Whether it’s an enterprise level software buy for your company, a new car or a new cell phone, it can be easy to fall down the rabbit hole of a features list that’s as long as your arm. We’ve all been there before when making any big purchase in our lives.
But while the right feature set is an important aspect of any large purchase, it can be a mistake to think that more always = better. For physical items this can be fairly easy to spot. A luxury car will feel better than one from a budget manufacturer, even if the features list is similar.
Technology is a little more complicated, because it can be hard to assess the practical value of it until you’ve already committed. With that said, there’s a key part of the technology buying process that can make or break the success of it, and it’s an area that is often overlooked.
Specifically, ease of integration and implementation should be the top priority for any tech investment.
Why Features Alone Aren’t Enough
The longest feature list in the world is useless if you aren’t able to practically use those features in your organization. Any treasury technology that you look to onboard must be able to integrate with your existing workflow, or it runs the risk of becoming a colossal white elephant.
In recent years, integration of generative AI has been a prime example. Despite many seeing the potential for AI to improve efficiency across finance and treasury, actually implementing it is proving difficult.
A recent survey from Deloitte and the Institute of Management Accountants highlighted the challenges of integrating generative AI into existing systems, with only 9% of respondents using GenAI tools, citing integration challenges as the top concern.
In short, getting integration right allows you to access the full feature set of your chosen tech, gives you more effective use of your data, and improves ROI.
The Cost of Poor Integration
In simple terms, poor integration does the opposite to what technology implementation should do. Instead of saving time and improving efficiency within your team, they end up tearing their hair out trying to fit a square peg into a round hole.
Not only does this take hours out of their day, it leaves them feeling frustrated and annoyed. Not great for team morale.
Without seamless data transfer to a new system and features that work smoothly, you end up with bottlenecks, increased manual work, and slower decision-making. In many cases this leads to a complicated system of hacks and workarounds, putting you at greater risk of data silos and inaccurate reporting.
This is why you need to work with technology providers that prioritize smooth implementation, simple integration and the best user experience. It’s an absolute must to generate real ROI from a treasury tech investment.
5 Key Steps for Better Tech Integration
Ok so that’s fine, but how do you actually do it? Every software provider under the sun will say they offer simple integration, so how do you find one that will actually work for your organization?
There are some specific steps you can take to give yourself the best chance of success, to minimize disruption and maximize ROI.
1. Evaluate your current systems and processes
Before you can start looking for the right solution, you need to be crystal clear on the problem. Taking inventory of your existing systems and workflows can allow you to identify pain points, redundancies, and inefficiencies to understand where the new tech will have the most impact.
It also gives you specific details on the questions to ask your prospective product providers. You can show them your problem, and ask them exactly how their software would solve it.
2. Start with the essentials
A phased rollout of key functions is generally the most effective way for successful tech integration. Sure, you could try and overhaul your entire department overnight, while adding in 100 new features and tools, but that’s almost certain to lead to a failed implementation.
Focus on solutions that address your core needs first. Avoid systems overloaded with unnecessary features that could complicate onboarding and distract from your goals.
3. Prioritize solutions with customizable API connectivity
The more bespoke or individualized a solution is, the bigger the risk of problems. Using open architecture like open banking APIs means a consistency in the connectivity standards which, by definition, almost guarantees integration with other systems that use the same technology.
Robust API integration allows for seamless data exchange across your existing tools, like ERPs, CRMs, and accounting systems, allowing all your systems to “talk” to each other using a common language.
Would you hire a team of people who all spoke different languages and each required an individual interpreter? Or does it make more sense to have a team who can all communicate directly?
4. Involve the right stakeholders early
Otherwise known as getting buy-in. If different parts of the business feel like new technology is being forced on them, they can easily push back. However, if everyone feels that they’re involved in the decision-making process and having a say in the changes, they’ll be just as invested in making the implementation work.
Involving treasury, accounting, and finance teams from the beginning means priorities can be aligned and potential challenges addressed proactively. Don’t forget about leadership. You need champions in the c-suite to help drive the big picture.
5. Partner with the right provider
It might go without saying, but you want to choose a provider with a strong track record. Not just in building software, but in successful integration with organizations like yours.
You want the right mix of features and tools, but don’t overlook the user experience. The easier a platform is to use, the more benefit your team will get out of it. Also be sure to understand what the onboarding process looks like, and whether third-party consultants are needed to get it done.
Why It’s All Worth It
The thing is, this is a problem worth solving. Investing in the right technology can hugely improve the way treasury and finance teams operate. Organizations which move away from outdated, manual workflows to fully integrated systems, businesses unlock a host of benefits like:
- Eliminating manual data entry, with technology like open banking APIs providing accurate, real-time data visibility
- A single source of truth for all your banking and financial data
- Advanced analytics through the use of AI and machine learning
- Improving reporting consistency, with standardized data helping to improve audits, compliance, and executive decision-making
These benefits don’t just save time; they allow the finance function to move away from being a historical record of cash movement, and into a true strategic partner for the organization. The digital transformation trend is already putting businesses at risk of falling behind.
As we discussed in a recent article, a recent study from Bain & Company found that automation leaders achieved 22% in cost savings on average, compared to just 8% for those investing the least in IT. That’s real world efficiency gains that will only compound with time.
Elevating Treasury with Trovata
When it comes to integrating treasury and finance technology, Trovata has become the global standard for multi-bank connectivity, with a range of features designed to make integration as easy as possible, and the user experience as friendly as possible.
“Implementing Trovata was very straight-forward. With the great support from Trovata’s client success team, we connected [Trovata] with our three major bank partners and the figures came in right as we were talking-it was instantaneous.”
– Niall Burke, Global Treasury Manager, Eventbrite
Here are just some of the ways Trovata can overhaul your treasury and finance operations:
API-first multi-bank connectivity
Trovata’s open banking API-first model ensures effortless multibank connectivity, with compatibility extended across legacy file formats as well. It gives you real-time access to cash and transaction data across all accounts, providing a unified view without the need for manual consolidation and normalization.
Built-in tagging and categorization
Trovata’s advanced tagging functionality organizes data at its source. Transactions are automatically categorized for streamlined accounting and reporting, making month-end reconciliation simple and efficient.
Native AI capabilities
So much of the AI hype has centered around tacking an additional platform onto your existing databases. With Trovata, generative AI is integrated directly into the platform, allowing you to use natural language prompts to create forecast scenarios in seconds, identify trends, interrogate data and generate detailed reports instantly.
Fast and easy implementation
Most implementations of Trovata are completed within weeks — not months — allowing teams to start seeing value immediately.
Take the Next Step
Ready to see it for yourself? Explore our platform or book a demo today to allow your finance and treasury teams to take up a more strategic role in your organization.
