This is how ServiceNow streamlines purchasing processes
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Service Now just released your new solution Procurement Service Management (PSM) to help transform companies’ purchasing processes and accelerate turnaround times for simpler sourcing requests through digitization and self-service.
Modernizing procurement services is a priority for organizations as they seek to digitally transform employee benefits and redirect human resources to more strategic activities, while improving collaboration with suppliers through more connected and interactive experiences. . In fact, a recent analysis by ServiceNow indicates that only half of the requests to purchasing departments are focused on the acquisition of goods and services. Therefore, the new Procurement Service Management solution addresses this issue, allowing companies to digitize the most repetitive and routine tasks so that employees can focus on the most important and value-added work.
“ServiceNow’s Procurement Service Management brings unique capabilities to the market by streamlining purchasing department processes while giving employees a more agile, faster and easier way to manage requests for goods and services.” Kirsten Loeger, vice president of product management, ServiceNow ERP Solutions. “Our solution allows these management departments to refocus on strategic activities by simplifying routine tasks by including self-service options throughout all purchasing processes.».
PSM is the latest solution based on the Now Platform, the most flexible, extensible and powerful business technology platform on the market. The ServiceNow platform enables rapid innovation and transformation in the way we work by combining hyper-automation technologies such as low-code application development, artificial intelligence, integration, and robotic process automation (RPA) to connect modern data sources. , legacy or unstructured and accelerate business transformation. With a single code base, single architecture, and single data model, the Now Platform bridges the silos of different departments, integrates with all other solutions, and quickly and efficiently delivers value to businesses in the short, medium, and long term. long term.
The ServiceNow platform enables rapid innovation and transformation of the way of working by combining hyper-automation technologies
According to patrick reymannDirector of Research at IDC: «Business and technology are changing faster than ever, and for purchasing departments, this constant innovation is redefining the way they work.r». And he adds: “Procurement Service Management ServiceNow addresses the market need to improve enterprise sourcing processes, reduce inefficiencies and improve overall experiences by leveraging ServiceNow’s unique workflow optimization and automation capabilities.”
With PSM, accounting departments can manage the entire life cycle of purchasing management processes with a centralized action system, which provides end-to-end visibility of all steps and complements it with the record systems already in place. This enables organizations to further refine purchasing processes from request origination to payment, with real-time benchmarking and reporting on SLA risks. Likewise, it provides important improvements in the supply processes; limits errors in supply plans through an agile response system in line with changing business conditions; and combat negative shopping experiences based on pattern matching and trend analysis.
More in detail, among the capabilities of purchasing process management that ServiceNow PSM offers include:
- Accelerated automation of purchasing processes: Purchasing departments can spend more time on higher value-added priorities as they connect and direct work across different actors, disparate technologies, and record systems through a single solution. The solution also mitigates errors in third-party management processes thanks to integrated risk controls that provide a more efficient evaluation and correction system.
- Seamless experiences for all purchasing stakeholders: PSM offers employees omnichannel guided experiences regardless of where and how they connect to work, while improving collaboration with suppliers by integrating them into the value chain and providing more connected and interactive management experiences.
- End-to-end visibility of purchasing processes: Real-time benchmarking enables continuous process improvement from request origination to payment. Accounting departments limit risk with information, built-in analytics, and configurable manuals. In this way they can identify and correct bad experiences in the processes with behavior and user analysis.