ServiceNow has launched new artificial intelligence (AI)-powered workflows for finance, supply chain and procurement leaders.
The new Finance and Supply Chain Workflows product joins the range of digital workflows the company offers for business-critical processes and meets the needs of chief financial officers (CFOs), procurement professionals, supply chain executives and other modern business leaders, ServiceNow said in a Tuesday (May 16) press release.
“To gain a competitive edge in an increasingly complex business environment, these leaders can now deploy automated capabilities across core business functions to drive efficiency and business value at scale, all on one, easy-to-use platform,” Josh Kahn, senior vice president of creator and finance and supply chain workflows at ServiceNow, said in the release.
PYMNTS research has found that logistics and supply chain functions are the areas within procurement that are getting the most commitment from manufacturers and retailers.
Many of these businesses are focusing on improving the functions for supplier data, such as real-time inventory information and supply chain analytics, according to “Digital Payments: Modernizing Procurement Processes,” a PYMNTS and Corcentric collaboration.
The report found that these supplier data systems can help businesses improve their planning and forecasting while providing them with the data needed to make adjustments if there is a surge in demand or a shortage.
ServiceNow’s Finance and Supply Chain Workflows product uses data from existing enterprise resource planning (ERP) investments, bringing it together in one platform and enabling businesses to automate processes and digitize manual work, according to the press release.
The product includes features that enable teams to automate the accounts payable (AP) process, manage more suppliers, and handle environmental, social and governance (ESG), legal and compliance activities in a single view, the release said.
“Finance and supply chain leaders understand the critical need to drive digital transformation and modernization across business functions with fewer resources,” Mickey North Rizza, group vice-president of enterprise software for IDC, said in the release. “Therefore, solutions that help organizations achieve sustained agility and efficiency, faster are becoming a requirement over a nice to have.”
In other recent news from ServiceNow, the firm announced Friday (May 12) that it plans to acquire G2K to add that company’s Internet of Things (IoT) technology to ServiceNow’s Now Platform.
This combination will provide organizations in retail, manufacturing, supply chain and other industries with real-time data across storefronts and other physical spaces.
For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.