Beacon Application Services and PeopleSoft:
A Financial Services Success Story
Westfield Companies
Realizes Improved Information Access with PeopleSoft DB2 Financial and
Distribution Applications
Westfield Companies implemented PeopleSoft General Ledger, Payables and
Purchasing within an aggressive timeframe to replace existing systems which
were either manual or not Y2K compliant. These were Westfield Companies’
first DB2 production systems. Accounting, reporting, and other business
process improvements all resulted from the implementation.
PeopleSoft Products Implemented:
PeopleSoft Financials and Distribution General Ledger
Payables
Purchasing
Asset Management
The Customer
Westfield Companies is a 151 year old regional property and casualty
insurance company headquartered in Westfield Center, Ohio. Licensed in 45
states, Westfield Companies offers a broad range of insurance and related
products and services for individuals and businesses. In addition to
standard personal lines like auto and homeowners insurance, Westfield
Companies offers a variety of niche products, including fidelity and surety
bonds and specialty coverage for farmers, auto repair shops, antiques
businesses, and religious organizations. A.M. Best, the insurance rating
group, has rated Westfield Companies Superior (A+), ranking them in the top
12% of approximately 1,300 rated groups for each of the last twenty two
years. A privately held company, Westfield Companies employs in excess of
2,000 people.
The Challenge
Westfield Companies was faced with inadequate financial systems that needed
to be replaced. Technologically, the company had yet to make significant
inroads into client/server. Competitively, the industry had been
characterized by mergers, acquisitions, and other factors, creating the need
for better and more immediate business information. Business process
improvements were also desired in some key areas. Meeting all of these
objectives was an important goal for Westfield Companies and the
implementation needed to be cost effective.
The Solution
Westfield Companies partnered with Beacon to implement PeopleSoft’s General
Ledger, Payables and Purchasing applications on time, within budget, and to
the originally agreed upon scope. All major milestones, deliverables, and
objectives were met. Both aggressive and acceptable implementation dates
were established; aggressive dates were achieved. Beacon’s ability to
quickly initiate the project; to establish an enduring project
infrastructure; to define a scope that blended business objectives, software
functionality, budgetary requirements, and timing considerations; and to
develop and communicate an integrated system design built the foundation for
successfully executing the remainder of the project without interruption or
surprises. Process improvements beyond those initially conceived were
achieved. For instance, the reimbursement policy for T&E was re-engineered
using PeopleSoft Payables system to make the process more cost effective for
the company and more reliable for the employees. The ultimate challenge and
success measurement was the delivery of new reports that presented
information spanning multiple dimensions of the business.
Subsequently, Beacon implemented Asset Management, replacing three disparate legacy systems that were tracking different types of assets in different ways. PeopleSoft Asset Management provided users with a single, streamlined solution that was fully integrated with the rest of the Financials along with greatly enhanced reporting capabilities.
According to Bob Joyce, President of Westfield Management Companies, "Implementing PeopleSoft satisfied our Year 2000 issues, established a system infrastructure for producing reports of significant value, allowed us to take advantage of client/server technology, and provided process improvements in several areas. Our Beacon team was experienced and highly knowledgeable in the PeopleSoft applications we implemented. The consultants understanding of the product, applications, business processes, methodology, and our industry was invaluable. We were able to work together with Beacon in the true spirit of partnership."
Why PeopleSoft and Beacon
Application Services?
PeopleSoft was chosen over the competition because of its proven record of
success within the insurance industry; a better vision and future into which
Westfield Companies could grow; and a demonstration that its products could
be implemented in a more efficient and effective manner. Beacon was selected
as the implementation partner because of its reputation for executing
timely, cost effective, and successful implementations. Key to the selection
included Beacon’s ability to cite references similar in many respects to
Westfield; Beacon’s ability to provide highly experienced consultants with
the know-how of implementing PeopleSoft applications effectively; and
Beacon’s ability to demonstrate that its approach and methodology would
provide the necessary structure for the successful completion of the
project.
Benefits
Westfield Companies realized a number of benefits from the new PeopleSoft
system, including:
Successful
utilization of client/server technology on a DB2 platform and establishment
of a foundation which can be used as a platform for growth
Automating
and integrating the procurement and accounting systems has given Westfield
Companies visibility into and control over expenses and accelerated the
closing
Better
management information is available on a more timely basis
In
general, there is a confidence within the company that the delivered
solution is the vision of the future, and a belief on the part of employees
that the company is positioned to meet its challenges.
Beacon Application
Services Added Value
The Beacon team brought significant PeopleSoft, packaged software,
technology, implementation and methodology experience to the project. A
small team of highly experienced consultants quickly established an
infrastructure, scope, plan and system blueprint. This early milestone
secured the confidence of Westfield’s management and provided a clear path
to the successful completion of the project. Of significant value was
Beacon’s ability to work closely with Westfield to tailor the Beacon team
for each phase of the project, ensuring a quality system delivered on time
in a cost-effective manner. Additionally, Beacon advised and guided
Westfield’s new staff in selection of tools and configuration. With little
to no client/server DB2 experience, Westfield Companies maximized the Beacon
team’s expertise in the creation of a solid infrastructure for the future.
© 2008 Beacon Application Services Corporation. All rights reserved.