You use the Olympus Studio software to manage your photo library and also do the RAW - JPG conversions, and edit your images using the Adobe Elements software. That is the usual workflow... everyone uses their software in a slightly different way based on their needs. Some find that Olympus Studio alone is enough for them.
Personally, everything is done on Photoshop CS2. I use Studio as a RAW image browser.
Hope this information helps.