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The World's Largest Steel Manufacturer, POSCO, Is Live on the Oracle E-Business SuiteLeading International Steel Manufacturer, Pohang Iron & Steel Company, Ltd. (POSCO) Reduces Complexity and Saves Money With Oracle E-Business SuiteREDWOOD SHORES, Calif., August 20 / -- ( http://www.oracle.com/tellmemore/?871069 ) Demonstrating increasing momentum for the Company's vision to reduce the complexities of software implementation, Oracle Corp. (Nasdaq: ORCL - news), the largest provider of software for e-business, today announced that the world's largest steel manufacturer is live on the Oracle® E-Business Suite.In a move that is considered both unique and revolutionary, POSCO transformed its entire organization to meet a new global standard. It redesigned the organization and its business processes to help reduce redundancies while building a digital system to meet management's business strategy of raising business efficiency and maximizing corporate value. To accomplish these goals, POSCO implemented new global business processes and standardized on the Oracle E-Business Suite 11i. As a result, the steel manufacturing giant already has reduced the budgeting time by 80 days -- moving from the previous standard of 110 days to the current 30 days which allows annual budgeting to be adjusted quarterly. POSCO has also reduced month-end closing time from six days to one day, and standard costing time from 15 days to three days respectively. This means that POSCO customers can now improve their business processes, integrating sales, purchasing and accounting, and do advanced resources planning. ``Currently, there are other leading companies that are realizing the inherent value of modifying business process, but POSCO's across-the-board process innovation is unprecedented,'' said Ryoo Kyeong Ryul, POSCO chief information officer (CIO) and the POSCO PI project lead. ``POSCO has one of the highest levels of data processing in a given company, instructing about 50,000 work orders a day on the average and processing a maximum of 70,000 work orders a day. Therefore, Oracle's reliability, proven through the successes of other international companies, was believed to be the best for POSCO.'' Mr. Ryoo continues, ``I can definitely say that in terms of flexibility, the Oracle E-Business Suite, 11i is the best package ever to deal with the various processes that customers demand. Thanks to technological tools like the Open Interface Table, Oracle E-Business Suite provides simultaneous flexibility and integration, a very important factor for the processing industry to carry on their operations. The success of the POSCO project is definitely attributed to the flexibility of the Oracle E-Business Suite.'' ``Working with POSCO on its Process Innovation Initiative has proven to be a win-win partnership,'' said Derek Williams, executive vice president, Oracle Corp. ``POSCO has acquired an engine for growth using our state-of-the-art applications running on a reliable hardware infrastructure. Oracle is privileged to have been able to contribute to the success of this project and we look forward to bringing e-business efficiencies to more multinational organizations.'' Reducing Complexity Helps Increase Results POSCO is using the Oracle E-Business Suite to create a customer-oriented infrastructure intended to maximize business efficiency and synchronize internal and external business processes. In addition, POSCO has also seen the following productivity increases: Lead time for hot rolled steel from order entry to product delivery shortened by 16 days (from 30 days to 14). New product development reduced from years to 1.5 years. Budgeting time reduced from 110 days to 30 days, allowing annual budgeting to be adjusted quarterly. Month-end closing time reduced from 6 days to 1 (a direct result of improved business processes, an integrated sales, purchasing and accounting system and enhanced costing system. Standard Costing time reduced from 15 days to three. In tandem with its implementation of leading technology, POSCO's process innovation and modified corporate culture work together to help make business practices transparent, fair and accountable, thus accelerating value management process to maximize customer values. POSCO has licensed the following Oracle products, including: Oracle E-Business Suite Oracle Customer Relationship Management Oracle Finance Oracle Human Resources Oracle Manufacturing Oracle Strategic Enterprise Management Oracle Projects Oracle Self Service About POSCO POSCO was established in 1968 and, with an annual crude steel production capacity of 28 million tons, is considered by Morgan Stanley to be the most sustainable company in the steel industry About Oracle Oracle Corporation provides the software that powers the Internet. For more information about Oracle, please call 650-506-7000. Trademarks Oracle is a registered trademark of Oracle Corporation. Other names may be trademarks of their respective owners. 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