ServiceNow Procurement Service Management (PSM)
ServiceNow (NYSE: NOW), the leading digital workflow company that makes the world a better place for everyone, has introduced its new Procurement Service Management (PSM) solution to help transform procurement across the enterprise and speed up processes. delivery time for simpler search tasks through digitization and self -service.
Procurement modernization is a priority for organizations looking to digitally change operations and redirect resources to more strategic activity, while also enhancing supplier collaboration with more connected, interactive experiences. However, a recent analysis from ServiceNow indicates that only about half of requests to procurement teams are focused on procuring products and services. The new Procurement Service Management solution addresses this by digitizing low-cost tasks so teams can focus on the work that matters most and deliver the highest-value results.
“Procurement Service Management from ServiceNow brings unique capabilities to market by simultaneously streamlining processes for procurement teams and giving regular employees more ways to solve the problem, quickly and easily, ”said Kirsten Loegering, vice-president of product management, ERP Solutions, at Services Today. “Our solution refocuses procurement teams on strategic activities by redirecting simple tasks to self-service options-throughout the procurement life cycle.”
PSM is the latest solution built on Now Platform, the most flexible, extensible and powerful enterprise technology platform available. Only the Now Platform enables rapid change and innovation by integrating hyper-automation technologies such as low-code application development, artificial intelligence, process mining, integration and RPA to connect modern, legacy or unstructured data source and accelerate digital transformation. With one code base, one architecture and one data model, the Now Platform connects loops across departments, integrates with all other point solutions and legacy systems, and delivers value quickly, immediately and in the long run. .
“Business and technology are changing faster than ever, and for procurement teams, this ongoing change is redefining how they work,” said Patrick Reymann, Director of Research at IDC. “Service Procurement ManagementNow is responding to a huge market demand to improve procurement processes, reduce inefficiencies and improve overall experiences through the use of unique workflow optimization and ServiceNow automation capabilities. “
With PSM, finance departments can manage the complete procurement life cycle with a centralized action system, providing end-to-end visibility into all processes and adapting to current record systems. This allows organizations to continuous improvement of source-to-pay processes with real-time benchmarking and reporting of SLA risks; improve sourcing activities and limit maverick procurement practices with agile responses to changing business conditions; and address difficult acquisition experiences in pattern matching and trend analysis.
Additional acquisition capabilities include:
- Accelerated retrieval automation: Organizations can redirect more procurement specialist time to high-value priorities by connecting and streamlining work across all stakeholders, diverse technologies and record systems. The solution also mitigates third-party risk with embedded risk controls for a more consistent assessment and remediation process.
- Seamless procurement experiences for all stakeholders: Omnichannel -guided experiences that meet the employees where they work, along with enhanced supplier collaboration by integrating suppliers into the value chain with connected, interactive experiences.
- End-to-end visibility into procurement processes: Real-time benchmarking allows continuous improvement in source-to-pay processes. Finance departments limit risk through insights, embedded analytics and configured playbooks. They can identify and remediate difficult acquisition experiences using behavioral and user analytics.
“The future of successful procurement organizations depends on the technology infrastructure that brings together 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 enables teams to refocus employee time, mitigate risk and create a seamless platform for cross-function. that collaboration. “
This launch follows Gekkobrain’s acquisition of ServiceNow in 2021, which expands the power of ServiceNow Creator Workflows to help organizations identify and understand custom code in their ERP deployments and the business processes they supported.