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Banyan Tree, A Satisfied AFON Customer Since 1999, Benefits From Streamlined Compliance and Report Generation

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About Banyan Tree

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 at 30 June 2019.

Since 1999, Banyan Tree has also been a satisfied customer of AFON.

Currently Using: Microsoft Dynamics NAV

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The Problem

To sustain their planned global expansion, Banyan Tree recognised they'd have to run their financial operations more efficiently while staying lean. For example, they'd need to cut out manual work.

For that reason, Banyan Tree first sought AFON in 1999 to implement an enterprise resource planning (ERP) system to replace their accounting software in the Singapore head office.

Satisfied with our services, they turned to AFON again later for help upgrading to a newer ERP system when their needs and requirements grew more complex.

The Goal

  • 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 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'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.

The Result

Banyan Tree gained an efficiency boost in key areas like financial reporting. This made it easier to stay compliant with the SGX's quarterly reporting deadlines. To this day, they remain a satisfied customer of AFON.

 

Savings in Resources Needed for Reporting
Years of Client Satisfaction
Data Accuracy
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"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."

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Kelvin Tan

Group Financial Controller, Banyan Tree Holdings Limited

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