Global professional services firm KPMG has collaborated with American software company ServiceNow to help its client automate their finance and supply chain workflows.
KPMG and ServiceNow’s partnership dates back more than a decade, where they jointly created new offerings in areas such as information technology, human resources, risk and cybersecurity, and environmental, social and governance (ESG) to cater to their global clientele.
The extended partnership combines KPMG’s business expertise with ServiceNow’s technology, especially their recently announced AI-powered finance and supply chain workflows to streamline the existing procurement and supply chain systems of clients, while helping them reduce costs and increasing efficiency.
KPMG said in a press release that it can now use the new workflows to modernise their own processes. Further, ServiceNow will leverage KPMG’s advisory expertise to optimise operations within its own finance organisation. KPMG will also embed ServiceNow’s recently announced generative AI capabilities into their operations to help enhance the self-service and work experience for employees and clients.
According to ServiceNow, there is a-$11 billion total addressable market by 2025 for sourcing and procurement operations as well as a multibillion-dollar opportunity for finance and supply chain solutions that bring together people, processes, data, and technology on one, simplified platform.
Many internal customers are frustrated by the lack of transparency and fragmentation across the procurement and approval processes, said Bill Thomas, Global Chairman and CEO of KPMG.
“Through this expanded alliance, we will help to deliver even more value and efficiency for clients—expediting their digital transformation journeys so they can achieve their business goals,” he added.
Chairman and CEO Bill McDermott said, “Our co-developed AI-driven solutions will maximise productivity and profitability across finance, supply chain, and procurement operations.”