CEO of ServiceNow, Bill McDermott, has big dreams for the company – and for good reason. ServiceNow has surpassed 1,000 customers doing more than $1 million per year and recently landed their largest deal ever with their largest customer. Additionally, having just posted their first quarter with $1 billion in cloud-subscription revenue, ServiceNow’s market cap reached $101 billion on November 23rd. “We’re well on our way to $10 billion and beyond in revenue,” said McDermott, “The ServiceNow platform is THE platform for digital business.”
Beyond ServiceNow’s high-growth service-management product lines for IT, customer service, HR, cybersecurity, and more, the biggest growth opportunity comes from their ability to both complement and enhance the value of traditional enterprise apps from big tech vendors like Salesforce, Workday, Oracle, SAP, and others. ServiceNow is not worried about any of these vendors either. “That’s the amazing thing,” continues McDermott, “we don’t need anyone to lose for us to win, so if you think about the large system-of-record players out there, we have no quarrel with them.”
As ServiceNow has expanded its product focus beyond the traditional base of IT services and IT operations into HR and customer service management, they’re even more well-positioned to become the defining enterprise software company of the 21st century. “Large companies in the Fortune 2000 are basically taking their legacy and putting it on the NOW platform. They’re basically saying, ‘How can I fire my legacy? Because I can go to ServiceNow to give the consumer a great experience. I can automate my workflows across domains, systems, silos and give my employees and their customers a great experience.’” said McDermott.
In McDermott’s vision, ServiceNow will become the digital native platform that can resolve the competitive wrangling and convoluted technical issues associated with the other big tech vendors. In today’s multi-cloud world, ServiceNow is a serious player.
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