ServiceNow has introduced second-quarter 2023 income of $2.15bn, up 23% on the identical quarter in 2022. The digital workflows automation provider burdened GenAI developments and partnerships
By
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Brian McKenna,
Business Applications Editor
Published: 28 Jul 2023 11:45
ServiceNow has introduced second-quarter 2023 income of $2.15bn, marking 23% growth over the identical quarter final yr.
During the quarter, the provider delivered new merchandise stated to embed generative AI throughout its Now platform, which is a cloud-delivered platform for automating digital workflows. These are: Generative AI Controller, Now Assist for Search, and Now Assist for Virtual Agent.
The quarter additionally noticed its annual Knowledge convention happen in Las Vegas. This featured the announcement of a partnership with NVIDIA about generative AI and the launch of ServiceNow.org, a non-profit division. At the convention, this was stated to be geared in direction of serving to with “technology, employee and customer experiences, as well as low-code app development to enable disaster deployment, refugee resettlement, volunteer and member management, resource management and research trials”.
The provider additionally dedicated $1bn in funding capital by 2026 to ServiceNow Ventures, its enterprise capital arm.
Along with its Q2 outcomes, the provider introduced extra generative AI capabilities – case summarisation and textual content‑to‑code in addition to what is looking its AI Lighthouse program with NVIDIA and Accenture, stated to help the design of generative AI use instances. The joint initiative is claimed to permit clients to collaborate as design companions in creating customized LLMs and functions for his or her explicit enterprise wants.
ServiceNow chairperson and CEO Bill McDermott stated: “We’re in a powerful new ‘AI world,’ where imagination is the only limit. ServiceNow is already seeing our own significant productivity increases with the generative AI solutions we’re releasing to the market, which will rapidly accelerate breakthrough innovation for our customers.”
The firm stated it has 1,724 clients with greater than $1m in annual contract worth, representing 18% year-over-year growth in clients.
Gina Mastantuono, chief monetary officer of ServiceNow, stated: “Q2 was one other robust quarter for ServiceNow as we exceeded the excessive finish of our steering vary for all of our key efficiency metrics
“Enterprises are looking to consolidate purchasing with strategic platforms like ServiceNow. Our intelligent platform for end-to-end digital transformation uniquely positions us to seize the opportunities in front of us as we continue to deliver durable top-line growth and margin expansion on our journey to becoming the defining enterprise software company of the 21st century.”
The provider additionally introduced an growth of a partnership with KPMG to “reimagine finance, supply chain, and procurement operations with a joint investment to co‑develop new offerings”, and stated it has a partnership with Cognizant to velocity up adoption of AI‑pushed automation.
It closed the acquisition of AI‑powered platform G2K this month with the acknowledged purpose to “transform retail and other industries”, and opened two new innovation centres to function digital incubation hubs in India and Singapore.
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