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CASE HISTORIESSuffolk Life - experience greater efficiency with Microsoft Dynamics™ NAV*Suffolk Life Group implement a specialist business solutions for Self Invested Personal Pension Schemes (SIPPS) based entirely on Microsoft Dynamics™ NAV following design and development from leading Microsoft Dymanics business management solutions provider Cambridge Online. Suffolk Life Group PLC is a dynamic group of Financial Services companies, based in Ipswich, Suffolk. They deal mainly with the provision, and management of pension policies. A major product is their Self Invested Personal Pension Scheme (SIPPS). Before implementing Microsoft Dynamics™ NAV, Suffolk Life used Sage Line 50 for accounting across the group, and they ran a Paradox database for managing their pension schemes. Suffolk Life were experiencing rapid growth and the existing systems were becoming increasingly unwieldy. In particular the flow of information between them was difficult to manage and keep up to date. The number of pension policyholders had doubled each year for the last 4 years, and it was becoming obvious that Suffolk Life needed a system, which would keep up with their rapid growth rather than hold them back. As a financial services organisation, Suffolk Life is obliged to make monthly, quarterly and annual reports to regulatory and statutory bodies like the Inland Revenue, the Personal Investment Authority and HM Treasury (now all subsumed under the umbrella of the Financial Services Authority "FSA") Also, detailed reports need to be sent out annually to the individual policyholders. The reporting process for the pension payroll was also primarily a manual process before implementing Microsoft Dynamics™ NAV. The complexity of the pension scheme administration was a concern for Suffolk Life, when considering new business software, as Renata Sosna, Finance Director at Suffolk Life reflects, "I knew it would be a tall order to achieve within our timescale and even if it was at all possible" Suffolk Life Group worked closely with Baker Tilly's Information Systems Consultancy & Assurance (ISCA) Group, who helped define the business system requirements. Baker Tilly is regularly called upon to assist clients when selecting new business systems for their clients. Mark Holland, a Director of Baker Tilly's ISCA Group, says, "Suffolk Life needed a system with strong core financial modules and the capacity to be developed to meet the specialist and complex needs of a pensions management company such as Suffolk Life. After a rigorous selection process Microsoft Dynamics™ NAV was selected as the most appropriate solution". The automation of many manual processes was another benefit of Microsoft Dynamics™ NAV, which has now replaced Sage Line 50 and Paradox with an integrated, modern solution, which handles all the accounting requirements for the entire group, as well as the specialist SIPP administration system, written for Suffolk Life Group by Cambridge Online, a leading Microsoft Dynamics™ business management solution centre. Initially after selecting Microsoft Dynamics™ NAV and Cambridge Online as their preferred supplier, Suffolk Life was keen to see a pilot of Microsoft Dynamics™ NAV. However working with Baker Tilly and Suffolk Life, Cambridge Online was able to bypass this lengthy and expensive process by undertaking a diagnostic for Suffolk Life. The diagnostic mapped Suffolk Life's business needs against Microsoft Dynamics™ NAV functionality. The diagnostic clearly demonstrated to Suffolk Life that Microsoft Dynamics™ NAV had the flexibility to match their accounting needs, as well as the complex pension scheme administration. Suffolk Life were also impressed by how quickly Cambridge Online understood their business. The immediate benefits of an integrated system have allowed Suffolk Life to clear backlogs of work and share data amongst users. Tracking of audit trails is now simple, meaning improved and more responsive customer service. Renata Sosna, says "(The system), which I do believe is second to none…went live at the beginning of November 2001 and is already revealing greater efficiencies and time-savings" The ease of reporting has improved vastly, with Microsoft Dynamics™ NAV performing large amounts of the background calculation. Reports can be viewed at the touch of a button, whenever needed. The project was complex and a large amount of customisation was needed, but by combining the flexibility of Microsoft Dynamics™ NAV with the experience of Cambridge Online and by following a defined diagnostic process, many concerns and issues were tackled before they become problems. As Renata states, "I am very pleased that we chose to work with Cambridge Online Systems Limited on this project, which bodes well for a long and prosperous relationship for all parties." * Microsoft Dynamics™ NAV was formerly known as Microsoft® Business Solutions-Navision® Nov 2004 - Read about how Cambridge Online is part of a 'Winning Formula' at Suffolk Life |
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