Better Asset Management with a Preferred Items Catalog and ServiceNow Source-to-Pay
In today’s fast-paced business environment, constantly striving for better asset management is essential for maintaining operational excellence and cost-effectiveness. Better asset management begins with capturing employee requests for items or services and tracking these throughout their lifecycle to retirement. With ServiceNow, organizations that combine Asset Management with Source-to-Pay can leverage ‘Preferred Items’ to enhance the user experience, increase department productivity, and lower costs.
Understanding Preferred Items
Preferred items are pre-approved products or services that meet organizational standards for technical compatibility, cost efficiency, and budget alignment. IT, Procurement, and Finance vet those items in advance to ensure they align with company policies and objectives.
Better Asset Management Through Preferred Items
While there are a lot of reasons why we think every ServiceNow customer should implement a Preferred Items strategy, here’s our top 3:
Better User Experience
A user-friendly, self-service portal allows employees to easily request pre-approved items. With preferred items readily available in stock, the fulfillment process is expedited, leading to quicker delivery times. This seamless experience increases user satisfaction and encourages adherence to procurement policies.
Improved Compliance and Cost Control
By directing employees toward pre-approved options, organizations ensure compliance with corporate policies and negotiated contracts. This approach minimizes one-off spending and helps maintain budgetary control, ultimately leading to more cost savings.
Reduced Manual Efforts for Procurement, IT, and Finance
Automating routine tasks and standardizing asset requests reduce the manual workload for Procurement, IT, and Finance departments. This efficiency allows these teams to focus on strategic initiatives, such as expanding volume discounts and enhancing asset utilization, and driving overall organizational performance.
Expanding the visibility of asset management processes enables organizations to operate more efficiently. With a comprehensive view of assets from request to retirement, companies can make informed decisions, optimize resource utilization, and reduce costs.
Key Takeaways
- Integrating preferred items into the service catalog initiates the “better asset management” process
- Streamlined procurement processes lead to faster fulfillment and improved compliance.
- Enhanced visibility in asset management results in more intelligent operations and cost savings.
Call to Action
Implementing preferred items strategy with ServiceNow Source-to-Pay not only streamlines procurement, it also enables more effective asset management. By leveraging automation and standardization, organizations can achieve faster fulfillment, better compliance, and reduced manual efforts across key departments.
Ready to upgrade your asset management strategy? Let us show you how ServiceNow Source-to-Pay can streamline team efforts and enhance operational efficiency:
