The Principal Financial Group has been announced as the first company to go live with Oracle Fusion Applications.
It was revealed last September that the global asset management and investment company was part of Oracle’s invitation-only Early Adopter Programme, which also includes Siemens and Cognizant.
Brian Ness, chief information officer of corporate services at The Principal, said: “As the international businesses of The Principal continue to expand, we recognized an opportunity to rapidly deliver business solutions and position ourselves for future growth by updating our essential business technology.”
The Principal has implemented Oracle Fusion Workforce Compensation and Oracle Fusion Human Capital Management (HCM), the latter taking four months. The applications have been installed alongside the company’s existing Oracle PeopleSoft Enterprise Financials and HCM solutions.
One of the main benefits of the Workforce Compensation application is that the company has been able to reduce its payment cycle from 10 weeks to just three weeks for a pilot group of employees. The Principal will now roll this application out to the rest of the business.
Over this year and during 2012, The Principal plans to implement a range of other Fusion Apps, including Performance Management, Goal Management and Talent Review. It is also installing Fusion Procurement to gain more insight into its procurement processes.
“By progressively adding Oracle Fusion Applications modules to existing environments, customers can immediately benefit from next-generation applications without conducting an overhaul of their entire enterprise applications platform,” said Steve Miranda, Oracle SVP of application development.