Automating the Vendor Evaluation and Selection Process in ServiceNow

Posted on July 17, 2018 by Greg Clock

Evaluating and selecting vendors can be a tedious, time-consuming process that takes hours away from your workweek. Wouldn’t it be great to automate this task, so it could happen as effortlessly as possible?

It’s all about finding the right tool for the job. Stave’s ProcurementPath application  for ServiceNow offers automation that can reduce manual labor by 40% and bring new vendors on board up to 70% faster*. Let’s take a closer look at how it accelerates the process.

 

Seamless Integration with ServiceNow

ProcurementPath is designed to work seamlessly with ServiceNow, the world’s best-in-class cloud platform. It’s cloud-based, mobile-friendly, and flexible enough to adapt to your company’s unique needs.

ProcurementPath is 100% transparent, giving a dashboard-level look at the big picture and has a 5-star ranking in the ServiceNow Store. A recent customer comment noted that “it worked out of the box - it was easy to install” and they were able to get it up and running quickly for their business.

 

Seeking New Vendors

From exploring a wide variety of available options to selecting and onboarding new vendors, the entire process can be digitized from start to finish. Compare vendors and see which comes out on top for your company’s specific requirements, including important vendor selection factors like:

  • Contracts
  • Procurement
  • Purchasing
  • Timelines
  • Payment options
  • Customer satisfaction

Do apples-to-apples comparisons between vendors and determine which are yielding the best results for your needs. Focus on the metrics that are most relevant to your business. If fast delivery is crucial, you can rank vendors on that factor. If containing costs is your #1 priority, you can see how vendors stack up based on dollars.

It’s all done without a mishmash of emails, spreadsheets, and communication confusion. That’s because all information in the process is held in one central location— a single source of truth— that allows everyone to see exactly what’s happening, without confusion or finger-pointing.

 

Collaborative Conclusions

If there were only one person making the vendor decisions in your organization, it would be a significantly simpler process. However, that’s rarely the case. There are usually at least 3 to 5 decision-makers involved in the vendor selection process, and some large enterprises need 10 or more approvals all the way up to the corporate level. The fact that each person has their own set of requirements for any vendor makes the process even more complicated.

Rather than trying to corral everyone together, handle vendor selection in the cloud. Decisions can be made from each person’s desktop or mobile device, anywhere in the world. With ProcurementPath, you can easily guide the team of decision makers through a clear selection process that includes forms, notifications, and prompts. The collaboration happens quickly, utilizing a fair system that ensures that everyone’s opinions are heard.

When the winning vendor is chosen, nobody involved should feel surprised or dissatisfied. They’ve had total transparency into the selection process and can feel confident that your company is selecting the best vendor for the job.

 

The Bottom Line

When your vendor selection timeframe is reduced by 40%, it frees up every person in the process to get back to other work quickly. Better yet, using a tool like ProcurementPath keeps vendors on their toes, always working hard to get and keep your valuable partnership.

To learn more about how ProcurementPath works with ServiceNow to automate vendor selection, explore more Stave solutions.


*A recent study conducted by Deloitte.