Automated Procurement for Principal Financial Group

Company taps eScout to provide supplier relationship management platform

Lee's Summit, MO — June 17, 2003 — Collaborative trading provider eScout this week announced that The Principal Financial Group has selected eScout's ConnectScout application as its Internet-based supplier transaction hub. The provider said ConnectScout is a supplier relationship management (SRM) platform that connects buyers and suppliers over the Internet.

The Principal Financial Group said it would link its internal PeopleSoft ePro system to itssuppliers via the ConnectScout's integration hub solution. Purchase orders will be routed to suppliers, thus eliminating the need for The Principal Financial Group to connect to each supplier individually, according to eScout. In addition, eScout said it would provide The Principal Financial Group with supplier enablement and catalog management services.

According to Mark Hays, director of Strategic Sourcing at Principal Financial Group, the Des Moines-based financial services provider is anticipating efficiencies and savings through automating purchase order delivery and reducing manual paper-based invoice processing. "We are excited about working with eScout as a key supplier in our efforts to automate the procure-to-pay cycle."

"We are confident that our ConnectScout product will deliver on Principal's desire to achieve greater efficiencies and savings in their procurement process," said Sandy Kemper, founder and CEO of eScout.