New Solution accelerates automation and delivers end-to-end visibility to enhance productivity across the procurement lifecycle.
ServiceNow has 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.
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.”
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