importance of digital transformation in the Treasury. Their research indicates that: Beyond Direct ROI: The Holistic Benefits While direct ROI is crucial, the broader benefits of Treasury solutions often provide a more compelling argument: Building the Business Case Crafting a persuasive business case involves: As we blend the rich insights from industry best practices and research data, we remember that at the center of it all is a human story. It’s important to understand the aspirations and challenges of your team, the vision of your leaders, and the collective goal of your organization. It’s about championing a solution that doesn’t just promise financial stability but also fuels strategic growth and innovation. Join our Treasury Community Treasury Masterminds is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments. To register and connect with Treasury professionals, click [HERE] or fill out the form below to get more information. Also Read
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8 TIPS ON HOW TO COOPERATE EFFECTIVELY WITH AN INTERIM TREASURY MANAGER
This article is written by Pecunia Treasury & Finance B.V. Are you working with an interim manager and unsure of how to effectively cooperate with them? Look no further; we’ve got you covered! You’re most likely here because you know introducing an interim manager into your workplace can be a daunting task. For those who don’t know already, interim managers are temporary managers who are brought in to oversee an organization during times of transition, such as during a leadership change or a major project. If you’d like to learn more, Indeed has a blog explaining the definition of an interim manager in more detail. These professionals can be valuable assets to any team, but they can also present some challenges when it comes to working effectively together. In this blog post, we will provide 8 tips on how you can cooperate effectively with an interim manager to ensure a successful transition and a positive working relationship. So, without further ado, let’s dive into these helpful tips on how to cooperate effectively with an interim manager. Establish clear expectations from the beginning Establishing clear expectations from the beginning with your interim manager is important because it helps create a positive and productive working environment. Having clear expectations also helps foster trust and mutual respect, which are essential for a successful relationship. This ensures that both the interim manager and the company are on the same page and that they understand the roles and responsibilities they each have. Furthermore, it allows both parties to plan and prepare their work accordingly, resulting in improved efficiency and effectiveness. Finally, it ensures that expectations are met and that everyone is working towards the same goal. Be honest and concise when communicating with your Interim Manager Honesty alone is always the best policy when communicating with your interim manager; it’s the key element in successful communication with anyone in the workplace. However, honesty and conciseness in communication with your interim manager are essential to ensuring that both parties understand each other and that the project progresses in a timely and efficient manner. Be prepared to provide clear and concise explanations about the project goals and objectives, and provide a timeline for when tasks should be completed. Be open and honest about any challenges you are facing, and provide the interim manager with any relevant information or data that can help them make the right decisions. Moreover, it is important to maintain open lines of communication between you and your interim manager so that any questions or issues can be addressed quickly. Fulfill your Interim Manager’s requests, and explain your reasoning if you disagree If you disagree with a request from your interim manager, it is important to remain respectful and professional. Start by acknowledging the request, and then explain your rationale for why you believe it is not the best option. Doing so will show that you are open to discussing the issue, rather than simply rejecting it out of hand. Additionally, it is important to be open to hearing their point of view and be willing to come to a consensus. It is also important to be transparent with your interim manager about any issues that may arise, as they can help you find a solution that works for everyone. Don’t hesitate to explain the rationale behind any requests you cannot fulfill. Again, it is important to be open and honest with your interim manager in order to ensure a successful working relationship. On top of that, it’s important to be proactive and suggest alternative solutions to any requests you cannot fulfill. Doing so will help your interim manager understand your perspective, which could lead to a mutually beneficial outcome. Allow the Interim Manager to make decisions without interference The interim manager should be allowed to make decisions without interference, as long as they are within the scope of their role and responsibilities. This means that any decision made by the interim manager should be respected and not questioned. The interim manager should have the autonomy to make decisions based on the best interests of the organization without any interference from outside parties. This will ensure that decisions are made in the best interests of the organization and are not influenced by any external factors. However, it is important to ensure that the interim manager is aware of any restrictions or guidelines that need to be followed and that they understand the parameters of their role. Additionally, they should be given clear expectations and feedback on their performance. Respect your Interim Manager’s authority and don’t be afraid to ask for help Don’t forget that you take the time to listen to the interim manager’s thoughts and feedback. Your interim manager will have a wealth of experience to draw upon, and their advice should be respected and valued. In addition, make sure to stay organized and communicate regularly with the interim manager. Be sure to document the progress made while the interim manager is in charge so that it can be reviewed and discussed. Ultimately, be open to change and new ideas that the interim manager may suggest. Here are some personal responsibilities you can incorporate when working as a team: Your interim manager is there to help you navigate the transition and provide guidance, so make sure to take advantage of their expertise. Ask questions, listen to their advice, and work with them to ensure that the transition is successful. Lastly, use their experience to help you create and implement new processes, procedures, and protocols. Respect their authority and follow their direction, but also remember to provide your opinions and feedback. Give the Interim Manager the opportunity to develop a professional relationship Always remember the importance of giving the interim manager the opportunity to develop a professional relationship with the team, the staff, and the organization. This can be done by providing him or her with open communication channels and access to resources. This will help foster trust and understanding, and it will create an environment where the interim manager can demonstrate…