Old Mutual Africa's Transformation with Braintree and Microsoft Dynamics 365 F&O

Central to this transformation was the partnership with Braintree, an IT solutions provider specializing in Microsoft Dynamics 365.

Old Mutual Africa, a diversified financial services company operating in 12 countries across the continent, embarked on a significant transformation journey to enhance its finance and operations (F&O). This initiative aimed to integrate their operations, achieve efficiency savings, and ensure reliable financial reporting, ultimately creating a single source of truth with a strong focus on compliance.

The Role of Braintree

Central to this transformation was the partnership with Braintree, an IT solutions provider specializing in Microsoft Dynamics 365. Braintree was tasked with implementing the Dynamics 365 Finance & Operations (D365 F&O) Enterprise Resource Planning solution. Donald Van der Merwe, Programme Executive at Old Mutual Africa, emphasized that this journey was not just about technological implementation but a strategic consolidation of over a hundred product systems across various financial services into a single platform.

Braintree’s expertise in D365 F&O was crucial for this seamless implementation, which consolidated all finance systems across 11 countries by April 2024. This collaboration was marked by a shared vision and commitment to excellence, which was pivotal to the success of the transformation.

Strategy and Objectives

The primary objective was to enable finance to become a strategic partner within the organization. This was achieved by:

Unified Platform: Creating a platform with an end-to-end view of all financial and non-financial data for real-time insights and decision-making.

Standardization: Ensuring that the chart of accounts, processes, and internal controls worked on the same system for a seamless data flow into the general ledger.

Automation: Introducing easier and more accurate workflows. For example, D365’s automation capabilities have automated 99% of Old Mutual Africa’s bank reconciliations.

Collaboration and Buy-In

A collaborative approach was crucial for the success of this initiative. The transformation fostered a sense of ownership among all stakeholders, ensuring a smooth transition and harnessing the full potential of the new system. Involving finance teams and other stakeholders from the beginning was essential, along with clear communication and transparency to overcome challenges like data migration, cultural integration, and varying regulatory requirements.

Long-Term Investment in Efficiency

This transformation aimed to reduce manual input, improve reporting timelines, and comply with new international reporting standards, such as IFRS 17. It was viewed as a long-term investment to ensure that Old Mutual Africa’s financial and reporting systems align and support sustainable growth.

Donald Van der Merwe highlighted the scalable nature of the D365 F&O system, which equips Old Mutual Africa with a robust platform that evolves with the business. He credited Braintree’s Craig Fidler, a former Chief Financial Officer, for his instrumental role in the project’s success.

The Power of Partnerships

The partnership between Old Mutual Africa and Braintree demonstrates the power of collaboration in leveraging technology for strategic foresight and operational efficiency. Craig Fidler emphasized that the success of this project showcases the benefits of partnership and technology in navigating the complexities of the financial landscape.

“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,” said Van der Merwe.

This transformation is a prime example of how a multi-tiered enterprise can incorporate world-class technology to improve efficiency, accuracy, streamline operations, minimize risk, and enhance financial management.