Service Today (NOW – Free Report) recently announced the launch of its new Procurement Service Management (PSM) solution to automate simple procurement services and speed up enterprise operations.
ServiceNow is of the opinion that procurement solutions modernization is necessary for every company attempting to digitally transformed operations and redirect resources toward more strategic activity.
A recent company review indicates that only half of all requests received by the procurement team are about procurement of new products or services. As a result, ServiceNow has launched PSM solutions to automate low-cost tasks so teams can direct attention to high-priority items and enhance productivity.
The recent product launch will help diversify its product offerings and be in sync with ServiceNow’s plans to bring robotic process automation, which will provide hyper-automation to companies.
ServiceNow’s New PSM Solution to Help the Top Line
The NOW platform is the foundation of the company’s cloud-based services. The launch of the PSM solution will allow the NOW platform to cater to a diverse customer base and expand its presence across IT.
The company is rapidly expanding into non-ITSM markets such as human resources, finance and security solutions by launching new products and services and seamlessly collaborating with them on the NOW platform.
The latest offers help ServiceNow attract new customers to meet the needs of its customers.
Also, buyouts have played an important part in ServiceNow’s growth over the years. ServiceNow acquired Gekkobrain in 2021 to strengthen the company’s creator workflows to help organizations identify and understand custom code in various ERP processes.
ServiceNow’s acquisition of Gekkobrain helped launch the latest PSM solution that helps businesses automate procurement services by using pattern matching and trend analysis and reducing inefficiencies that increase operating costs. The launch of the new product will help ServiceNow transform the PSM solution into an end-to-end platform for the finance department in various organizations.
Zacks Rank and Stocks to consider
ServiceNow currently carries Zacks Rank #3 (Hold). You see the complete list of Zacks #1 Rank (Strong Buy) stocks is now here.
Shares of ServiceNow fell 30.5% in the year-to-date period, compared to the Zacks Computers-IT Services industry and the Computer and Technology sector’s decline of 30.5% and 28.5%, respectively.
Here are some better ranked stocks to consider in the broader Computer and Technology Sector.
Analog Devices (ADI – Free Report) is currently playing Zacks Rank #2 (Buy).
Shares of ADI fell 6.3% in the year-to-date period compared to Zacks Semiconductor-Analog and Mixedindustry which was down 17.3%.
Avnet (AVT – Free Report) shows Zacks Rank #1.
Avnet shares rose 14.7% in the year-to-date period against Zacks Electronics-Parts Distributionindustry’s decline of 8.2%.
Axcelis Technologies (ACLS – Free Report) has Zacks Rank #2.
Shares of ACLS fell 21.1% in the year-to-date period compared to Zacks Electronics-Manufacturing Machineryindustry which fell 28.4%.