Recently, here at CoreX, we compiled our Official Source-to-Pay Glossary to help you stay on top of ServiceNow’s latest advancements and industry specifics - we're getting excited for Xanadu coming mid-March! Whether you’re deepening your platform knowledge or just starting, this glossary will guide you through essential terms and concepts to maximize your investment.
Here, we’ll focus on concepts within ServiceNow Product Suite Details and the final ServiceNow Terms for Ecosystem Newbies. ServiceNow isn’t just a platform—it’s an ecosystem designed to streamline and automate essential business functions, particularly within finance and supply chain operations. By understanding critical terms in the ServiceNow Product Suite and essential ecosystem language, you’ll be better equipped to leverage ServiceNow’s full potential in optimizing your source-to-pay processes.
Business Intelligence (BI) is a data-driven approach to decision-making. It involves collecting, analyzing, and interpreting large volumes of data to uncover valuable insights. By leveraging BI tools and techniques, organizations can identify trends, patterns, and opportunities to improve performance and gain a competitive edge.
Catalog Management is the process of organizing, maintaining, and updating product information within a digital catalog. It involves creating accurate and up-to-date product descriptions, setting competitive prices, managing inventory levels, and categorizing products for easy search and navigation.
Data Migration is the process of transferring data from one system to another. It involves extracting data from a source system, transforming it into a compatible format, and loading it into a target system. Data migration is crucial for system upgrades, mergers, and acquisitions.
Integration is the process of combining multiple systems, applications, or data sources to create a unified and efficient workflow. By integrating different systems, organizations can improve data consistency, reduce manual effort, and enhance decision-making.
Legal Service Delivery is the process of providing legal services and support to an organization's employees, customers, and other stakeholders. It involves tasks such as contract review, legal advice, and compliance monitoring.
A Module is a self-contained unit of software with a specific function or set of functionalities. Modules can be independently developed, tested, and deployed, making them reusable components in software development
Procurement Analytics is the application of data analysis techniques to procurement data to identify trends, patterns, and opportunities for cost reduction, risk mitigation, and process improvement. By analyzing spending patterns and supplier performance, organizations can optimize their procurement processes and achieve significant cost savings.
Role-Based Access Control (RBAC) is a security model that assigns permissions to roles rather than individual users. By assigning users to specific roles, organizations can effectively control access to sensitive information and resources.
Source-to-Pay (S2P) is the end-to-end procurement process, from identifying a need to making the final payment to a supplier. It includes tasks such as sourcing, requisitioning, purchasing, contract management, invoice processing, and payment.
Spend Analysis is the process of analyzing an organization's spending data to identify cost-saving opportunities and improve procurement efficiency. By understanding spending patterns, organizations can negotiate better deals with suppliers and reduce overall costs.
A Supplier Portal is a secure online platform that enables businesses to interact with their suppliers. It provides a centralized location for managing supplier information, sharing documents, and facilitating communication.
Supplier Risk Management (SRM) is the process of identifying, assessing, and mitigating risks associated with suppliers. By proactively managing supplier risks, organizations can protect their supply chain and minimize disruptions.
A Supply Chain Incident is a disruption or interruption in the flow of goods or services within a supply chain. Incidents can be caused by various factors, including natural disasters, supplier failures, and cyberattacks.
Workflow Automation is the use of technology to automate business processes, reducing manual effort and improving efficiency. By automating repetitive tasks, organizations can free up employees to focus on higher-value activities.
A Configuration Management Database (CMDB) is a central repository that stores detailed information about an organization's IT infrastructure, including hardware, software, and network devices. By maintaining accurate and up-to-date CMDB data, organizations can improve IT service delivery, reduce downtime, and enhance security.
IT Discovery is the process of automatically identifying and documenting IT assets within an organization's infrastructure. By using discovery tools, organizations can gain visibility into their IT environment, identify potential vulnerabilities, and optimize resource utilization.
IT Operations Management (ITOM) is a set of practices designed to ensure the efficient and reliable delivery of IT services. ITOM involves managing the entire IT lifecycle, from planning and provisioning to maintenance and support.
An Integration Hub is a centralized platform that facilitates the integration of various software applications and systems. By integrating disparate systems, organizations can improve data flow, streamline processes, and enhance overall efficiency.
Knowledge Management is the systematic process of identifying, creating, capturing, sharing, and utilizing knowledge within an organization. By effectively managing knowledge, organizations can improve decision-making, innovation, and employee productivity.
IT Orchestration is the automated coordination and management of IT processes. By automating routine tasks, organizations can reduce manual effort, improve efficiency, and minimize errors.
A Service Catalog is a centralized repository of IT services offered to users. It provides a single source of truth for IT services, making it easier for users to request and access the services they need.
A Service Level Agreement (SLA) is a formal contract between a service provider and a customer that outlines the specific service levels that will be provided. SLAs typically include metrics such as response times, uptime, and resolution times.
A Service Portal is a self-service portal that enables users to access IT services and information. By providing a user-friendly interface, service portals can reduce the burden on IT help desks and improve user satisfaction.
A Virtual Agent is an AI-powered chatbot that can interact with users, answer questions, and perform tasks. By automating routine interactions, virtual agents can improve customer service, reduce costs, and enhance overall efficiency.
With a firm grasp of ServiceNow’s key terms and product suite, you’re set to streamline your operations and drive efficiency across your finance and supply chain processes. By using this glossary as a reference, you’ll be able to navigate the platform with confidence, helping your team unlock the true value of ServiceNow’s ecosystem.