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New Solution Accelerates Automation and Delivers End-to-End Visibility to Improve Productivity Throughout the Procurement Lifecycle
SANTA CLARA, Calif .– (BUSINESS WIRE)-ServiceNow (NYSE: NOW), the leading digital workflow company that makes the world better for everyone, today introduced its new Procurement Service Management (PSM) solution to help transform procurement across the enterprise and speed up delivery times for simpler search tasks through digitization and self-service.
This press release features multimedia. See the full release here: https://www.businesswire.com/news/home/20220525005074/en/
Procurement Service Management (Photo: Business Wire)
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 the market by simultaneously streamlining processes for procurement teams and giving regular employees more ways to solve problems, quickly and easily, ”Kirsten Loegering, vice president of product management, ERP Solutions, told ServiceNow. “Our solution refocuses procurement teams on strategic activities by redirecting simple tasks to self-service options-throughout the complete purchasing lifecycle.”
PSM is the latest solution built on the Now Platform, the most flexible, extensible, and powerful enterprise technology platform available. Only the Now Platform enables rapid change and innovation by integrating hyperautomation technologies such as low-code application development, artificial intelligence, process mining, integration, and RPA to connect modern, legacy, or unstructured data sources and accelerate digital transformation. With a code base, an architecture, and a 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. weather.
“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 significant market need 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 lifecycle with a centralized action system, providing end-to-end visibility into all processes and adapting to existing 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: Omni-channel 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: Enables real-time benchmarking 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 unifies 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.
Availability and Additional Information
Use of Forward-Looking Statements:
This release contains “forward-looking statements” about the expectations, beliefs, plans, and intentions associated with the new capabilities. Such future statements include statements regarding the expected performance and benefits of such capabilities. Forward -looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied. of expected statements. If any such risks or uncertainties materialize or if any of the assumptions are proven wrong, our results may differ materially from the results expressed or implied by the statements we make. We have no obligation, and we do not intend, to update the forward-looking statements. Factors that may cause actual results to differ from those in any forward -looking statement, without limitation: (i) delays and unexpected difficulties and costs in producing additional capabilities; (ii) changes in the regulatory landscape related to vaccine development and distribution and the availability of vaccines; and (iii) changes in the duration or severity of the COVID pandemic ‑ 19. Additional information on factors that may affect our financial and other results is included in the filings we make with the Securities and Exchange Commission from time to time.
About ServiceNow
ServiceNow (NYSE: NOW) makes the world a better place for everyone. Our cloud-based platform and solutions help digitize and unite organizations so they can find smarter, faster, more efficient ways to streamline workflows. So employees and customers can be more connected, more innovative, and more agile. And we can all create the future we can imagine. The world works with ServiceNowTM. For more information, visit: www.servicenow.com.
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Check out the source version at businesswire.com: https://www.businesswire.com/news/home/20220525005074/en/
Jacqueline Velasco
408‑561‑1937
[email protected]
Source: ServiceNow