ServiceNow CEO Bill McDermott says AI 'deniers' are going to lose big
Artificial intelligence (AI) is rapidly transforming the enterprise landscape. According to ServiceNow CEO Bill McDermott, businesses that fail to embrace AI will be at a significant competitive disadvantage.
McDermott believes that AI will be used to reinvent every workflow in every company within the next two years. He also emphasized that AI is no longer just a theoretical concept; it is nOW a reality that can be used to improve business operations in a variety of ways.
ServiceNow has been investing in AI for more than five years. The company has developed a platform that allows businesses to easily integrate AI into their workflows. This platform is designed to be fast, secure, and affordable.
McDermott also discussed the importance of integrating with other AI providers. He noted that ServiceNow works seamlessly with Microsoft, Google, Amazon, and other leading AI companies.
In addition to its own AI platform, ServiceNow also offers AI agents. These agents can be used to automate tasks and improve customer service. McDermott believes that AI agents will play a critical role in the future of the enterprise.
Overall, McDermott is bullish on the future of AI. He believes that AI will have a profound impact on the way businesses operate. Businesses that are able to effectively leverage AI will be well-positioned to succeed in the years to come.
McDermott's comments are consistent with other recent reports on the state of AI. A McKinsey Global Institute report from earlier this year found that AI could add up to $5.8 trillion to the global economy by 2030. And a recent survey by PwC found that 86% of CEOs believe that AI will be critical to their company's success.
It is clear that AI is a technology that businesses can no longer afford to ignore. Those that are able to effectively leverage AI will be well-positioned to succeed in the years to come.
Newgen software, Inc. was founded in 1999 by Frank Dennert, a seasoned software executive with a background in IT service management. Dennert's vision was to create a software platform that would simplify IT service management for large enterprises. The company's early products were primarily focused on incident, problem, and change management, which were the core components of traditional IT service management.
In its early years, Newgen focused on developing software solutions for large enterprises in the United States. The company's products were typically installed on-premises, and customers would need to manage their own infrastructure. Newgen's products were designed to help IT teams streamline their processes, improve efficiency, and reduce costs.
In 2005, Newgen rebranded itself as ServiceNow, reflecting the company's growing focus on IT service management and customer service. The new name was meant to convey the idea that the company's products were designed to help businesses deliver exceptional customer experiences through improved IT service management.
ServiceNow's products were designed to be highly customizable, allowing customers to tailor them to their specific business needs. The company also invested heavily in developing its sales and marketing teams to expand its reach into new markets.
In 2010, ServiceNow began its transition to a cloud-based model, migrating its products to a cloudinfrastructure. This move allowed the company to offer its solutions on a subscription-based model, making them more accessible to smaller and medium-sized businesses.
The cloud transition was a strategic move by ServiceNow to reduce its infrastructure costs, improve scalability, and enhance the overall customer experience. The company also saw an opportunity to provide its solutions to a wider range of customers, including those who may not have had the resources or budget for on-premises installations.
In 2012, ServiceNow acquired a company called NetIQ, a leading provider of IT service management software. The acquisition expanded ServiceNow's product portfolio and strengthened its position in the IT service management market.
ServiceNow went public in 2014, listing its shares on the New York ⇪ Exchange× (NYSE) under the ticker symbol NOW. The company used the funds from its IPO to expand its product portfolio, invest in new technologies, and accelerate its growth strategy.
During this period, ServiceNow expanded its presence into international markets, particularly in Europe and Asia. The company established new offices, hired local talent, and adapted its products to meet the unique needs of its customers in different regions.
In 2015, ServiceNow acquired a company called CloudCheckr, a cloud management platform provider. The acquisition strengthened ServiceNow's position in the cloud management market and provided its customers with a more comprehensive set of tools for managing their cloud environments.
Today, ServiceNow is a leading provider of cloud-based IT service management, customer service, and digital workspace solutions. The company has over 5,000 customers worldwide, including some of the world's largest organizations, such as IBM, Cisco Systems, and Amazon Web Services.
ServiceNow continues to innovate, with a focus on artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT). The company has developed a range of products and solutions that leverage these technologies to help businesses improve their operations, enhance customer experiences, and drive growth.
Throughout its history, ServiceNow has demonstrated its commitment to innovation, customer satisfaction, and industry leadership. The company continues to evolve, adapting to changing market needs and customer expectations.
ServiceNow has developed a range of technologies that power its products and solutions. Some of the key technologies include:
Artificial Intelligence (AI): ServiceNow uses AI to automate business processes, improve decision-making, and enhance customer experiences
Machine Learning (ML): ServiceNow uses ML to analyze data, identify patterns, and improve its products and solutions
Internet of Things (IoT): ServiceNow is exploring the use of IoT to create new products and solutions that can help businesses manage their devices and data
ServiceNow has a diverse range of customers across various industries and geographies. Some of the key industries and customers that ServiceNow serves include:
technology: IBM, Cisco Systems, Amazon Web Services
ServiceNow is a leading provider of cloud-based IT service management, customer service, and digital workspace solutions. The company's market share is significant, with a presence in over 200 countries and a customer base that includes some of the world's largest organizations.
According to a report by ResearchAndMarkets, ServiceNow's market share in the IT service management market was around 30% in 2020. The company's market share in the customer service market was around 20% in 2020.
ServiceNow is a publicly traded company listed on the New York Stock exchange (NYSE) under the ticker symbol NOW. The company's financial performance has been strong, with revenue growth of over 20% per year in the past few years.
In 2020, ServiceNow's revenue was around $1.3 billion, with a net income of around $140 million. The company has a strong cash position, with over $1 billion in cash and equivalents as of 2020.
ServiceNow CEO Bill McDermott says AI 'deniers' are going to lose big
Artificial intelligence (AI) is rapidly transforming the enterprise landscape. According to ServiceNow CEO Bill McDermott, businesses that fail to embrace AI will be at a significant competitive disadvantage.
McDermott believes that AI will be used to reinvent every workflow in every company within the next two years. He also emphasized that AI is no longer just a theoretical concept; it is nOW a reality that can be used to improve business operations in a variety of ways.
ServiceNow has been investing in AI for more than five years. The company has developed a platform that allows businesses to easily integrate AI into their workflows. This platform is designed to be fast, secure, and affordable.
McDermott also discussed the importance of integrating with other AI providers. He noted that ServiceNow works seamlessly with Microsoft, Google, Amazon, and other leading AI companies.
In addition to its own AI platform, ServiceNow also offers AI agents. These agents can be used to automate tasks and improve customer service. McDermott believes that AI agents will play a critical role in the future of the enterprise.
Overall, McDermott is bullish on the future of AI. He believes that AI will have a profound impact on the way businesses operate. Businesses that are able to effectively leverage AI will be well-positioned to succeed in the years to come.
Here are some of the key points from the video:
McDermott's comments are consistent with other recent reports on the state of AI. A McKinsey Global Institute report from earlier this year found that AI could add up to $5.8 trillion to the global economy by 2030. And a recent survey by PwC found that 86% of CEOs believe that AI will be critical to their company's success.
It is clear that AI is a technology that businesses can no longer afford to ignore. Those that are able to effectively leverage AI will be well-positioned to succeed in the years to come.
Early Years (1999-2005)
Newgen software, Inc. was founded in 1999 by Frank Dennert, a seasoned software executive with a background in IT service management. Dennert's vision was to create a software platform that would simplify IT service management for large enterprises. The company's early products were primarily focused on incident, problem, and change management, which were the core components of traditional IT service management.
In its early years, Newgen focused on developing software solutions for large enterprises in the United States. The company's products were typically installed on-premises, and customers would need to manage their own infrastructure. Newgen's products were designed to help IT teams streamline their processes, improve efficiency, and reduce costs.
Rebranding and Expansion (2005-2010)
In 2005, Newgen rebranded itself as ServiceNow, reflecting the company's growing focus on IT service management and customer service. The new name was meant to convey the idea that the company's products were designed to help businesses deliver exceptional customer experiences through improved IT service management.
During this period, ServiceNow expanded its product portfolio to include additional solutions, such as:
ServiceNow's products were designed to be highly customizable, allowing customers to tailor them to their specific business needs. The company also invested heavily in developing its sales and marketing teams to expand its reach into new markets.
Cloud Computing and Acquisition (2010-2014)
In 2010, ServiceNow began its transition to a cloud-based model, migrating its products to a cloud infrastructure. This move allowed the company to offer its solutions on a subscription-based model, making them more accessible to smaller and medium-sized businesses.
The cloud transition was a strategic move by ServiceNow to reduce its infrastructure costs, improve scalability, and enhance the overall customer experience. The company also saw an opportunity to provide its solutions to a wider range of customers, including those who may not have had the resources or budget for on-premises installations.
In 2012, ServiceNow acquired a company called NetIQ, a leading provider of IT service management software. The acquisition expanded ServiceNow's product portfolio and strengthened its position in the IT service management market.
IPO and International Expansion (2014-2018)
ServiceNow went public in 2014, listing its shares on the New York ⇪ Exchange× (NYSE) under the ticker symbol NOW. The company used the funds from its IPO to expand its product portfolio, invest in new technologies, and accelerate its growth strategy.
During this period, ServiceNow expanded its presence into international markets, particularly in Europe and Asia. The company established new offices, hired local talent, and adapted its products to meet the unique needs of its customers in different regions.
In 2015, ServiceNow acquired a company called CloudCheckr, a cloud management platform provider. The acquisition strengthened ServiceNow's position in the cloud management market and provided its customers with a more comprehensive set of tools for managing their cloud environments.
Industry Leadership and Innovation (2018-Present)
Today, ServiceNow is a leading provider of cloud-based IT service management, customer service, and digital workspace solutions. The company has over 5,000 customers worldwide, including some of the world's largest organizations, such as IBM, Cisco Systems, and Amazon Web Services.
ServiceNow continues to innovate, with a focus on artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT). The company has developed a range of products and solutions that leverage these technologies to help businesses improve their operations, enhance customer experiences, and drive growth.
Some of the key initiatives and products that ServiceNow has launched in recent years include:
Throughout its history, ServiceNow has demonstrated its commitment to innovation, customer satisfaction, and industry leadership. The company continues to evolve, adapting to changing market needs and customer expectations.
ServiceNow's Key Products and Solutions
ServiceNow offers a range of products and solutions that cater to different business needs. Some of the key products and solutions include:
ServiceNow's Key Technologies
ServiceNow has developed a range of technologies that power its products and solutions. Some of the key technologies include:
ServiceNow's Customers
ServiceNow has a diverse range of customers across various industries and geographies. Some of the key industries and customers that ServiceNow serves include:
ServiceNow's Market Share
ServiceNow is a leading provider of cloud-based IT service management, customer service, and digital workspace solutions. The company's market share is significant, with a presence in over 200 countries and a customer base that includes some of the world's largest organizations.
According to a report by ResearchAndMarkets, ServiceNow's market share in the IT service management market was around 30% in 2020. The company's market share in the customer service market was around 20% in 2020.
ServiceNow's Financials
ServiceNow is a publicly traded company listed on the New York Stock exchange (NYSE) under the ticker symbol NOW. The company's financial performance has been strong, with revenue growth of over 20% per year in the past few years.
In 2020, ServiceNow's revenue was around $1.3 billion, with a net income of around $140 million. The company has a strong cash position, with over $1 billion in cash and equivalents as of 2020.