Bolstering Finance with Cloud Translation
A market leader in government-insured lending revolutionized accounting and reporting with Drivestream’s Cloud Translation Adapter, reconciling divergent financial information into one dynamic system that drastically improved operational efficiency.
Location: North America – USA
The mortgage and finance industry is heavily data driven. If you are one of the nation’s top mortgage providers with a hallowed history and licenses across 53 territories, it is likely that you deal with a vast amount of financial information from varying sources.
Our client’s broad range of service offerings from correspondent to commercial real estate lending meant a struggle to consistently manage disparate streams of data including Production (point of sale) data, Headcount (salary) data, Financial (accounting) data and Managerial business metrics.
Drivestream built a first-in-the-industry Cloud Translation Adapter for the client to map divergent financial information from multiple sources into a Global Chart of Accounts structure that dynamically maps and load financial information.
The centralization of data had an immediate impact on reporting. Consolidation facilitated the creation of managerial reports that drive actionable changes within the business. Automation made key-in errors redundant, leading to more accurate data and better strategic planning. Reports that were previously only generated monthly, could now be prepared more frequently (in some cases, daily), allowing for faster reactions to pricing, production and cost control.
The Oracle Cloud Suite allowed the client to reclaim time from cumbersome processes. Acting as the consolidation engine for management reporting, the single unified platform shortened the cycle time required to consolidate multiple channel reports. It also engendered greater real-time or near real-time visibility with drill through transaction level detail.
The implementation of Oracle PBCS Cloud created a common planning environment and methodology to be adopted by all channels, allowing management to exercise greater control and oversight over planning, budgeting and variance management activities.
With the power of the cloud, the client was able to dramatically improve operational efficiency while saving on time and labor.