PeopleSoft doesn’t run your business, but it’s an extremely valuable tool for those that do. Look for inefficiencies in your business and develop strategies to improve them. Once identified, PeopleSoft can support those initiatives. By leveraging built-in best practices, you can use PeopleSoft as a tool to assist with automating business processes. Look at your current business processes independent of the software, and then see how the software can support the organization to improve these processes.
Chart of accounts
One area to evaluate is the Chart of Accounts (COA). Due to M&A, divestitures and other factors, businesses may neglect to refine the COA over time, resulting in inefficient processes and errors. If financial reporting is time consuming and difficult, and requires significant effort outside of your ERP system, chances are your COA is no longer aligned with your business.
Given the foundational role of the COA, issues here can significantly impact operational effectiveness. Conversely, if your COA directly aligns with your business, it can significantly improve operational efficiency. PeopleSoft’s COA structure includes best practices and has the flexibility needed to support your changing business environment, now and in the future.
In many companies, the supply chain is ripe with opportunity for improvement, especially in requisitioning, purchasing, payment, inventory replenishment and management. Many organizations use PeopleSoft as the tool to eliminate supply chain inefficiencies through automating workflow and implementing and enforcing best practices.
Organizations spend a significant amount of time and effort with the financial close process. Similar to supply chain, an extended close is usually symptomatic of other issues, including issues with upstream subsidiary ledgers, collecting information from external systems, and inaccurate consolidations and allocations processing. PeopleSoft includes strong functionality that support a more efficient financial close processes.
PeopleSoft has been instrumental in helping organizations run mission-critical business processes for more than twenty years. Yet, many companies don’t spend enough time thinking about how to best optimize their environment. Get the Four Essential Strategies to Optimize your PeopleSoft Environment and you have a proven path to maximizing your PeopleSoft investment to achieve better business outcomes.