SANTA CLARA, Calif. — May 25, 2022 — ServiceNow (NYSE: NOW), the leading digital workflow company making the world work better for everyone, today introduced its new Procurement Service Management solution to help transform procurement across the enterprise through self-service and automation, leading to faster delivery times. Procurement modernization is a priority for organizations looking to digitally transform operations and redirect resources to more strategic activities, while also improving supplier collaboration with more connected, interactive experiences.
The single platform approach of Procurement Service Management allows procurement departments to manage the complete procurement lifecycle with one centralized system of action, providing end-to-end visibility into all processes and complementing current systems of record. This allows organizations to continuously improve source-to-pay processes with real-time benchmarking and reporting of SLA risks; enhance sourcing activities and limit maverick procurement behaviors with agile responses to changing business conditions; and address poor procurement experiences with pattern matching and trend analysis.
A recent ServiceNow survey indicated that only about half of requests to procurement teams are focused on procuring goods and services. ServiceNow strives to increase the time spent on essential procurement work by automating simpler tasks such as procurement status inquiries, supplier complaints, and returns of orders.
“This solution brings unique capabilities to the market as it simultaneously increases employee engagement and streamlines processes for procurement teams,” said Kirsten Loegering, vice president of product management, ERP Solutions at ServiceNow. “Procurement Service Management refocuses teams on strategic activities by deflecting mundane tasks to more self-service options.”
ServiceNow Procurement Service Management delivers digital transformation capabilities to procurement teams, which include:
- Accelerating procurement automation: Organizations can redirect more procurement specialist time to high-value priorities by connecting and orchestrating work across all stakeholders, disparate technologies, and systems of record. The solution also mitigates third-party risk with embedded risk controls for a more consistent assessment and remediation process.
- Delivering seamless experiences for all procurement stakeholders: Omni-channel guided experiences that meet employees where they work enable increased spend under management and employee engagement. This also improves supplier collaboration by integrating suppliers into the value chain with connected, interactive experiences.
- Gaining end-to-end visibility into procurement processes: Real-time benchmarking enables continuous improvements to source-to-pay processes. Finance departments limit risk with insights, embedded analytics, and configurable playbooks. They can pinpoint and remediate poor procurement experiences with behavioral and user analytics.
This launch comes on the heels of ServiceNow’s acquisition of Gekkobrain in 2021, which extended the power of ServiceNow Creator Workflows to help organizations identify and understand custom code in their ERP deployments and the business processes they support. ServiceNow also recently announced its strategic partnership with Celonis, allowing the company to deliver solutions to help customers identify and prioritize processes that are suitable for automation, such as source-to-pay, then create digital workflows to optimize those processes for more seamless digital operations.
“The future of successful procurement organizations depends on technology infrastructure that unites systems and teams for an integrated, end-to-end experience,” said Steve Simko, Senior Vice President, Procurement Service Line Leader, Genpact. “Procurement Service Management provides a holistic, user-oriented solution that allows teams to refocus employee time, mitigate risk and create a seamless platform for cross-function collaboration.”
Procurement Service Management represents the next step in ServiceNow’s commitment to providing customers with more opportunities to automate tasks so employees can deliver the highest value work possible and focus on the work that matters most.
Availability and Additional Information
- Procurement Service Management is currently available.
- Watch a demo of Procurement Service Management.