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  • ERP
    January 12, 2021

PeopleSoft helps Frankenmuth Insurance improve their approval process and let go of their existing legacy system

Guest Author

Frankenmuth Insurance saw a need to replace a legacy system for its purchasing and invoice management, including meeting approval requirements for its corporate disbursement guidelines.  After reviewing several solutions, Frankenmuth Insurance partnered with MIPRO Consulting to implement PeopleSoft eProcurement, Purchasing along with enhancement to its existing PeopleSoft Accounts Payable system.   The company’s new system enabled a more efficient User Interface and approval process while also utilizing PeopleSoft’s matching process.

 

Functionality

  • eProcurement
    • Replace the RFP process in the legacy system with Requisitions
    • Punch-out to vendors
    • Integration with service desk application
    • Developed an interactive Requisition Dashboard
    • Use of the Sourcing Workbench
    • Approval Workflow Engine

 

  • Purchasing
    • Replace Purchase Order process in the legacy system
    • Receiving of goods
    • Monitor Purchase Order Activity
    • Developed an interactive Purchase Order Dashboard
    • Use of the Buyer’s Workbench
    • Approval Workflow Engine

 

  • Accounts Payable Vouchering
    • Developed an interactive Voucher Dashboard
    • Matching:  2-way Matching (Purchase Order/Voucher – Amount Only PO); and 3-way Matching (Purchase Order/Receiving/Voucher – Quantity PO)
    • Approval Workflow Engine

 

Improvements

  • Streamlined the approval process.  Prior to the implementation, RFP, Purchase Orders, and invoices often required duplicate approval.  With the new system, only one approval is required on matched Purchased Orders.
  • The ability for the users to monitor Requisitions, Purchase Orders, and Vouchers through interactive dashboards.
  • The matching process occurs without manual entry by the users
  • Security and workflow are maintained in one system (PeopleSoft), rather than two (PeopleSoft and Legacy systems).
  • Leveraged PeopleSoft’s User Interface for Fluid Home Pages, Fluid Tiles, Fluid Approvals, and Navigation Collections.
  • Utilizing Peoplesoft’s use tax features with multiple ship-to locations.

 

By implementing PeopleSoft’s Purchasing solutions, Frankenmuth Insurance not only positions itself to expand upon these applications but also implement additional financial modules such as Asset Management and Cash Management.

 

Update: Frankenmuth Insurance has been identified as a PeopleSoft Feature Innovator for implementing Fluid eProcurement.

 

 

This blog post has been authored by Phil McCain, Senior VP  of IT, Frankenmuth Insurance