KPMG and ServiceNow Expand Partnership to Transform Finance, Supply Chain, and Procurement Operations

: "Image depicting the collaboration between KPMG and ServiceNow to transform finance, supply chain, and procurement operations."

 

KPMG and ServiceNow have announced an expanded partnership to reimagine finance, supply chain, and procurement operations. The collaboration will leverage AI, low-code capabilities, and industry expertise to streamline processes and enhance the employee experience.

 

Our Analysis and Commentary

KPMG and ServiceNow’s Expanded Partnership Strengthens Digital Transformation in Finance, Supply Chain, and Procurement Operations

The expanded commitment between KPMG and ServiceNow marks a significant step forward in the digital transformation journey for finance, supply chain, and procurement operations. By combining KPMG’s extensive industry knowledge and expertise with ServiceNow’s AI-powered workflows, low-code capabilities, and technology platform, organizations can expect increased efficiency, reduced costs, and an improved employee experience.

One of the main challenges in procurement operations is the lack of transparency and fragmentation across the processes. With the joint effort between KPMG and ServiceNow, these issues can be addressed effectively. The intelligent automation capabilities streamline complex procurement processes, making them more efficient and reducing cycle times. This allows organizations to focus on more critical tasks while improving productivity.

The partnership also introduces ServiceNow’s low-code development tool, which helps identify and remove legacy ERP technical debt. This empowers clients and KPMG employees to build custom applications tailored to their specific needs, thus enhancing the overall user experience.

Generative AI capabilities embedded in KPMG’s operations further enhance the self-service and work experience for both employees and clients. By reducing the need for dedicated teams to manage low-value procurement and supplier inquiries, more time can be allocated to essential business tasks. Customer inquiries can be answered faster and more accurately, unlocking valuable insights and improving overall work processes.

Enterprise risk management is another area where the partnership brings significant value. With KPMG’s risk and procurement expertise combined with ServiceNow’s workflows and compliance solutions, organizations can ensure continuous monitoring and identification of high-impact risks. This enables businesses to operate confidently, meeting regulatory compliance requirements and mitigating potential issues effectively.

The recognition of KPMG as the ServiceNow Worldwide Transformation Partner of the Year for 2023 and 2022 highlights their exceptional ability to deliver game-changing digital solutions that drive significant organizational transformation. This further solidifies the trust and confidence in the capabilities of the KPMG and ServiceNow partnership.

Overall, the expanded commitment between KPMG and ServiceNow opens up new opportunities for organizations to reimagine their finance, supply chain, and procurement operations. By leveraging the combined expertise and technologies of both organizations, businesses can accelerate their digital transformation journeys, achieve their goals more efficiently, and stay ahead in an ever-evolving business landscape.

 

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KPMG and ServiceNow announce expanded commitment to reimagine finance, supply chain, and procurement operations

KPMG and ServiceNow (NYSE: NOW), today announced an expanded commitment to reimagine finance, supply chain, and procurement operations. The expanded partnership 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.

“Combining the business expertise of KPMG’s people with ServiceNow’s technologies has already helped many organizations upgrade their digital footprints and stay ahead of the rapid pace of innovation,” said Bill Thomas, Global Chairman and CEO of KPMG. “Through this expanded alliance, we will help to deliver even more value and efficiency for clients—expediting their digital transformation journeys so they can achieve their business goals.”

“In this new era of our long-standing partnership with KPMG, we’re injecting a step-function increase in speed for our customers’ business architecture” said ServiceNow Chairman and CEO Bill McDermott. “Our co-developed AI-driven solutions will maximize productivity and profitability across finance, supply chain, and procurement operations.”

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.

To learn more about the KPMG and ServiceNow’s work together, visit this page.

Use of Forward-Looking Statements

This press release contains “forward-looking statements” about the expectations, beliefs, plans, intentions and strategies relating to the market opportunity and growth of the Now Platform and alliance with KPMG. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. We undertake no obligation, and do not intend, to update the forward-looking statements. Factors that may cause actual results to differ materially from those in any forward-looking statements include difficulties and expenses in achieving market growth and/or opportunity and delays and unexpected difficulties and expenses in executing the alliance or delivering the expected product capabilities and offerings. Further information on factors that could affect our financial and other results is included in the filings we make with the Securities and Exchange Commission from time to time.

 




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