Business Apps that Simplify Work

ProcurementPath

Digitalize your procurement activities for end-to-end automation and control. ProcurementPath provides a guided and collaborative capability that simplifies the execution of end-to-end procurement, sourcing, contract lifecycle management, purchasing, payment, and vendor management.

Procurement users can manage the full lifecycle of sourcing, contracting, and purchasing activities. The procurement team keeps requests and activities on track using web or mobile-based portals where requests, tasks, approvals, contacts, key dates, and relevant documents are just a click away. Procurement focused experience, workflow and dashboards keep users focused on relevant tasks, milestones, reporting, and full procurement and contract lifecycle management. Additionally, enable end users and partners with self-service interface to submit requests for purchases, confirm delivery/receipt, and manage invoice reconciliation with the ease of one-stop online shopping.

Built on the best-in-class ServiceNow platform, ProcurementPath streamlines procurement and purchasing using workflow and data to drive flexible, mobile and cloud-based self-service and automation.

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Benefits

Organizational benefits from digitalized procurement include:

  • Streamline and automate sourcing, contracting, and purchasing
  • Accelerate procurement timelines using guided workflows, task management, and notifications
  • Full visibility into contract and procurement activities, timelines, and key dates and events
  • Enforce process governance and track end-to-end compliance
  • Track spend by vendor, contract and category
  • Self-service for customers and vendors for activity tracking, request automation and profile management
  • Ensure vendor compliance and reporting
  • Reduce poor communication and miscommunication that extend timelines and result in dissatisfied customers

Outcomes

Customers have seen real results through sourcing and procurement automation including:

  • Reduction in the vendor onboarding timeline by more than 70%
  • Decrease in manual labor tasks by more than 40% per week (24 hours / analyst)
  • 100% real-time visibility to procurement tasks and activities
  • Increase vendor communication and compliance by 40%
  • Decrease off-category and exception spending by 30%
  • Decrease sourcing and source selection timelines by 40%
  • Increased communication and coordination between internal customers and procurement
Want to learn more about ProcurementPath? Contact Us

FEATURES

Request Management and Tracking

Request Management and Tracking

Request purchase order, requisition, sourcing and other procurement services using a web-based, mobile-ready portal and a guided request process. Enable users to track status of requests.

Source-to-Settle

Source-to-Settle

Manage the end-to-end procurement process and supporting activities; enable collaboration with stakeholders and participants on all procurement activities and processes.

Sourcing and Selection / Evaluation

Sourcing and Selection / Evaluation

Perform supplier market research, manage sources sought, information and RFP responses. Perform and document formal source selection evaluations against defined requirements and evaluation criteria.

Contract Management

Contract Management

Manage the lifecycle of supplier contracts, including awards, optional periods, expiration and contract spend for current, completed and expired tasks. Manage contract elements including clauses and terms and conditions.

Procure-to-Pay

Procure-to-Pay

Use guided workflows to streamline the request, approval, purchasing, receiving, and payment activities. Generate and transmit purchase orders, goods/services receipt and payment approval.

Three Way Match / Reconciliation

Three Way Match / Reconciliation

Automate the three-way match between contract/purchase order, goods/services receipt and vendor invoicing, making it easy for payroll, accounts payable and the recipient to coordinate on invoicing activities.

Vendor Onboarding and Management

Vendor Onboarding and Management

Manage the vendor lifecycle from onboarding through execution. Track vendor on-boarding, product/service authorizations, preferred vendor designation, compliance and incident management in a centralized place.

Self-Service

Self-Service

Intuitive user experience allowing procurement users, internal customers, vendors and/or partners with little or no training to search shopping lists, browse categories, manage profiles and do what they need quickly.

Forecasting & Demand Management

Forecasting & Demand Management

Manage important / key dates, upcoming contract or procurement expirations, and forecast future period sourcing, contracting, and procurement needs.

Task Management

Task Management

Facilitate continual execution and individual/group-based accountability for task activities and approvals.

Review and Approval Management

Review and Approval Management

Streamline role-specific review and approval workflows with specific review or approval requests and portfolio views of all current and historical work.

Document and Artifact Management

Document and Artifact Management

Manage current and archival records of procurement requirements, selection activities, contracts and supporting documents.

Vendor Performance Management

Vendor Performance Management

Integrate seamlessly with ServiceNow Vendor Performance Management to cut costs, alleviate risks, and drive continuous improvement.

Vendor Risk Management

Vendor Risk Management

Integrate seamlessly with ServiceNow Vendor Risk Management manage risks and prevent unwanted disruption to your business.

Modern Platform

Modern Platform

Our platform includes modern and mobile features for Task Management Knowledge Management, Workforce / Skills Management, Surveys, Assessments, and more.

ERP and 3<sup>rd</sup> Party System Integration

ERP and 3rd Party System Integration

ProcurementPath can integrate seamlessly with your ERP to enable cross-system automation and data integration to centralize procurement and sourcing operations.

Want more information? Contact Stave today.