One of the primary objectives of a company’s Chief Financial Officer is to ensure that audits throughout the business are both precise and transparent, aiming for a unified, reliable depiction of financial data while prioritizing adherence to regulations, cites Donald Van der Merwe, Programme Executive at Old Mutual (JO:OMUJ) Africa.
Old Mutual Africa, a diversified financial services enterprise spanning 12 countries, embarked on an ambitious project to overhaul its Finance and Operations (F&O) across these regions. This project was designed to streamline operations, implement cost-saving measures, and ensure the accuracy and integrity of financial reporting.
At the heart of this endeavor lay a collaboration with Braintree, which was entrusted with deploying a Microsoft (NASDAQ:MSFT) Dynamics 365 Finance and Operations Enterprise Resource Planning solution. This implementation served as a pivotal element within the overarching transformation strategy.
The Role of Braintree in the Transformation Journey
Donald Van der Merwe, Programme Executive at Old Mutual Africa, who led the broader financial transformation programme, says that this journey was not just about technological implementation, but a strategic endeavour to consolidate over a hundred product systems across life assurance, asset management, unit trusts, property, insurance, and banking into a single platform.
He explains the process:
“As a leading IT solutions provider of Microsoft Dynamics 365 solutions, Braintree was selected for its comprehensive grasp of the intricate challenges faced. Their role in this partnership was pivotal, focusing on the seamless implementation of the Microsoft D365 F&O system. This collaboration was characterised by a shared ethos and vision, with both parties bringing a commitment to excellence and a profound insight into the financial services landscape.”
The strategy and objective
“A primary goal from the outset was to elevate finance into a strategic partner within the organization. This objective was realized through business restructuring and the implementation of a unified platform providing a comprehensive view of both financial and non-financial data, facilitating real-time insights and decision-making while maintaining core finance functions.”
“Standardization was pivotal in the transformation strategy, necessitating the alignment of chart of accounts, processes, and internal controls within the same system to ensure seamless data flow into the company’s general ledger.”
“Furthermore, automation of these processes introduced smoother and more precise workflows. For instance, leveraging D365’s robust automation capabilities, 99% of Old Mutual Africa’s bank reconciliations are now automated, streamlining operations significantly.”
Collaboration and buy-in
“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 program fostered a sense of ownership and involvement among all stakeholders, ensuring that the transformation was embraced at every level of the organization. This collaborative approach was instrumental in achieving a smooth transition and in harnessing the full potential of the new system.”
“Buy-in from the organization itself also translates as an investment of their time, both in the design phase and the implementation. This cannot be done in isolation; the finance teams and other stakeholders need to participate from the very beginning of the process.”
“With a project of this magnitude comes certain 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. 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.”
A long-term investment in efficiency
The push towards a unified financial system stemmed from the imperative to minimize manual intervention, enhance reporting efficiency, and adhere to evolving international reporting standards like IFRS 17. These challenges were not solely technical; they also served as catalysts to reimagine the financial operations of this complex organization.
Any organization opting for such technological advancements, must assess the long-term implications, recognizing the value of a versatile and scalable operating system for the business, alongside the potential costs incurred when financial and reporting systems are out of sync.”
Van der Merwe says, “This financial transformation has positioned Old Mutual Africa for sustainable growth and agility to future challenges. The scalable nature of the Microsoft Dynamics 365 Finance & Operations system means that this business is equipped with a robust platform that can evolve as the business grows, ensuring long-term resilience and efficiency.”
He adds that the overall project architect, Braintree’s Craig Fidler, was instrumental in the success of the implementation based on his extensive expertise and experience as a former Chief Financial Officer.
“This collaboration was not just about implementing a system; it was about incorporating innovation and strategic foresight into the very fabric of their operations. Seeing the substantial benefits of our work, from enhanced efficiency to strategic decision-making, reinforces our belief in the power of partnership and technology to navigate the complexities of the financial landscape. The success of this project was a testament to the vision and dedication of both teams,” says Fidler
The power of partnerships
“This implementation stands as a testament to the power of partnerships and has spearheaded a future where Old Mutual Africa can leverage real-time insights, streamline operations, and meet the dynamic needs of the market with agility and precision,” says Van der Merwe.
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