ServiceNow has 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.
Using a single platform approach, 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 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 is hoping to increase the time spent on essential procurement work by automating simpler tasks such as procurement status inquiries, supplier complaints, and returns of orders.
Kirsten Loegering, vice president of product management ERP Solutions at ServiceNow, said: “This solution brings unique capabilities to the market as it simultaneously increases employee engagement and streamlines processes for procurement teams. Procurement Service Management refocuses teams on strategic activities by deflecting mundane tasks to more self-service options.”