ServiceSource Advances Business With HR, Finance, and Payroll in the Workday
Workday Financial Management Creates Greater Ease and Speed for
Company During Sarbanes-Oxley Compliance
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
HR and Finance Shift From Tactical to Strategic
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
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
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
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.
Any unreleased services, features, or functions referenced in this
document, our website or other press releases or public statements
that are not currently available are subject to change at Workday's
discretion and may not be delivered as planned or at all. Customers
who purchase Workday, Inc. services should make their purchase
decisions based upon services, features and functions that are
Copyright 2013. Workday, Inc. All rights reserved. Workday and the
Workday logo are registered trademarks of Workday, Inc. All other
brand and product names are trademarks or registered trademarks of
their respective holders.
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