MoneyGram Increases Business Efficiencies, Cuts Time for New Product Introductions with Oracle Cloud
Oracle announced that MoneyGram International Inc., the second-largest money transfer company in the world with $1.45 billion in annual revenue, has implemented Oracle HCM Cloud to overhaul its human resources (HR) operations and reduce administrative processes to be more efficient. Reports that previously took 40-hours to produce can now be completed in 80 percent less time.
Serving more than 350,000 agent locations in more than 200 counties, MoneyGram was in need of a global tool that could accommodate the needs of its nearly 3,000 employees. The existing system required too many spreadsheets, and manual processes that were complex and did not scale. MoneyGram managers struggled to keep up with changing market demands and additions to new products and services for the sales team. The lack of a central global data storehouse for employee records and business information made it difficult to generate reports or analyze market opportunities.
Previously using a manual, on-premise service, MoneyGram opted for Oracle’s Cloud technology for its scalability and worldwide presence to help accommodate various country-specific HR issues and help streamline its global operations. MoneyGram selected Oracle HCM Cloud with specific functionalities including, Global HR, Payroll (U.S.), Workforce Compensation, Goal and Performance Management, Talent Review and Succession, and Recruiting and Onboarding. The Oracle implementation changed 25 percent of MoneyGram’s transactional infrastructure, executives said.
“MoneyGram needed a holistic approach to HR where scalability was one of the top considerations, and this is the main reason we looked at Cloud,” said Paula Peacher, senior director of Global Payroll and HRIS at MoneyGram. “Oracle HCM Cloud consolidated our payroll processes and helped us accommodate country-specific issues from a core HR standpoint. It assisted with security requirements from information to data privacy. It also increased efficiency and control and helped improve our process cycle times so we could be more responsive to market demands and maintain a competitive edge. Ultimately, our staff was able to cut time needed for new product introductions by 40 percent.”
The Oracle platform is delivering important time-saving benefits in the first year of implementation. Other benefits include savings in cost and the consolidation of multiple outdated and non-integrated legacy systems. MoneyGram executives estimate that the company has the potential to save millions of dollars by retiring outdated systems and transitioning to Oracle HCM Cloud.
“Oracle is delivering bottom-line benefits for companies such as MoneyGram through innovative, flexible and unified cloud solutions,” said Gretchen Alarcon, group vice president of HCM Product Strategy for Oracle. “A tightly integrated system leads to more data integrity for the company and is ultimately more beneficial for their customers in the long-run.”