Old Mutual Africa's Seamless Migration to Dynamics 365 Finance and Operations

Introduction

Old Mutual Africa, a leader in financial services across the continent, embarked on an ambitious journey to revolutionize its financial operations by migrating to Microsoft Dynamics 365 Finance and Operations (D365 F&O). Facing the challenges of diverse regulatory environments and fragmented legacy systems, the company aimed to consolidate operations across 11 countries and 95 companies.

This strategic move was designed not just to enhance operational efficiency but to position Old Mutual Africa at the forefront of financial innovation, providing a robust foundation for growth and enhanced decision-making capabilities.

The Challenge

The pre-migration scenario at Old Mutual Africa was marked by a complex maze of legacy systems that included disparate general ledger systems with no consistent processes or controls. This fragmentation resulted in inefficient financial reporting processes, significant compliance risks, and considerable operational redundancies.

The company’s financial teams faced tedious manual reconciliations, error-prone reporting, and delays that affected the overall strategic agility of the business. The primary challenge was to replace these outdated systems with a unified ERP solution that could handle the nuanced requirements of different markets while standardizing operations to ensure consistency and reliability across all countries.

Objectives and Strategy

The strategic objective of this ERP migration was to streamline and standardize financial processes across all operational countries, thereby enhancing compliance, reporting accuracy, and strategic decision-making.

The chosen strategy involved a thorough analysis of existing processes, followed by a customized implementation plan for Dynamics 365 F&O that would cater to both the shared needs and local nuances of each market. Key to this strategy was the standardization of the Chart of Accounts and internal controls, alongside establishing a coherent financial process framework.

This framework was to be supported by robust data integration strategies, including the creation of over 60 automated data feeds, ensuring a seamless flow of accurate and timely financial data.

Implementation

Implementing Dynamics 365 F&O was a phased process, meticulously planned and executed to mitigate risks and ensure a seamless transition. It began with intensive workshops to align all stakeholders on project goals and processes, followed by the setup and configuration of the ERP system tailored to meet both global standards and local compliance requirements.

Each of the 95 company entities underwent this transformation, supported by detailed migration roadmaps that included extensive testing phases to ensure the integrity of data transfers and system functionality. The integration of automated data feeds was a critical aspect, involving complex data mappings and continuous validations to align with the newly standardized Chart of Accounts.

Training programs were rolled out across the organization to ensure that staff at all levels were prepared to utilize the new system effectively, emphasizing change management to aid in the cultural shift towards a more integrated, data-driven approach in daily operations.

Results and Benefits

The migration to Dynamics 365 F&O marked a significant turning point for Old Mutual Africa. Post-migration, the organization observed a significant improvement in financial reporting efficiency, attributed to the automation and standardization of processes. The eradication of manual data entry significantly reduced errors and the reliance on overtime, which in turn improved team morale and work-life balance.

These changes also facilitated real-time, data-driven decision-making, allowing management to respond more swiftly to financial insights and market changes. Moreover, the standardized processes and controls enhanced regulatory compliance across all operating countries, reducing the risk of financial discrepancies and penalties.

The Finance Team’s objective to be a strategic partner to the organisation delivering insights and decision-making support whilst still delivering the core functions was realised as they became a more agile and responsive financial department that could focus more on strategic tasks rather than routine operations.

Conclusion

The ERP migration project at Old Mutual Africa exemplifies how strategic technological investments can profoundly transform financial operations. The successful implementation of Dynamics 365 F&O has not only streamlined operations but has also set a benchmark for operational excellence within the financial services industry.

As the system continues to evolve and integrate deeper into the fabric of the organization, Old Mutual Africa expects to realize even greater efficiencies and strategic capabilities. This transformation highlights the company’s commitment to adopting cutting-edge technology to maintain its competitive edge and meet the dynamic needs of the marketplace effectively.