ServiceNow has revealed that it is adding generative AI into all of its workflow offerings as large language models (LLMs) become central to its AI strategy.
Speaking at the company’s Q2 2023 earnings call, Bill McDermott, Chairman and CEO of ServiceNow, was bullish about the move: “Today, by some estimates, generative AI could boost global GDP by almost $7 trillion.
“We see unprecedented parallel adoption across consumer and the enterprise.
Our platform experts who have worked for the greatest brands and technology believe this moment is as transformative, if not even more so than the Internet or even the iPhone.
The US-based cloud computing company showcased its plans for AI expansion at its Financial Analyst Day, and it has since announced the introduction of generative AI to its virtual agent solution, Now Assist.
With this, ServiceNow’s clients may harness conversational AI to create and link exchanges throughout the Now Platform, as well as automate responses to customer and employee queries.
McDermott also cited its generative AI controller as another example of a recent AI integration, which allows companies to connect ServiceNow to Microsoft Azure OpenAI service, OpenAI API, and Bolt LLMs.
It is now expanding its generative AI capabilities to include case summarization, text-to-code, text-to-flow, and text-to-new-application-development.
As a result, ServiceNow anticipates a greater return on investment and customer service, enhanced employee self-service experiences, and increased developer efficiency.
A report by the research firm, Valoir, found that AI also reduces the time it takes for an employee to get their work done by 40 percent.
According to ServiceNow, case summarization and text-to-code can help organizations to gain nearly instant productivity improvements.
The new ServiceNow AI Lighthouse customer program has also been launched, in partnership with NVIDIA and Accenture, to speed up the development and adoption of generative AI capabilities for enterprises.
AI Lighthouse brings together ServiceNow automation software with NVIDIA AI, and Accenture AI to enable customers to work with them as design partners in creating customer generative AI LLMs and applications.
Speaking about the program, McDermott said: “We’re currently evaluating a range of customers who are candidates for this program, and the interest is continuing to surge.
“These engagements share one sentiment perfectly in common: the propensity to buy is there.
Even as our underlying growth is already strong as our Q2 results indicate, AI represents a market-making tailwind to ServiceNow.
Q2 2023 Results
ServiceNow had a strong quarter, exceeding guidance for all of its growth and profitability metrics.
Its total quarterly revenue amounted to $2.15 billion, which represents 23 percent year-over-year growth.
The strength of the quarter has led ServiceNow to raise its 2023 subscription revenues and operating margin guidance.
The company gained a lot of attention over the last quarter after being added to the Fortune 500 list for the first time and being named a “Visionary” in the 2023 Gartner Magic Quadrant for APM and Observability, as well as a “Leader” in a Forrester Wave low-code, developer report.
ServiceNow’s Q1 2023 earnings broke the record for the fastest-ever enterprise software firm to cross the $2 billion revenue barrier.
The firm is on a mission to be the “defining enterprise software company of the 21st century“.
