ServiceNow Named a Leader in Inaugural IDC MarketScape for Worldwide SaaS and Cloud-enabled Spend Orchestration
ServiceNow (NYSE: NOW) has been named a Leader in the first IDC MarketScape: Worldwide SaaS and Cloud-enabled Spend Orchestration 2024 Vendor Assessment. This recognition is attributed to its Source-to-Pay Operations solution, which automates and streamlines procurement processes, enhancing efficiency and effectiveness.
Key features of the solution include:
- Improvement of procurement processing and compliance
- Acceleration of supplier qualification and accuracy
- Transformation of supplier management with digital experiences
- Streamlining end-to-end invoice processing and payment processes
The solution works with existing ERP and procurement technologies, offering a centralized employee portal, virtual agent technology, and real-time analytics. ServiceNow has also introduced Now Assist, a GenAI experience, to its Finance and Supply Chain Workflows, further simplifying the procurement intake process.
ServiceNow (NYSE: NOW) è stata riconosciuta come Leader nella prima valutazione dei fornitori IDC MarketScape: Worldwide SaaS and Cloud-enabled Spend Orchestration 2024. Questo riconoscimento è attribuito alla sua soluzione Source-to-Pay Operations, che automatizza e semplifica i processi di approvvigionamento, migliorando l'efficienza e l'efficacia.
Le principali caratteristiche della soluzione includono:
- Miglioramento del processo di approvvigionamento e della conformità
- Accelerazione della qualificazione dei fornitori e della loro accuratezza
- Trasformazione della gestione dei fornitori con esperienze digitali
- Semplificazione del processo di elaborazione delle fatture e dei pagamenti end-to-end
La soluzione funziona con le tecnologie ERP e di approvvigionamento esistenti, offrendo un portale centrale per i dipendenti, tecnologia di agente virtuale e analisi in tempo reale. ServiceNow ha anche introdotto Now Assist, un'esperienza GenAI, nei suoi flussi di lavoro di Finanza e Supply Chain, semplificando ulteriormente il processo di ingresso degli approvvigionamenti.
ServiceNow (NYSE: NOW) ha sido nombrado Líder en la primera evaluación de proveedores IDC MarketScape: Worldwide SaaS and Cloud-enabled Spend Orchestration 2024. Este reconocimiento se atribuye a su solución de Operaciones Source-to-Pay, que automatiza y simplifica los procesos de adquisición, mejorando la eficiencia y efectividad.
Las características clave de la solución incluyen:
- Mejora del procesamiento y cumplimiento de adquisiciones
- Aceleración de la calificación y exactitud de proveedores
- Transformación de la gestión de proveedores con experiencias digitales
- Optimización del procesamiento de facturas y procesos de pago de principio a fin
La solución funciona con tecnologías ERP y de adquisiciones existentes, ofreciendo un portal centralizado para empleados, tecnología de agente virtual y análisis en tiempo real. ServiceNow también ha introducido Now Assist, una experiencia GenAI, en sus flujos de trabajo de Finanzas y Cadena de Suministro, simplificando aún más el proceso de entrada de adquisiciones.
ServiceNow (NYSE: NOW)는 첫 번째 IDC MarketScape: Worldwide SaaS and Cloud-enabled Spend Orchestration 2024 공급업체 평가에서 리더로 선정되었습니다. 이 인정은 조달 프로세스를 자동화하고 간소화하여 효율성과 효과성을 향상시키는 Source-to-Pay Operations 솔루션에 기인합니다.
솔루션의 주요 기능은 다음과 같습니다:
- 조달 처리 및 준수 개선
- 공급업체 자격 및 정확성 가속화
- 디지털 경험을 통한 공급업체 관리 혁신
- 종합적인 송장 처리 및 지불 프로세스 간소화
이 솔루션은 기존 ERP 및 조달 기술과 함께 작동하며, 중앙 집중식 직원 포털, 가상 에이전트 기술 및 실시간 분석을 제공합니다. ServiceNow는 또한 재무 및 공급망 워크플로에 Now Assist라는 GenAI 경험을 도입하여 조달 수집 프로세스를 더욱 간소화했습니다.
ServiceNow (NYSE: NOW) a été désigné comme Leader dans la première évaluation des fournisseurs IDC MarketScape : Worldwide SaaS and Cloud-enabled Spend Orchestration 2024. Cette reconnaissance est attribuée à sa solution Source-to-Pay Operations, qui automatise et rationalise les processus d'approvisionnement, améliorant ainsi l'efficacité et l'efficience.
Les principales caractéristiques de la solution comprennent :
- Amélioration du traitement des achats et de la conformité
- Accélération de la qualification et de la précision des fournisseurs
- Transformation de la gestion des fournisseurs avec des expériences numériques
- Rationalisation du traitement des factures et des processus de paiement de bout en bout
La solution fonctionne avec les technologies ERP et d'approvisionnement existantes, offrant un portail centralisé pour les employés, une technologie d'agent virtuel et des analyses en temps réel. ServiceNow a également introduit Now Assist, une expérience GenAI, dans ses flux de travail Finances et Chaîne d'Approvisionnement, simplifiant encore le processus d'intégration des approvisionnements.
ServiceNow (NYSE: NOW) wurde im ersten IDC MarketScape: Worldwide SaaS and Cloud-enabled Spend Orchestration 2024 Anbieter-Assessment als Leader ausgezeichnet. Diese Anerkennung wird der Source-to-Pay Operations-Lösung zugeschrieben, die die Beschaffungsprozesse automatisiert und optimiert und somit Effizienz und Effektivität steigert.
Zu den Hauptmerkmalen der Lösung gehören:
- Verbesserung der Beschaffungsabwicklung und Einhaltung
- Beschleunigung der Lieferantenqualifikation und -genauigkeit
- Transformation des Lieferantenmanagements mit digitalen Erfahrungen
- Vereinfachung der End-to-End-Rechnungsverarbeitung und Zahlungsprozesse
Die Lösung arbeitet mit bestehenden ERP- und Beschaffungstechnologien und bietet ein zentrales Mitarbeiterportal, virtuelle Agententechnologie und Echtzeitanalysen. Außerdem hat ServiceNow Now Assist, eine GenAI-Erfahrung, in seine Finanz- und Lieferketten-Workflows eingeführt, um den Beschaffungsprozess weiter zu vereinfachen.
- Named a Leader in IDC MarketScape for Worldwide SaaS and Cloud-enabled Spend Orchestration
- Comprehensive Source-to-Pay Operations solution enhances procurement efficiency
- Integration of GenAI experience (Now Assist) into Finance and Supply Chain Workflows
- Compatibility with existing ERP and procurement technologies
- None.
Insights
ServiceNow's recognition as a Leader in IDC MarketScape's inaugural assessment for SaaS and Cloud-enabled Spend Orchestration is a significant achievement. This accolade underscores the company's strong position in the rapidly growing market for procurement and supply chain management solutions.
The Source-to-Pay Operations solution offers several key advantages:
- Comprehensive automation of procurement processes
- Integration with existing ERP systems
- Enhanced supplier collaboration
- AI-powered features, including Now Assist with GenAI capabilities
These features address critical pain points in procurement, potentially leading to increased efficiency, cost savings and improved supplier relationships for ServiceNow's clients. The inclusion of GenAI in the Xanadu release demonstrates ServiceNow's commitment to innovation and staying ahead of market trends.
For investors, this recognition could translate to increased market share and revenue growth in the finance and supply chain segment. However, it's important to note that the competitive landscape in this space is intense, with other major players like SAP, Oracle and Coupa also vying for market dominance.
ServiceNow's leadership position in the IDC MarketScape report could have positive financial implications. The spend orchestration market is experiencing rapid growth, driven by businesses seeking to optimize their procurement processes and reduce costs.
Key financial considerations include:
- Potential for increased revenue from the Finance and Supply Chain Workflows segment
- Higher customer retention due to the comprehensive nature of the solution
- Possible expansion of the company's total addressable market
- Upselling opportunities to existing customers in other ServiceNow product lines
While specific financial figures aren't provided, the recognition could lead to accelerated adoption of ServiceNow's Source-to-Pay Operations solution. This may contribute to the company's overall growth trajectory and potentially impact its
Investors should monitor future earnings reports for indicators of growth in this segment and its contribution to ServiceNow's overall financial performance. The company's ability to monetize its AI capabilities, particularly GenAI, could be a key differentiator and driver of future value.
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.”
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.
Additional Information
- Visit ServiceNow’s Finance and Supply Chain Workflows and Sourcing and Procurement Operations pages for more information.
- Download ServiceNow’s Four benefits of automating your source-to-pay operations eBook.
- Read a complimentary copy of the report.
1IDC MarketScape: IDC MarketScape: Worldwide SaaS and Cloud-enabled Spend Orchestration 2024 Vendor Assessment (doc # US51795424, September 2024)
About IDC MarketScape:
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each supplier’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of technology suppliers can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective suppliers.
About ServiceNow:
ServiceNow (NYSE: NOW) is putting AI to work for people. We move with the pace of innovation to help customers transform organizations across every industry while upholding a trustworthy, human centered approach to deploying our products and services at scale. Our AI platform for business transformation connects people, processes, data, and devices to increase productivity and maximize business outcomes. For more information, visit: www.servicenow.com.
© 2024 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, Now, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in
View source version on businesswire.com: https://www.businesswire.com/news/home/20241003267197/en/
Media Contact
Katlyn Hirokawa
408‑489‑7381
press@servicenow.com
Source: ServiceNow
FAQ
What recognition did ServiceNow (NOW) receive in the IDC MarketScape report?
What is the main product of ServiceNow (NOW) highlighted in the IDC MarketScape report?
What new AI feature has ServiceNow (NOW) introduced to its Finance and Supply Chain Workflows?
How does ServiceNow's (NOW) Source-to-Pay Operations solution work with existing systems?
