About the Customer
Live Oak Bank is a direct bank headquartered in Wilmington, North Carolina. It is a subsidiary of Live Oak Bancshares, Inc., a bank holding company. The bank specializes in originating business loans that are guaranteed by the Small Business Administration (SBA) to companies in 16 specific industries.
Along with Wells Fargo and U.S. Bancorp, it is one of the largest originators of loans guaranteed by the SBA. The company typically sells 90% of its loans, including the portion guaranteed by the SBA. The company does not have any branches but has offices in North Carolina, Florida, Georgia, and California. The company owns three jets, which have been referred to as "branches that fly".
Scope and Challenges
Live Oak Bank uses the latest technology to differentiate itself in the marketplace. Why they chose Analytics Cloud is to help employees answer tough questions and make decisions in real time
Prior to SAP, they had several Excel workbooks with lots of different tabs and that was fine when they were small but they have been a growing company for a number of years and they continue to grep heading into the 2016 budget process.
They saw that unless they made a change they wouldn't be able to deliver the decisions quickly to managers; They were really looking for who would be able to kind of handle the complex models. They chose SAP Cloud for Analytics because they knew that the Hana platform was behind it and because they know that'll they provide better collaboration, better transparency, and greater flexibility.
Outcome and Implications
"SAP really enables us to make decisions faster and to find answers to questions faster. It doesn't take a lot of expertise to understand the software and understand how to use it, you just move drag-and-drop change filters and get the answers you want by educating the rest of the company. We could really empower everyone else through the organization" -said Steven Hayes Analytics Manager at Live Oak Bank.
|Vendor||Old Product||New Product||Function||Market||Users||VAR/SI||When||Live|
|SAP||Legacy Applications||SAP Analytics Cloud||Analytics Cloud||Analytics and BI||n/a||Accenture||2018||2018|
|First Name||Last Name||Title||Phone|
|Subscribe||Subscribe||Chief Information Officer||Subscribe||Subscribe|