ServiceNow Introduces Procurement Service Management on Industry-Leading Now Platform
May 25 2022 - 9:00AM
Business Wire
New Solution Accelerates Automation and
Delivers End-to-End Visibility to Enhance Productivity Across the
Procurement Lifecycle
ServiceNow (NYSE: NOW), the leading digital workflow company
making the world work 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 sourcing tasks through digitization and self-service.
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the full release here:
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Procurement Service Management (Photo:
Business Wire)
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. Yet a
recent analysis from ServiceNow indicates that only about half of
requests to procurement teams are focused on procuring goods and
services. The new Procurement Service Management solution addresses
this by digitizing lower-value tasks so teams can focus on the work
that matters most and deliver the highest-value outcomes.
“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
problem-solve, quickly and easily,” said Kirsten Loegering, vice
president of product management, ERP Solutions, at ServiceNow. “Our
solution refocuses procurement teams on strategic activities by
redirecting simple tasks to self-service options – across the
complete procurement 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 innovation and
transformation by combining hyperautomation technologies like
low-code application development, artificial intelligence, process
mining, integration, and RPA to connect modern, legacy, or
unstructured data sources and accelerate digital transformation.
With one code base, one architecture, and one data model, the Now
Platform connects silos across departments, integrates with all
other point solutions and legacy systems, and delivers value fast,
immediately and in the long term.
“Business and technology are changing faster than ever, and for
procurement teams, this constant innovation is redefining how they
work,” said Patrick Reymann, Research Director at IDC. “ServiceNow
Procurement Service Management addresses a significant need in the
market to improve procurement processes, reduce inefficiencies, and
enhance overall experiences by leveraging ServiceNow’s unique
workflow optimization and automation capabilities.”
With PSM, finance departments can 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.
Addition procurement capabilities include:
- Accelerated 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.
- Seamless experiences for all procurement stakeholders:
Omni-channel guided experiences that meet employees where they
work, along with improved supplier collaboration by integrating
suppliers into the value chain with connected, interactive
experiences.
- 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.
“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.”
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.
Availability and Additional Information
- Procurement Service Management is currently available.
- Watch a demo of Procurement Service Management.
Use of Forward‑Looking Statements:
This release contains "forward‑looking statements" about the
expectations, beliefs, plans, and intentions relating to new
capabilities. Such forward‑looking statements include statements
regarding 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 by the forward‑looking statements.
If any such risks or uncertainties materialize or if any of the
assumptions prove incorrect, our results could differ materially
from the results expressed or implied by the forward‑looking
statements we make. We undertake no obligation, and do not intend,
to update the forward‑looking statements. Factors that may cause
actual results to differ materially from those in any
forward‑looking statements include, without limitation: (i) delays
and unexpected difficulties and expenses in making available
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‑19 pandemic. Further information on factors
that could 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 work better for everyone.
Our cloud‑based platform and solutions help digitize and unify
organizations so that they can find smarter, faster, better ways to
make work flow. So employees and customers can be more connected,
more innovative, and more agile. And we can all create the future
we imagine. The world works with ServiceNowTM. For more
information, visit: www.servicenow.com.
© 2022 ServiceNow, Inc. All rights reserved. ServiceNow, the
ServiceNow logo, Now, and other ServiceNow marks are trademarks
and/or registered trademarks of ServiceNow, Inc. in the United
States and/or other countries. Other company names, product names,
and logos may be trademarks of the respective companies with which
they are associated.
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version on businesswire.com: https://www.businesswire.com/news/home/20220525005074/en/
Jacqueline Velasco 408‑561‑1937 press@servicenow.com
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