Their Corporate and Debt Advisory teams have participated in many of the largest and most complex transactions completed in Australia and New Zealand and their funds businesses have created significant value for investors and investee organisations.
Financial Services Case Studies: Success Stories
A leading Financial Services firm sought to modernise its operations, streamline processes, enhance data visibility, and improve overall business efficiency. It was also looking for a new Partner for their all-important Business Applications – and after an extended search selected Dynamic Aspect.
The firm is a leading independent investment bank focused on achieving superior financial outcomes for clients across Advisory and Investing having built a reputation for independence and innovation.
Their success can be attributed to a team of over 60 executives with many years of collective commercial experience.
With diverse business lines, and a growing customer base, the existing ERP system, Microsoft Dynamics GP, was struggling to keep pace with its expanding requirements.
The system lacked integration capabilities, had limited reporting and analytics functionalities, and required significant manual effort to perform routine tasks.
DYNAMICS 365 BUSINESS CENTRAL CASE STUDY
The Business Objective
Challenges Faced: The client faced several challenges with their legacy ERP system, Microsoft Dynamics GP, including:
1
Lack of Integration
The existing system had limited integration capabilities, resulting in data silos and manual data entry, leading to errors and inefficiencies.
2
Limited Reporting and Analytics
Dynamics GP provided basic reporting features, making it difficult for the client to gain valuable insights and make data-driven decisions.
3
Manual Processes
The client heavily relied on manual processes, leading to delays, errors, and increased operational costs.
4
Scalability and Flexibility
As the company expanded its operations, Dynamics GP struggled to scale and adapt to changing business needs.
DYNAMIC ASPECT
The SOLUTION
After engaging with Dynamic Aspect, and a thorough analysis of the client's requirements and considering the industry best practices, it was determined that migrating to Dynamics 365 Business Central would address the challenges effectively.
The following steps were undertaken during the migration process:
1
Analysis and Design
A comprehensive plan was developed, considering the firm’s specific needs, data migration requirements, and potential impact on business operations. Key stakeholders were involved in the decision-making process.
2
Data Migration
A data migration strategy was devised to ensure a smooth transition from Dynamics GP to Dynamics 365 Business Central. Legacy data, including financial records, customer information, and transactional data, was carefully migrated while ensuring data integrity and accuracy.
3
Customisation and Configuration
Dynamics 365 Business Central was tailored to the client's unique business processes. Custom workflows, reporting templates, and user roles were created to align with the company's operational requirements.
4
Integration with Third-Party Applications
The new system was integrated with various third-party applications used by the client, such as banking software, financial analytics tools, and document management systems, enabling seamless data flow and eliminating manual data entry.
5
Training and User Adoption
To ensure a successful transition, comprehensive training programs were conducted for end-users, enabling them to effectively navigate and utilize the new system. Ongoing support and user adoption initiatives were implemented to encourage a smooth transition.
DYNAMIC ASPECT
Benefits and Results
The migration from Dynamics GP to Dynamics 365 Business Central brought numerous benefits to the client, including:
1
Enhanced Data Visibility
With improved reporting and analytics capabilities, the client gained real-time insights into financial performance, operational metrics, and customer data. This enabled better decision-making and improved overall business visibility.
2
Streamlined Processes
Dynamics 365 Business Central automated several manual processes, such as invoice processing, financial reconciliations, and reporting. This streamlined operations, reduced errors, and saved valuable time for employees.
3
Accounting Automation
Continia Document Capture was implemented as the best Accounts Payable automation software to help the client optimise their business processes efficiently, saving time and improving accuracy.
4
Improved Collaboration
The new system facilitated seamless collaboration across departments and branches, enabling employees to access and share information in real-time. This improved teamwork and accelerated response times.
5
Scalability And Adaptability
Dynamics 365 Business Central provided a scalable platform that could easily accommodate the client's growing business needs. The system allowed for flexible customization, making it easier to adapt to changing requirements.
6
Integration
Dynamics 365 Business Central is seamlessly integrated with the rest of the Microsoft 365 stack, Continia Document Capture and Jet Reports.
7
Reporting
Insightsoftware Jet Reports was implemented to quickly and easily generate timely, accurate financial reports in the format that works for Financial Services clients, using the same fields and calculations they’re used to, right inside of Excel. Just the real-time data they need, directly from the Microsoft Dynamics database.
8
Cost Savings
The automation of manual processes, reduced data entry errors, and streamlined operations resulted in cost savings for the client. The optimized system eliminated the need for additional software licenses and reduced the reliance on external IT support.
9
An ongoing Path To Future Enhancements
Including Microsoft Copilot for the application of AI (Artificial Intelligence).
The successful migration from Microsoft Dynamics GP to Dynamics 365 Business Central enabled the firm to overcome the limitations of its legacy ERP system. The modernization effort resulted in improved data visibility, streamlined processes, enhanced collaboration, and increased scalability. The client now has a robust ERP system that aligns with its business goals, improves operational efficiency, and supports its continued growth in the financial services industry.