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REDWOOD SHORES, Calif.
07-JAN-2003 06:00 AM
Oracle Corporation (NASDAQ: ORCL), the world's largest enterprise software company, today announced that the University of Pennsylvania (Penn), a higher education institution based in Philadelphia, has upgraded to the Oracle(r) E-Business Suite to achieve cost savings and increase productivity. Using Oracle Financials and Oracle iProcurement, university officials estimate the system upgrade will enable Penn's Purchasing Services department to negotiate new cost savings related to eProcurement supplier recruitment with $4.3 million in the first year alone, and $64.1 million in indirect spend over a six-year period. Penn also anticipates that operational cost savings resulting from automation by the Oracle E-Business Suite will continue to help ensure that administrative processes maximize the use of University resources to support its academic mission.
Oracle helped Penn upgrade from Oracle 10.7 applications and make the Oracle E-Business Suite the new foundation for Penn Marketplace, the university's Web-based purchasing, accounts payable and general-ledger system. By selecting an integrated financial and procurement solution from Oracle, the university has been able to synchronize its financial databases and purchasing initiatives, allowing for increased efficiency and productivity running the Penn Marketplace. Oracle provides Penn with a real-time procurement portal that gives 1,700 users access to up-to-the-minute product availability and financial information in an easy-to-use environment.
"The automated procure-to-pay processes and streamlined requisition capabilities have enabled our staff to become more efficient, spending less time managing process and more time pursuing cost-effective contracts with suppliers," said Marion Campbell, project manager for finance and research IT initiatives for the University of Pennsylvania. "We were also impressed with the expertise of Oracle Support who delivered around-the-clock assistance for an uninterrupted migration was completed ahead of schedule."
Penn was among the first educational organizations to move to a distributed purchasing model to maximize vendor-negotiating power and increase cost-conscious spending practices. Oracle helped Penn to fully automate the university's procure-to-pay system so that when an order is initiated, supplier invoices and purchase orders are instantly paired and scheduled for payment. As a result of the integrated applications running on a single data model, Penn's administrators have a more user-friendly experience and spend less time entering the same data across various system functions.
Penn is currently evaluating Oracle iSupplier Portal and Oracle Purchasing Intelligence for added automation in the future.
About Oracle
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