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.