ServiceNow recognized for its comprehensive Source-to-Pay Operations solution that enhances procurement efficiency and effectiveness
According to the report, “ServiceNow’s Source-to-Pay Operations is a comprehensive solution designed to automate and streamline the source-to-pay process, thereby enhancing the efficiency and effectiveness of procurement activities. By automating routine tasks and providing a unified platform for procurement, supplier management, and employee requisition activities, ServiceNow enables procurement, supplier, and AP specialists to focus on strategic priorities and high-value tasks, improving overall operational agility and efficiency.”
“Few teams have faced more pressure in recent years to overhaul manual processes than those supporting procurement, supplier management, and accounts payable. ServiceNow is meeting these teams where they are with our Source-to-Pay Operations solution, which offers a streamlined, fully automated system with an unmatched user experience, all on a single platform,” said Kirsten Loegering, VP of product management, Finance and Supply Chain Workflows, at ServiceNow. “By providing a single layer that connects processes, underlying systems of record, and data sources, we remove complexity and friction for employees, as well as enable them to focus on more critical work.”
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Built on the company’s AI platform for business transformation, ServiceNow improves the entire procurement process through its Finance and Supply Chain Workflows, including Source-to-Pay Operations. This solution works well with existing ERP and procurement technologies, helping ensure companies realize business value and results, fast, with a centralized employee portal for procurement requests, virtual agent technology, shopping hub of preferred suppliers, and real-time analytics. Its advanced features boost procurement productivity and simplify workflows across existing systems, which help minimize errors and delays. Additionally, it fosters better collaboration with suppliers by integrating them directly into the process and offering connected, interactive experiences.
Most recently, as part of the Now Platform Xanadu release, ServiceNow brought its GenAI experience, Now Assist, to Finance and Supply Chain Workflows, starting with Sourcing and Procurement Operations. Now Assist for Sourcing and Procurement Operations further simplifies the procurement intake process with a conversational experience that guides requesters to find what they need, all while helping ensure process compliance and an overall improvement in spend under management.
Key capabilities of Source-to-Pay Operations include:
- Improvement of procurement processing and compliance
- Enables employee self-service through intuitive workflows, a knowledge base, and virtual agents to enhance engagement and spend management.
- Simplifies processes and improves tracking with step-by-step playbooks, boosting contract utilization and compliance through integrated controls.
- Acceleration of supplier qualification and accuracy
- Integrates supplier qualification and onboarding with cross-functional workflows involving teams like legal and finance.
- Enhances data quality by allowing suppliers to manage their own information, facilitating faster issue resolution.
- Transformation of supplier management with digital experiences
- Fosters real-time collaboration with suppliers through case management of issues like incorrect shipments, while centralizing demographic, performance, and ESG data.
- Consolidates supplier information and leverages third-party intelligence for deeper insights into supplier performance.
- Streamlining end-to-end invoice processing and payment processes
- Unifies all accounts payable processes for seamless collaboration with suppliers and cross-functional teams, helping ensure faster, more accurate invoice resolution.
- Automates data capture of invoices through Document Intelligence and implements end-to-end workflows for processing, resolutions, approvals, and ERP payment postings.