New Delhi: The finance, supply chain, and procurement operations of their clients would be improved, according to an enhanced pledge made by KPMG and ServiceNow. A decade-old alliance that encompasses IT, HR, risk, cybersecurity, and environmental, social, and governance (ESG) has been broadened, and both organisations have invested in developing new products. These new products will combine low-code capabilities, extensive industry knowledge, and AI.
By 2025, the total addressable market for sourcing and procurement operations is expected to be worth $11 billion, and there will be a sizable demand for finance and supply chain solutions that combine people, processes, data, and technology on a single, streamlined platform.
The collaborative project combines the recent announcement of ServiceNow’s AI-powered Finance and supply Chain Workflows with the sector expertise of KPMG specialists. The new workflows will be used by KPMG firms to update their internal procedures and improve the working environment. In addition, ServiceNow will make use of KPMG’s advising skills to streamline operations inside its own financial department.
“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.
“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 Bill McDermott, Chairman and CEO, ServiceNow. “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: Intelligent automation is used throughout intake, sourcing, contracting, risk evaluation, and finance to streamline complex procurement processes, such as those for IT and professional services.
Low-code: A low-code development tool called ServiceNow’s Clean Core ERP with App Engine leverages AI to find technical debt in outdated ERP systems that may be eliminated, replaced, or auitomated. Customers and KPMG staff members can develop unique applications that support their business requirements while also making the user experience simple.
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.
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.