PLEASANTON, CA -- (Marketwired) -- 09/03/13 -- Workday, Inc. (NYSE: WDAY), a leader in enterprise cloud applications for human resources and finance, announced today that ServiceSource (NASDAQ: SREV), the global leader in recurring revenue management, has significantly advanced its business processes globally with Workday's suite of applications including Workday Human Capital Management (HCM), Workday Financial Management, Workday Payroll, and Workday Procurement. With Workday's unified system, ServiceSource has been able to scale with growth, improve business performance, and successfully complete its first SOX compliance self-assessment and audit with greater ease and speed in the cloud.
When ServiceSource went public in 2011, it was operating multiple systems across HR, finance, and payroll, with three independent business processes for North America, Asia, and Europe. To keep pace with fast growth and the requirements of being a public company, ServiceSource needed an enterprise system that could easily scale, adapt quickly to changes, standardize business processes across the globe, and provide greater transparency into the organization. With Workday, all company locations are now using the same processes while meeting local requirements for compliance. And, with one system of record, all departments are working with consistent HR, financial, and payroll data, driving greater efficiencies and increasing worker productivity.
HR and Finance Shift From Tactical to Strategic
With built-in analytics capabilities and automated workflows, Workday's unified system has enabled ServiceSource to simplify administrative processes, such as business process routing and approvals, to focus more on analyzing data for strategy and problem solving. These analytics capabilities are empowering finance professionals to focus more on activities that move the company forward, such as analyzing revenue and spend for insights into profitability and areas for cost savings, instead of tactical tasks such as confirming transactions with other departments.
Faster and Easier SOX Compliance in the Workday Cloud
Prior to deploying Workday, ServiceSource was supported by multiple systems, with a reliance on paper-based and offline documentation, and needed a new way to support more strenuous reporting and governance standards to ensure compliance with SOX demands by the end of 2012. One of the main drivers for selecting Workday was its built-in business process framework, which automatically documents processes and records changes via the audit history. With these automated capabilities, ServiceSource was able to speed up its self-assessment process, comply with greater ease, and ensure accuracy, while receiving a clean audit report on its internal controls.
Engaging Employees with Self-Service and Intuitive Design
With a growing workforce of approximately 2,600 employees -- more than half based outside the United States -- ServiceSource needed a way to keep employee information up-to-date without creating more administrative work. Employees previously had to send email updates to HR for changes to personal information, an unsustainable process as the company grew. With Workday, employees now manage their own information using an intuitive interface designed for mobility. ServiceSource saw instant participation from employees, with 99 percent logging on to the Workday system in the first 30 days.
Comments on the News
"After deploying Workday, we now have a single source of the truth across our financial, HR, and payroll systems," said Amrith Nambiar, vice president of IT, ServiceSource. "This unified cloud solution has empowered and engaged ServiceSource employees across the globe with secure online access to a set of employee and manager self-service tools as well as critical business process workflows. In addition, Workday has simplified an arduous but critical process for every public company -- SOX compliance. By leveraging the Workday business process framework as our central repository for all compliance documentation, Workday creates a system of record and sustainable foundation for ongoing SOX activities."
"Workday is changing the way companies think and work, helping them to grow, transform, and stay competitive," said Aneel Bhusri, chairman, co-founder, and co-CEO, Workday. "With our unified application, ServiceSource is taking its business to the next level with greater speed, transparency, and efficiencies, empowered now to focus more on business needs and value, versus administrative tasks and processes."
Workday is a leading provider of enterprise cloud applications for human resources and finance. Founded in 2005, Workday delivers human capital management, financial management, and analytics applications designed for the world's largest organizations. Hundreds of companies, ranging from medium-sized businesses to Fortune 50 enterprises, have selected Workday.
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