PeopleSoft First to Deliver Vertical Solutions for Supplier Relationship Management
New Functionality Speeds Implementation and Adoption
NEW ORLEANS--(BUSINESS WIRE)--Aug. 26, 2002--At Connect 2002, PeopleSoft, Inc. (Nasdaq:PSFT - News) today announced the general availability of the first industry-specific solutions for Supplier Relationship Management (SRM). Traditionally, supplier management is decentralized without a clear view of supplier relationships. PeopleSoft SRM manages the complete source-to-settle process online, across an entire organization. The new products support the unique sourcing, procurement, spend management and supplier enablement requirements of the healthcare, government, financial services, energy, consumer products, and high technology industries.
"SRM solutions must reflect vertical industry buying practices," said David Hope-Ross of Gartner. "Given that management of suppliers affects margin growth, efficiency, and product development, only industry specific approaches to SRM will enable organizations to leverage suppliers as a source of competitive advantage."
PeopleSoft SRM, built on PeopleSoft's Pure Internet Architecture(TM), manages the complete source-to-settle process, from the development of sourcing strategies to supplier selection, transaction execution, financial settlement and ongoing supplier management. SRM allows customers to manage the complete enterprise spend -- including business and manufacturing supplies, raw materials, capital assets and contract services.
"We needed a solution that would address our unique needs, from accurately managing stock at multiple nursing stations and clinics, to ensuring compliance with group purchasing contracts," said Bill Grimes, manager of materials management Information Systems at Dartmouth-Hitchcock Medical Center. "We were able to reduce inventory by an average of 50 percent, and save significantly on purchases through contract compliance and product standardization. The savings from our pilot alone have already returned our entire investment."
"Managing the supply base with a limited view of relationships leads to missed opportunities for procurement managers," said Mike Frandsen, general manager of PeopleSoft's Supply Chain Management division. "Our new vertical solutions reduce the need for customization, bringing stakeholders up and down the supply chain into a critical process faster."
PeopleSoft SRM for Industries is available today.
About PeopleSoft
PeopleSoft (Nasdaq:PSFT - News) is the world's leading provider of application software for the real-time enterprise. PeopleSoft pure Internet software enables organizations to reduce costs and increase productivity by directly connecting customers, suppliers, partners and employees to business processes on-line, in real time. PeopleSoft's integrated, best-in-class applications include Customer Relationship Management, Supply Chain Management, Human Capital Management, Financial Management and Application Integration. More than 4,800 organizations in 140 countries run on PeopleSoft software. For more information, visit us at www.peoplesoft.com.
Note to Editors: See the attached Fact Sheet for details on PeopleSoft SRM's industry-specific solutions.
PeopleSoft and the PeopleSoft logo are registered trademarks. All other company and product names may be trademarks of their respective owners.
Fact Sheet: PeopleSoft SRM for Industries
SRM for Healthcare
From rapid consolidation to ever-increasing pressure for cost containment, the healthcare industry needs a flexible solution to address a changing business environment. For providers of healthcare services, the PeopleSoft SRM solution addresses the multiple cost-management changes that have impacted the structure and practices of the industry, while ensuring that critical medical supplies never run short. Unique features include:
Automated Par inventory replenishment systems. Users are assured ready-access to specific items required in each department's inventory. Supply replenishment is automatic based on par levels set for each item.
Group purchasing organization (GPO) reporting capabilities. Organizations can take advantage of GPO contracts with commitment levels for items. PeopleSoft Purchasing tracks actual GPO purchases, rebates, and contract tiers, as well as compliance against manufacturer and distributor contracts to enable a single point of pricing maintenance and management.
Medical Device Tracking. Readily provides access to the manufacturer's lot and serial identification information, ultimately protecting the patient, manufacturer and healthcare organization in the event of a recall.
Universal Product Number. The solution enables simplified invoice and receipt matching with a single item reference number across all supplier and user systems.
SRM for Government
SRM for Government enables agencies to gain control over the entire sourcing process and better leverage purchasing power to stretch taxpayer dollars. Government purchasing must allow direct access to complex processes and systems to ensure fair access to contracts for all in the community. The integrated PeopleSoft SRM solution provides the infrastructure for sourcing, supplier optimization, collaboration and execution of product and service contracts. Select features include:
Real-time access to supplier inventory. Provides real-time access to all suppliers, allowing the buyer to instantly locate the closest supplier for timely emergency response for critical supplies and equipment.
Tools for blind and sealed bidding. Sourcing tools allow blind bids where competitors do not see other bids, and sealed bidding that prevents both buyers and suppliers from viewing bids until a specified date.
Full procurement transaction tracing, encumbrance accounting, commitment control and budget checking. All requests for purchasing are instantly checked against budget before submission or approval.
SRM for Financial Services
To remain competitive, financial services organizations need to meet regulatory compliances and streamline operations while maintaining a high standard of service. In particular, Financial Services companies are faced with managing an increasing proportion of spend for contract services as they strive to effectively control costs. To ensure a coordinated strategy in meeting these goals, PeopleSoft SRM for Financial Services provides financial institutions with a single, integrated source-to-settle business process to manage all types of spend for direct and indirect goods, capital assets and services. This flexible solution is designed to meet the needs of traditional financial service providers from banks, investment companies and insurance agents to brokers, dealers and exchanges. SRM for Financial Services delivers:
Aggregated data for total spend management. Through PeopleSoft Purchasing, eProcurement and Services Procurement, companies can align their spending strategy with all suppliers, resulting in a leveraged supply base, and timely delivery of products and services.
Scalability for centralized procurement. PeopleSoft's Pure Internet Architecture and intuitive Web interface make it easy to deploy the solution across the enterprise. Suppliers are instantly connected to all departments and divisions, ensuring wide supplier adoption and seamless transactions, resulting in reduced cycle times and increased purchasing leverage.
Full Integration with PeopleSoft Financial Performance Management solutions. PeopleSoft eProcurement, Purchasing and Services Procurement provide a seamless extension to PeopleSoft Financial Performance Management solutions including General Ledger, Assets and Projects resulting in accurate accounting and tracking of large acquisitions, and roll-up of project expenditures.
SRM for Energy
To help energy companies face issues of deregulation, restructuring, mergers, acquisition and divestitures, SRM for Energy provides the utilities industry with a comprehensive solution to centralize the procurement process, drive down costs and meet regulatory requirements. PeopleSoft SRM for Energy is designed for private sector companies that provide electricity and natural gas to consumers and utilities for water and sewage management. The solution enables companies to implement a single system to control, leverage and properly analyze total spend while providing intelligent capital asset acquisition management. Key features include:
Management of goods and services procurement. The solution automates the full request-to-check cycle, and unique functionality enables organizations to track all contract activity.
Support for Federal Energy Regulatory Control (FERC) accounting requirements. With increased scrutiny on energy companies, PeopleSoft Purchasing and eProcurement are seamlessly linked to FERC accounting requirements to ensure that all purchases reflect accurate FERC codes.
Integration with Maintenance Repair Operations (MRO) management solutions. PeopleSoft partners with MRO software for full work management capability. Companies gain instant visibility into capital projects, facilities management, and preventative maintenance requirements.
Integration to assets and projects. PeopleSoft Projects solution acts as cost-staging area, summarizing all costs related to capital assets and projects.
SRM for Consumer Products
Consumer products companies face continually increasing competitive challenges -- compressed product delivery and lead times require efficiencies across the supply chain. Suppliers can instantly monitor customer demand, check inventory, replenish supplies, monitor their performance and check settlement status. Unique features for Consumer Products companies include:
Support for hedge buying. Companies can hold overlapping contracts for the same item and supplier to support hedge buying, enabling quick response to price fluctuations.
Supports consignment inventory. Companies can bring supplier-owned inventory into the plant where the inventory transfers ownership upon use.
Seamless access to trading exchanges. The solution offers the ability to integrate with public or private trading exchanges for fast, accurate purchase transactions that tie directly to supplier order management systems.
SRM for High Technology
High technology companies often manufacture and distribute products globally, and therefore must customize products for local markets, requiring multiple options and configurations for every product. PeopleSoft SRM for High Technology delivers an end-to-end solution for the procurement of direct and indirect materials, services and assets and integrates all of these purchase requirements into product life cycle management. The solution enables:
Collaborative supply management. Multiple users across the globe can collaborate using real-time inventory management, order histories, economic indicators and employee input to monitor and react to changes in demand.
Product Life Cycle Management. To accommodate short product life cycles and multiple product options, the solution manages products from design, collaboration, sourcing and pre-production to full production and product retirement.
Tight integration with planning systems. Faced with constant changes in production schedules and inventory levels, companies can instantly connect with the supply base to share changing information about localized product requirements, order status and inventory in real-time.
--------------------------------------------------------------------------------
Contact:
PeopleSoft, Inc.
Holly Rossetti, 925/694-5027
holly_rossetti@peoplesoft.com
or
Porter Novelli
Kristina White, 617/450-4250
kristina.white@porternovelli.com |
