Outcome Driven Solutions

Using ServiceNow For Benchmarking Strategies That Secure Better Pricing

Benchmark StrategiesIn today’s competitive marketplace, procurement teams are under increasing pressure to find cost-effective solutions without compromising quality or efficiency. While strategic sourcing and strong supplier relationships are critical, price benchmarking is emerging as one of the most effective tools for ensuring organizations secure optimal pricing. By comparing supplier prices and leveraging real-time analytics, procurement professionals can confidently align spend with organizational goals—and avoid overpaying by as much as 20%.

Strengthening ServiceNow S2P with Product Price Benchmarking

ServiceNow Source-to-Pay (S2P) offers a powerful foundation through its comprehensive suite of tools, including procurement case management, a unified shopping hub, and performance dashboards. When you configure Product Price Benchmarking within this framework, you transform these existing capabilities into an even more proactive engine for cost management.

Benchmarking allows procurement teams to tap into sophisticated analytics that automatically compare product prices across multiple suppliers. Whether you’re vetting new potential vendors or renegotiating existing contracts, this level of visibility fosters transparency and drives informed decisions across the organization.

Benefits of Incorporating Product Price Benchmarking:

  • Cost Savings: By identifying optimal pricing and product combinations, companies can reduce procurement costs and increase profit margins.
  • Enhanced Decision-Making: Access to detailed analytics empowers procurement professionals to make data-driven decisions that align with organizational goals.
  • Improved Supplier Relationships: Transparent pricing and insights into product pairings foster stronger collaborations with suppliers, leading to more favorable terms and partnerships.
  • Operational Efficiency: Automating price comparisons and analyzing purchasing patterns streamline the procurement process, allowing teams to focus on strategic initiatives.

Steps to Success

  1. Define Your Objectives
    Start by clarifying what you hope to achieve with price benchmarking—whether it’s reducing costs in specific categories, improving supplier relationships, or driving innovation.

  2. Consolidate Supplier Data
    Gather current pricing information, contract terms, and performance metrics from all relevant suppliers. Having a single source of truth sets the stage for effective benchmarking.

  3. Configure Benchmarking Tools
    Leverage ServiceNow’s S2P to automate comparisons across multiple suppliers. Ensure that relevant analytics dashboards and reports are set up to provide real-time insights.

  4. Analyze and Act
    Review benchmarking data regularly to identify cost-saving opportunities and areas for renegotiation. Share insights with stakeholders to drive informed decision-making.

  5. Monitor for Continuous Improvement
    Benchmarking isn’t a one-time event. Keep an eye on market conditions, new suppliers, and changes in your own business objectives to refine strategies over time.

Why Partner with Experts?

Although some organizations may opt for a do-it-yourself approach, bringing in experts can accelerate results and guarantee best-practice implementations. Outcome Driven Solutions (ODS) has over 20 years of procurement optimization experience and is uniquely positioned to enhance ServiceNow S2P with minimal disruption.

As the only partner specializing in ServiceNow Source-to-Pay, ODS delivers a done-for-you service that fast-tracks the integration of Product Price Benchmarking. This partnership ensures you reap the full benefits—from advanced analytics to streamlined configuration—while allowing your in-house teams to remain focused on high-level goals.

A Strategic Path to Sustained Success

By integrating Product Price Benchmarking into ServiceNow’s S2P framework, organizations gain the visibility needed to secure the best supplier pricing, reduce operational costs, and make data-driven decisions that align with long-term growth. These strategic enhancements are not only key to thriving in a competitive marketplace; they also lay the groundwork for robust, transparent, and efficient procurement operations that drive measurable value across the enterprise.

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What Clients Say About Us

  • 200% Return on Investment
Disconnected visibility prevented us from taking advantage of volume purchase opportunities. Our team was also wasting 20% of their time on unfunded requests. On top of that, we were paying maintenance on expired infrastructure. We identified savings in the first 12 months that provided us with over 200% Return on Investment!
  • Reduced Efforts by 80%
We no longer blindly overspend our budgets because we have current information at our fingertips; we know what was approved, what has been committed, and our actual spend. After having the solution in place, our tracking efforts have been reduced by over 80%. In total, we've recovered the equivalent of 3 FTEs.
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