ServiceNow, Inc. 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. 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. 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 tocontinuously 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 enablescontinuous 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. Availability and Additional Information: Procurement Service Management is currently available. And Watch a demo of Procurement Service Management.