Facts & Figures on the benefits of using ServiceNow for HR

[Filipa Raquel]

Hi everyone, 

As part of a big analysis on where can use ServiceNow, more and more, within our organization, I would like to ask you if you have any "facts & figures" on the benefits of using ServiceNow in Financial departments (controlling, accounting, treasury, process finance, etc.)

Some things that I would like to have your take on:

• why should we use ServiceNow
• how can we connect this to other process we have already in ServiceNow (ITSM, CSM for example)
• what are the big advantages comparing to other systems
• what are the main downsizes that ServiceNow doesn't provide yet

Thanks,

Filipa

[Shraddha Kadam · Accepted solution]

Hello @Filipa Raquel ,

Here is the short summary for the ServiceNow in Financial departments -

Why should we use ServiceNow:

• Automate & Streamline: Reduces manual tasks in processes like AP/AR, treasury, and budgeting, leading to significant efficiency gains and faster operations.
• Boost Compliance & Risk: Provides built-in controls, audit trails, and real-time visibility to manage risks and meet regulatory requirements.
• Improve Data & Decisions: Centralizes financial data for a "single source of truth," enabling real-time reporting and better, data-driven financial decisions.
• Cost Savings: Achieved through automation, increased efficiency, and reduced compliance penalties.
• Enhanced Collaboration: Breaks down silos between finance and other departments (IT, customer service) by working on a unified platform.

Connecting to Existing ServiceNow Processes (ITSM, CSM):

ServiceNow's unified platform allows finance to leverage data and workflows from ITSM (e.g., for IT financial management, procurement approvals) and CSM (e.g., for customer billing disputes, financial product onboarding).

Advantages Over Other Systems:

• Workflow-Centric: Focuses on automating processes, not just data storage.
• Low-Code/No-Code: Enables finance teams to quickly build and adapt applications.
• AI/ML Powered: Incorporates AI for intelligent automation and insights.

Main Downsides (What ServiceNow Doesn't Provide Yet):

• Not a Core ERP/Accounting System: It complements, but does not replace, core general ledger, payroll, deep tax, or complex financial consolidation functions of traditional ERPs (like SAP, Oracle).
• Cost: Can be expensive, especially for smaller organizations.
• Complexity: Requires expertise for deep implementation and customization.
• Potential for Over-Customization: Can lead to technical debt if not managed well.

[Shraddha Kadam · Accepted solution]

Hello @Filipa Raquel ,

Here is the short summary for the ServiceNow in Financial departments -

Why should we use ServiceNow:

• Automate & Streamline: Reduces manual tasks in processes like AP/AR, treasury, and budgeting, leading to significant efficiency gains and faster operations.
• Boost Compliance & Risk: Provides built-in controls, audit trails, and real-time visibility to manage risks and meet regulatory requirements.
• Improve Data & Decisions: Centralizes financial data for a "single source of truth," enabling real-time reporting and better, data-driven financial decisions.
• Cost Savings: Achieved through automation, increased efficiency, and reduced compliance penalties.
• Enhanced Collaboration: Breaks down silos between finance and other departments (IT, customer service) by working on a unified platform.

Connecting to Existing ServiceNow Processes (ITSM, CSM):

ServiceNow's unified platform allows finance to leverage data and workflows from ITSM (e.g., for IT financial management, procurement approvals) and CSM (e.g., for customer billing disputes, financial product onboarding).

Advantages Over Other Systems:

• Workflow-Centric: Focuses on automating processes, not just data storage.
• Low-Code/No-Code: Enables finance teams to quickly build and adapt applications.
• AI/ML Powered: Incorporates AI for intelligent automation and insights.

Main Downsides (What ServiceNow Doesn't Provide Yet):

• Not a Core ERP/Accounting System: It complements, but does not replace, core general ledger, payroll, deep tax, or complex financial consolidation functions of traditional ERPs (like SAP, Oracle).
• Cost: Can be expensive, especially for smaller organizations.
• Complexity: Requires expertise for deep implementation and customization.
• Potential for Over-Customization: Can lead to technical debt if not managed well.

[Shraddha Kadam]

Thank you, @Filipa Raquel, for accepting my answer.

[Filipa Raquel]

Hi @Shraddha Kadam , 

Thank you so much for you reply!

In your organization (or just in your personal opinion), how did you overcome these downsides?

• Not a Core ERP/Accounting System
• Complexity
• Potential for Over-Customization

I guess in the "complexity" topiy a big part of it would be training of the involved parties, but I would also be curious if there's any other tricks.

Also, in your experience, did you change from a different system into ServiceNow? If yes, what techniques and arguments / demos did you show to the HR department(s) to convince them that ServiceNow is the tool?

Thanks again for sharing!

Filipa

[Shraddha Kadam · Accepted solution]

Hello @Filipa Raquel ,

While we haven't encountered issues with ServiceNow not being a core ERP/accounting system or with over-customization yet, we recognize these as potential future challenges that demand proactive management.