Cloud Story: Ocwen.
Ocwen are a market-leading residential and commercial mortgage servicing and loan origination services company. With a diverse, transnational employee base and over a million journals transacted each month, Ocwen were facing the challenges arising from complex, country-specific HR/compensation requirements and continually processing high-volumes of data.
The company sought to implement Cloud HCM and Finance solutions to increase efficiencies, reduce costs and enhance internal controls through standardized global processes. Drivestream helped Ocwen completely transform their HR and Finance infrastructure, enabling them to standardize their internal systems across multiple geographies while significantly reducing their IT footprint and infrastructure costs.
Location: North America – USA; Asia – India, Philippines; South America – Uruguay
- In a first, used Fusion GL to perform multi-ledger, multi-calendar, multi-currency, cross-country Financials Consolidation on the cloud.
- Converted over 20 million journals, factoring in high transaction volume of over a million journals a month.
- Standardized global financial reporting and enhanced internal controls across all business units and countries.
- Achieved a large and significant procurement deployment enhancing sourcing, purchasing, contracts and a feature-rich supplier portal.
- Effected a hugely significant Financials Cloud deployment, with large amounts of data and considerable process complexity.
- Successfully worked with a massively complex and diverse employee base across the Philippines, India, USA and Uruguay to implement a uniform HCM framework.
- Streamlined processes for close to 200 new hires each month, primarily due to aggressive expansion in Asia.
- Enhanced control over complex HR and compensation policies while factoring in country-specific requirements.
- Processed close to 1000 monthly HR transactions – promotions, transfers, manager changes, termination – to make them more efficient.
- Provided self-service capabilities for all 12,000 employees to access their own information, update records, run manager queries, etc., dramatically reducing overhead processes and saving time.
- Facilitated an enterprise-wide, fully electronic expense report submission, approval and payment process in one of the biggest expenses roll-outs in the cloud.
- General Ledger
- Fixed Assets
- Accounts Payable
- OTBI (Financials & Procurement)
- Core HR
- Talent Review
- Succession Planning
- Workforce Compensation
- Payroll Interface
- Supplier Portal
Wipro Limited (NYSE:WIT), the global IT services company with 156,000 employees, 60+ delivery centers and deep industry domain knowledge has invested in Drivestream to form a strategic partnership in the cloud services space. Together, the companies are focusing on developing and implementing cloud solutions for businesses of all sizes and verticals. The combination of Drivestream’s cloud capabilities and Wipro’s transnational reach provides unparalleled value to customers across the globe.