KPMG and ServiceNow Announce Expanded Commitment to reimagine finance, supply chain, and procurement

• 27 Jul 2023
• TM Team
• 0 Comments

KPMG and ServiceNow announced an expanded commitment to reimagine finance, supply chain, and procurement operations. The expanded partnership is part of a decade-long relationship that spans IT, HR, risk, cybersecurity, and environmental, social and governance (ESG), includes investment from both organizations to create new offerings that bring together AI, low-code capabilities, and deep industry knowledge and expertise.

ServiceNow estimates there is a $11B total addressable market by 2025 for sourcing and procurement operations as well as a multibillion-dollar opportunity for finance and supply chain solutions that bring together people, processes, data, and technology on one, simplified platform. While early engagement is critical for procurement to be able to influence spending and enable better decision making, many internal customers are frustrated by the lack of transparency and fragmentation across the procurement and approval processes.

The joint effort combines the breadth of experience and market‑leading industry insights of KPMG professionals with ServiceNow’s recently announced AI-powered Finance and Supply Chain Workflows that complements customers' existing procurement and supply chain systems, streamlines processes, and improves the employee experience while helping reduce costs and increasing efficiency.

KPMG firms will use the new workflows to modernize their own processes and enhance the employee experience. Further, ServiceNow will leverage KPMG’s advisory expertise to optimize operations within its own finance organization.

The expanded partnership will build on KPMG’s professional services expertise and ServiceNow’s Finance and Supply Chain Workflows in the following areas:

·         Intelligent automation: Complex procurement processes, such as IT and professional services, are streamlined using intelligent automation across intake, sourcing, contracting, risk review, and finance. KPMG clients can increase procurement productivity by reducing non-value-added tasks while also significantly improving cycle times.

·         Low-code: ServiceNow’s Clean Core ERP with App Engine, a low‑code development tool that uses AI and identifies legacy ERP technical debt that can be removed, replaced, or automated. Clients and KPMG employees can build custom applications that help to meet their unique business needs, while also creating easy to use experiences.

·         Generative AI: KPMG firms will embed ServiceNow’s recently announced generative AI capabilities into their operations to help enhance the self-service and work experience for employees and clients. The solution will help to reduce the need for dedicated teams to triage and manage time-consuming, but low value procurement and supplier inquiries, allowing more time to focus on more critical business imperatives. ServiceNow’s generative AI capabilities will enable better and faster answers to customer inquiries, unlock insights within the Now Platform®️, and help to improve overall work processes for increased efficiency and business transformation.

·         Enterprise risk management: Through KPMG’s deep risk and procurement expertise and ServiceNow's workflows, automated security and compliance monitoring is built directly into the portfolio of joint offerings, helping organizations to continuously track and identify high-impact risks. Using ServiceNow’s risk and compliance solutions and third-party risk management offerings will assist businesses to operate with the confidence that they are consistently meeting regulatory compliance requirements and mitigating issues.

In recognition of KPMG’s work to deliver game-changing digital solutions that help to significantly transform organizations through outstanding value and impact, the company was named the 2023 and 2022 ServiceNow Worldwide Transformation Partner of the Year.