Procurement Management Service is now available. The solution automates and analyzes daily procurement tasks.
Procurement is an umbrella term for purchasing processes, material planning and inventory management. COVID-19 has had a huge impact on the industry. In a recent PwC survey, 400 procurement professionals said they were reconsidering their software investments as a result of the pandemic.
ServiceNow is not surprised. According to the software developer, traditional procurement solutions are no match for today’s world. Employees spend an unnecessary amount of time communicating with suppliers and colleagues. Organizations usually work with a diverse number of systems, from SAP and Oracle NetSuite to Excel and SharePoint. Data runs in silos and must first be transformed to be of use. To bridge the gap, ServiceNow launched a new procurement solution.
Procurement Service Management
Procurement Service Management contains multiple tools for automating daily procurement tasks, including reviewing and placing orders, communicating with customers and administering ERP systems. One major advantage is that the solution runs on top of existing software stacks. In that respect, Procurement Service Management works like an interface. Employees operate on a highly effective dashboard, but the engine remains intact. Coupa, Oracle NetSuite, MS Excel, SAP Ariba and MS SharePoint are supported.
Besides automation, Procurement Service Management allows organizations to analyze the work processes of procurement employees. A central dashboard displays key metrics, including the number of successful negotiations and completed procurement requests.
ServiceNow Now Platform
Like most ServiceNow solutions, Procurement Service Management runs on the Now Platform. This means that Procurement Service Management seamlessly integrates with the rest of ServiceNow’s offering, including ServiceNow Workflow.
ServiceNow Workflow is a drag-and-drop system for automating various manual processes. One example is automatically forwarding order data from Procurement Service Management to an ERP system.
Procurement Service Management is available immediately.