ANZ Banking Group sold its Esanda Dealer Finance assets to Macquarie Group for $8.2 billion. To complete the sale within six months as required by the agreement, ANZ engaged SMS to help migrate over 300,000 customer loan contracts and hundreds of dealer relationships from ANZ's systems to Macquarie Group's systems without impacting customers. SMS provided over 40 highly skilled resources to ANZ's dedicated project team to execute the completion, transition, and separation of the assets. The migration was successfully completed within the timeframe, with tens of millions of records transferred between the companies and receivables reconciled to less than $1 difference.
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Las impresoras en 3D en la industria manufacturera, permitirán que las empresas fabriquen sus piezas de manera más rápida y con un menor costo. Ya que hoy en día la velocidad para presentar prototipos se ha convertido en un factor crítico para la colocación en el mercado.
Automatización del maquinado CNC con CAMWorksIntelligy
En la industria metal-mecánica cada segundo es valioso y pensando en ello fue desarrollado CAMWorks. Es un software de asistencia para la manufactura de control numérico, pero más allá de sólo generar el código G, cuenta con herramientas que nos permiten automatizar la forma de trabajar y reducir el tiempo de programación, en esta sesión veremos que opciones tenemos para ahorrar más trabajo y evitar errores en CAMWorks en su nueva versión.
You need to know why you're publishing content -- how it meets your users' needs and satisfies your business goals. Once you know this, you can determine how well the content is achieving its objectives, and identify how to improve it.
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Two million customers, 8500 employees, over 400 IT systems, two very diferent brands and a thousand ways that it could have gone very wrong. But, despite inevitable niggles, by any measure it was a smooth transition
– the result of strong leadership. Amanda Schaake speaks with ANZ New Zealand CEO David Hisco on integrating the ANZ and National banks…
Ressac recently implemented ServiceTrade to improve their service management and customer service. While this solved their challenges on the service side of their business, they were still using an outdated version of Dynamics NAV, a server-based accounting platform, to maintain its financial records. “We were so focused on making improvements to the service side including customer service and earning more revenue that accounting was an afterthought,” explains Nick Rohan, CEO at Ressac. “We lacked real-time visibility into our financial information,” he says, “and we had to double key everything.”
With no transparency into financials such as working capital and cash flow, decision-making was more like guesswork. In a very competitive industry, and with a profit margin as low as 5-7%, it was critical to know the current situation when making business decisions. And since data wasn’t being shared between the accounting system and ServiceTrade, the finance team carried a large time burden related to too many AP and AR manual processes.
“Connecting to the old accounting system was cumbersome,” Mr. Rohan explains, “and we had a lot of issues getting into the system.” And with no AP approval process in place, service managers had to approve purchases, which took them away from more strategic job related activities and created time consuming invoicing of their clients. Additionally, data siloed within spreadsheets led to inefficient and time consuming reporting processes throughout the organization.
Ressac desired a cloud solution that could streamline its AP workflow and approvals and provide real-time visibility into its multiple locations’ financial results. Sage Intacct’s financial management software was selected, and was seamlessly integrated with ServiceTrade to eliminate many hours of manual data entry and reduce costly errors inherent in their old system.
The Financial Services Digital Transformation Revolution is Underway… Get ReadyApttus
Asset Managers and Global Banks are facing an onslaught of regulatory requirements coupled with the need to drive higher margins. Learn how to empower your trade desk to construct paperless deals leveraging Artificial Intelligence to maximize client revenue potential and improve deal closure by as much as 30%. Hear how to ensure full contracting transparency and reduce counterparty risk.
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1. ANZ TAPS INTO SMS SKILLS
FOR MULTIBILLION-DOLLAR BUSINESS SALE
MORE THAN 300 PEOPLE
ACROSS THE BANK TOUCHED
THE PROJECT AT SOME
STAGE, WITH OVER
1,000 SYSTEM USERS.
TENS OF MILLIONS
OF RECORDS WERE
TRANSFERRED FROM ANZ TO
MACQUARIE GROUP ON A
SINGLE MIGRATION WEEKEND
A TRANSFER WITH A
RECEIVABLES VALUE IN
EXCESS OF $6 BILLION
WAS RECONCILED BETWEEN
ANZ AND MACQUARIE TO
LESS THAN A DOLLAR!
INTEGRATION SEPARATION
After agreeing an $8.2 billion deal
with Macquarie Group in October
2015, migration had to be completed
in six months. Esanda was heavily
integrated into ANZ’s processes
and systems.
TRANSITIONING OUT WITH SMS
ANZ engaged SMS to provide a range
of experienced and skilled resources to
work with ANZ’s dedicated project team
which was charged with executing the
completion, transition and separation
(CTS) of the assets to Macquarie.
A SUCCESSFUL MIGRATION
Over 300,000 customer loan
contracts, and hundreds of dealer
relationships and loan facilities were
migrated without impacting customers
or business operations.
ANZ Banking Group Limited (“ANZ”) decided to sell its Esanda
Dealer Finance assets which it had operated for over 50 years,
and conducted a sale process in mid-2015.
A CORE PROJECT TEAM
OF 40 PEOPLE
INCLUDED SMS ANALYSTS
AND CONSULTANTS.
www.smsmt.com
“SMS provided lots of highly skilled resources and they were always flexible, they were involved in early
analysis activities six months before the deal was signed, so they’d built up a great deal of knowledge from
doing business analysis that was invaluable when we moved into execution and delivery.”
Trevor Barr, Project Director, ANZ
“The quality, skills and commitment of the SMS staff was outstanding, and their ability to
integrate very quickly with the project team as the wider ANZ stakeholder group was a key factor
in us achieving all of our key success criteria.”
David Hannah, Executive Head of Project, ANZ
FACTS & FIGURES
2. www.smsmt.com
BACKGROUND
Following a tender process in mid-2015 ANZ entered into an agreement to sell Esanda
to Macquarie Group for $8.2 billion in early October 2015. The sale agreement stipulated
that the hundreds of car dealers and over 300,000 customer loan contracts needed to
be migrated in a little over six months. This was a hugely challenging timeframe because
Esanda’s systems and processes were heavily integrated into the Bank. This made it much
more complex than divesting a standalone subsidiary. A project of this scale would normally
take twelve months or more to complete so everybody involved in the process needed to
focus on moving as quickly as possible.
TEAM BUILDING
Although this wasn’t a technology-based project, it required deep analytical and project
management skills from pre-sales all the way through to final contract migration. A core team
of more than 40 people included SMS analysts and consultants, the ANZ project team, legal,
operations, IT and contractors. In addition, a very large number of ANZ and Esanda staff
members involved in the project had to manage their input alongside regular duties.
Beyond the core team, more than 300 people across the bank touched the project at some
point. More than 1,000 of ANZ’s back office, administration, call centre, finance and legal
staff across Australia, India and the Philippines were using the Esanda systems.
RAPID DELIVERY
Every wall in the project team area was covered in Post-It notes, which helped to foster
a sense of agility. Regular stand-ups were used to keep everybody up-to-date with progress,
while project formalities were kept to a minimum. Workshops were used to gather and analyse
vast amounts of business information, with run sheets managing and recording the migration
of dealerships. Governance requirements were handled quietly in the background to keep
the delivery teams focused on the task at hand.
WRAPPING UP
All 300,000+ customer contracts were migrated less than seven months after the agreement
was signed. Tens of millions of records were transferred from ANZ to Macquarie Group on
a single migration weekend; a transfer with a receivables value in excess of $6 billion was
reconciled between ANZ and Macquarie to less than a dollar! Despite the tight timeframe
for a project of this size, SMS was able to help ANZ meet its legal obligations and deliver on
its contractual commitments to Macquarie Group. Business impact was minimised and, most
importantly, it was a seamless experience for hundreds of thousands of customers as well
as Esanda’s hundreds of dealers.
ABOUT SMS
A leader in advisory, solutions and managed services, SMS cultivates innovation, digital, mobile
and design-led business and technology capability to empower organisations across all industry
sectors. With over 1600 staff across Asia Pacific, SMS promotes and delivers next-generation
customer-centric outcomes for their clients.