AT A GLANCE
- Mining and resources
- Improve quality of management information
- Equip organisation for growth
- Improve Joint Venture procurement and accounting.
- Microsoft Dynamics AX 2012 (R3)
- Aggressive project scope met without compromising on quality or functionality using Intergen’s InSure Accelerators
- Real-time financial insights
- Improved recording, tracking and reporting of financial information
- Automation of key business and control processes
- Improved financial and cost controls
- Easy access to information and the ability to drill down for additional detail
FOR MORE INFORMATION
Faced with increasing activities and operator complexity, NZ Oil & Gas recognised the need for integrated systems to support and streamline increased reporting requirements and responsibilities to Joint Venture partners. To achieve this, NZOG selected Microsoft Dynamics AX R3 for functional capabilities and a solution platform to support its business aspirations, and in particular for its Joint Venture accounting capability. The solution was delivered by Microsoft partner Intergen in an expedited project which took just over three months.
NZ Oil & Gas (NZOG) is a successful NZX and ASX-listed organisation that owns production and exploration rights to the Kupe and Tui fields offshore Taranaki in the North Island, which produce oil, gas and LPG. It has also expanded activities over the past few years, securing new exploration permits off the East Coast of the South Island and establishing joint ventures offshore in Indonesia.
Company growth and expansion plans, greater reporting requirements and increasing complexity in New Zealand Oil and Gas’ business drove the need for a new financial information management system.
With the nature of its business, NZOG frequently collaborates on projects with various third parties; as a result, full Joint Venture accounting integration and implementation of strong financial controls was imperative, as was effective project accounting and reporting.
NZOG selected Microsoft Dynamics AX as the solution offers comprehensive functionality with a particularly strong joint venture accounting and procurement features. With an ambitious project deployment timeframe, Intergen’s InSure Accelerators for AX set the scene for a swift implementation, giving NZOG a robust, integrated, full-service ERP platform within a 13-week timeframe.
InSure Accelerators ensure speed of delivery, reduced cost and minimised risk, drawing on preconfigured templates based on the 80 percent of requirements common to most organisations.
“We were very impressed by the value and speed of implementation that was delivered by Intergen, using its InSure Accelerator. We were able to achieve the best of both worlds – a world class solution delivered in a rapid, cost effective way – in a very short space of time.”
André Gaylard, chief financial officer, NZ Oil & Gas
The new solution focused heavily on driving operational efficiencies through the automation of key business and control processes and the enhancement of the recording, tracking and reporting of financial information.
Examples include the creation of a web-based enterprise portal which allows users to access information and submit and approve documents such as purchase requisitions. At the end of each month an online consolidation process is run, transferring financial transactions from multiple legal entities (including joint venture companies) into a single consolidation company.
Transactions are consolidated at a company level, allowing NZOG to produce income statements at the Group and Company levels; using web viewing functionality managers can easily access their reports.
NZOG now has an integrated, robust ERP platform which handles both the complexities of an international business and the organisation’s specific accounting requirements. Along with access to information through the enterprise portal, the automation of key business and control processes and vastly improved financial reporting has ultimately helped to free the finance team to focus on providing more value-added business support and advice.
NZOG CFO Andre Gaylard says: “Company growth and increasing complexity within our business necessitated a new FMIS, and Microsoft Dynamics AX R3 stood out as the best fit. We had very tight timeframes, but also had high expectations of what our ERP solution needed to deliver. We were very impressed by the value and speed of implementation that was delivered by Intergen, using its InSure Accelerator. We were able to achieve the best of both worlds – a world class solution delivered in a rapid, cost effective way – in a very short space of time.”
The NZ Oil & Gas AX project, New Zealand’s first Dynamics AX R3 implementation, was awarded overall ERP winner at the 2015 Microsoft New Zealand Partner of the Year Awards in recognition of the quality of the solution and the innovative accelerator approach to its delivery.
Source: This article was originally sourced from Intergen