FEATURE : ERP AND BUSINESS product systems across life assurance , asset management , unit trusts , property , insurance , and banking into a single platform .
Partnering with finance
Helping finance to become a strategic partner within the organisation was a key objective from the outset . This was achieved by restructuring the business and delivering a unified platform with an end-to-end view of all relevant financial and non-financial data , enabling real-time insight and decision-making while still delivering core finance capabilities . isolation , with the finance teams and other stakeholders needing to participate from the very beginning of the process .
The expertise of Braintree , coupled with the leadership and strategic vision of the Old Mutual finance transformation team , ensured that each obstacle was met with clear communication and transparency and viewed as an opportunity for learning and growth .
Standardisation was key to the strategy of this transformation project , with chart of accounts , processes and internal controls all needing to work on the same system and a seamless flow of data into the company ’ s general ledger .
Automating these processes also meant the introduction of easier and more accurate workflows . For example , with Microsoft Dynamics 365 Finance and Operations automation capabilities , 99 % of all Old Mutual Africa ’ s bank reconciliation has now become automated .
This collaboration was characterised by a shared ethos and vision , with both parties bringing a commitment to excellence and a deep understanding of the financial services landscape . What resulted was the consolidation of all finance systems within 11 countries by April 2024 .
Challenges and collaboration
With a project of this magnitude comes inevitable challenges , from data migration and cultural integration across different territories to different operational standards and regulatory requirements . However , these challenges were met with a spirit of collaboration and transparency .
Operating benefits
This journey towards an integrated financial system was driven by the need to reduce manual input , improve reporting timelines , and ensure compliance with new international reporting standards , such as IFRS 17 . These challenges were not merely technical hurdles but opportunities to redefine the way this multi-tiered organisation approached its financial operations .
Any company making the decision to implement technology such as this needs to view what this investment means in the long run , the value that this flexible and scalable operating system brings to the business and the costs that the business will incur when their financial and reporting systems do not align .
This financial transformation has positioned Old Mutual Africa for sustainable growth and agility to future challenges .
Moving forward
TOP : Donald Van der Merwe , Programme Executive , Old Mutual Africa
BOTTOM : Craig Fidler , Braintree
A key factor in the success of this initiative was the emphasis on collaboration and stakeholder engagement . Rather than adopting a top-down approach , the programme fostered a sense of ownership and involvement among all stakeholders , ensuring that the transformation was embraced at every level of the organisation .
This collaborative approach was instrumental in achieving a smooth transition and in harnessing the full potential of the new system .
Buy-in from the organisation also translates as an investment of their time , both in the design phase as well as the implementation . This cannot be done in
“ The scalable nature of Microsoft Dynamics 365 Finance and Operations system means that this business is equipped with a robust platform that can
WITH MICROSOFT DYNAMICS 365 , 99 % OF OLD
MUTUAL AFRICA ’ S BANK RECONCILIATION HAS BECOME AUTOMATED .
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