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Oracle VP Steve Miranda describes how Principal Financial Group became one of the first users to go live in production with Fusion Applications, picking Oracle's application over the PeopleSoft applications that the company had previously been using.
Read the full transcript from this video below:
Oracle Fusion Apps customer goes live
Principal Financial Group is a large, global financial services institution, generally dealing with both consumer customers as well as corporate customers, managing a tremendous amount of assets on behalf of their customers. They had a couple business challenges, where they wanted to supplement their existing PeopleSoft implementation. They ran PeopleSoft HCM and PeopleSoft Financials; however, they had a custom application for their compensation module. Their challenges were that as they expanded globally they needed to deal with multi-currency. In addition to that, they had a variety of different compensation plans, and they had a rapid deployment time frame, because they needed to get up and live with COPRA.
So, they chose Oracle right about September. They went live with Fusion Apps in January, in a coexistence fashion where they integrated PeopleSoft HCM to Fusion Compensation. They completed their compensation round and were happy with the partnership that we've had and happy with the results of Fusion. Then, they fed that comp round back into PeopleSoft HR and payroll in the live business application that issued the raises and promotions and bonuses of their employees. And so, as a good example of a compelling business need, they happened to write it hosted, and they happened to do it with a partner, in this case Price Waterhouse Coopers.
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So, really, all that we've been saying for Fusion - adopt it where there's a business area of need (in this case it was compensation), have the choice of hosted or on premise (in this case, they went with hosted), and coexisting with existing investments (in this case, coexisting with PeopleSoft), and done either internally, with Oracle, or with partners (in this case done with a combination of all three).
That initial project has gone quite well. They are continuing to work with us as an early adopter on two other projects; one is in talent management, with a go live slated for later this calendar year, again coexisting with PeopleSoft HR, and then the second with sourcing, around sourcing, supplier management and contract spend, again to coexist with PeopleSoft, in this case Financials, and again it would go live later on this calendar year.