Transforming Financial Operations
A Case Study in Digital Product Development
Introduction
This case study examines a successful digital product development initiative executed by Product Evolve in collaboration with Altisource. With a focus on loan origination underwriting, cloud-based vendor applications, and enterprise resource planning, we explore the partnership’s achievements and the positive outcomes derived from this collaboration.
Challenge
Altisource aimed to optimise loan origination underwriting processes, streamline vendor management, and integrate enterprise resource planning systems to enhance operational efficiency.
Solution
Leveraging product management principles, Product Evolve partnered with Altisource to address these challenges and drive digital transformation.
Loan Origination Underwriting (.Net):
Through close collaboration, we developed a web-based product tailored for loan audits. This innovative solution significantly reduced the time required to audit 30,000 mortgage loans from an average of 30 days to an impressive 2 days.
Cloud-based Vendor Application (iValua)
Product Evolve contributed to the development and improvement of Adesa.ca, the Canadian counterpart of Adesa’s online auction platform, catering specifically to the Canadian market.
Microsoft Dynamics (Enterprise Resource Planning)
Recognizing the importance of seamless operations, we designed a web-service to integrate Altisource’s Microsoft Dynamics ERP with the cloud-based vendor solution, iValua. This integration improved data flow, efficiency, and overall productivity.
Results
The collaboration between Product Evolve and Altisource resulted in significant achievements and positive outcomes:
Loan Audit Transformation
The introduction of the web-based loan audit product revolutionized the auditing process, reducing the timeframe from 30 days to just 2 days. This improvement greatly enhanced operational efficiency and accelerated loan processing.
Streamlined Audit Reporting
By automating 80 audit reports and distributing them on the same day, we had a substantial impact on productivity and turnaround time. The elimination of manual report generation saved valuable time and resources.
Vendor Onboarding Optimization
Our efforts successfully reduced the expected turn-around time (ETA) for onboarding new vendors from 10 business days to just 2 business days. This streamlined process improved vendor management and fostered stronger business relationships.
Seamless ERP Integration
The integration of Altisource’s Microsoft Dynamics ERP with the cloud-based vendor solution, iValua, enhanced data synchronization and eliminated manual data transfers. The result was improved operational efficiency and productivity.
Effective Product Ownership
With a team of 4 skilled product owners, the project was successfully managed, ensuring clear communication, efficient collaboration, and timely delivery of the solutions.
Conclusion
This case study exemplifies how applying product management principles in a collaborative partnership can drive transformative outcomes in digital product development. Through the introduction of a web-based loan audit product, automation of audit reports, optimization of vendor onboarding, and seamless integration of Microsoft Dynamics ERP, we significantly enhanced operational efficiency, reduced time frames, and improved productivity for Altisource.
Our commitment to driving digital transformation and delivering exceptional results continues to guide our approach. We remain dedicated to leveraging technology and innovation to support our client’s growth and success in an ever-evolving digital landscape.