PeopleSoft First to Receive Hackett Group Cert
PeopleSoft First to Receive Hackett Group Best Practices Certification
Financial Management and Supplier Relationship Management Solutions Certified - Built-in Support for World-Class Best Practices - - Delivers Efficiencies and Cost Savings -
PeopleSoft (Nasdaq: PSFT) today announced that its Financial Management and Supplier Relationship Management (SRM) solutions are the first to be certified by The Hackett Group for embedding best practices business process support.
The Hackett Group, an Answerthink company (Nasdaq: ANSR), is the world’s leader in benchmarking and best practices research. During the course of the certification, The Hackett Group performed a detailed analysis of PeopleSoft solutions across key financial and procurement management business processes.
The study concluded that by implementing PeopleSoft Financial Management Solutions (FMS), with the support of best practices, companies could realise total savings of up to US$900,000 in finance operations for every US$1 billion in revenue. In addition, companies may also generate significant indirect savings from streamlined purchasing, improved cash flow, and increased visibility into business performance. With its built in support for best practices, PeopleSoft SRM improves the sourcing, purchasing and supplier management processes.
Built-in Support for Best Practices The review determined that PeopleSoft FMS and SRM support best practices in a variety of areas, including:
Early warning and pro-active controls throughout business processes; Operational support and business analysis for complex global organisations; Paperless procurement process with electronic settlement; Automated financial consolidations and closes; Development of sourcing, supplier selection and negotiation strategies; Supplier scheduling, item and supplier master file maintenance, order release; Supplier partnership and development and ongoing performance measurement; Compliance with government purchasing requirements; Business analysis based on key business drivers (financial and non-financial) using enterprise scorecards.
“There is a strong correlation between the consistent use of best practices and driving significantly lower costs and greater value throughout finance and procurement organisations,” said Bruce Barlag, president, The Hackett Group. “While technology alone cannot deliver world-class performance, PeopleSoft FMS and SRM can be key enablers of improved performance when combined with process and organisational improvements.”
David Webster, Managing Director PeopleSoft, Australia and New Zealand said, “With the Hackett Best Practice certification PeopleSoft demonstrates further its ability to deliver solutions that improve productivity and performance, and sharpen the competitive edge.”
The combination of
PeopleSoft FMS and SRM support best practices for the entire
source-to-settle process including supplier selection,
negotiation, transaction processing and financial
settlement. The combined solutions provide visibility into
the complete enterprise spend including the purchase of
indirect and direct goods, assets and contract services.