Banyan Tree Holdings Limited is a leading international developer and operator of premium resorts, hotels, residences and spas with 47 hotels and resorts, 64 spas, 75 retail galleries, and three golf courses in 24 countries as of 30 June 2019. Banyan Tree has also been a satisfied customer of AFON IT since 1999.
Using: Microsoft Dynamics NAV
30% Savings in Resources Needed for Reporting
>20 Years of Customer Satisfaction
Enhanced Data Accuracy
- Need for stronger data controls require to be a listed company
- Growing complexity of needs and requirements
- Excess resources needed to create reports
- Reliance on tedious manual work and hard copies
- Old system lacked flexibility to meet reporting needs
- Financial operations need to be leaner and more efficient
- Enhance data controls for improved accuracy
- Spend less resources on creating reports
- Reduce manual work and hard copies
- Streamline the reporting process by improving ease of input
- Improve reporting flexibility to meet reporting regulations
- Standardise work processes for added efficiency
Banyan Tree had plans to expand globally from the beginning, because they knew it'd be key to their continued success.
To sustain that rapid growth, the organisation also recognised they'd need to boost their operational efficiency by:
- Moving away from tedious manual work and using hard copies
- Streamlining reporting by reducing resources needed
- Improving data accuracy to make data-backed decisions with confidence
They also recognised that strong data controls would be important for their future plans to become a listed company
Realising that their existing accounting software would hinder them from realising these targets, Banyan Tree decided they'd need to invest in a more robust system with additional capabilities.
In 1999, Banyan Tree chose AFON IT to implement an enterprise resource planning (ERP) system.
“AFON successfully helped the Banyan Tree group migrate [to our new ERP system]. Throughout the process, their team demonstrated commitment to making sure the project would be a success,” says Shelly Yeo, Vice President of Corporate Finance.
But with new demands and challenges along the way - including their listing on the SGX in 2006 - Banyan Tree needed a more modern system that'd scale with them for the next stage of their rapid growth.
For example, they aimed to reduce the resources they needed for reporting, so they'd be able to meet regulatory deadlines without having to invest in more resources.
Banyan Tree also needed a system with more flexible reporting capabilities, to empower management with more holistic financial insights through management reports.
"As finance professionals, our role also entails collaborating with senior management to provide meaningful data they can make decisions with," says Kelvin Tan, Group Finance Controller of Banyan Tree.
After consulting with AFON IT's team, Banyan Tree chose to invest in Microsoft Dynamics NAV (now Microsoft Dynamics 365 Business Central) for its operational accounting needs.
Following their investment in Microsoft Dynamics NAV, Banyan Tree reduced the man-days they needed for reporting. Thanks to additional functionality in NAV, they also enhanced controls over their data and boosted operational efficiency with built-in workflow capabilities.
"In line with the global trend of automation, we're always looking to streamline our processes, especially in areas like financial reporting. Microsoft Dynamics NAV and AFON has helped us with that," says Kelvin.
"AFON is also very proactive and forthcoming in helping us resolve the root cause of technical issues in a timely manner. We're very happy with AFON's helpdesk team," he adds.
“In line with the global trend of automation, we're always looking to streamline our processes, especially in areas like financial reporting. Microsoft Dynamics NAV and AFON has helped us with that.”