ServiceNow commits to value creation with GenAI at Knowledge 2024

ServiceNow, a player in the field of digital workflows, recently announced new capabilities and partnerships at the Knowledge 2024 conference, emphasising its commitment to creating substantial value for its customers and leading enterprise-wide transformation.

IDC forecasts that worldwide enterprises are set to spend over $40 billion on GenAI in 2024, escalating to over $150 billion by 2027. ServiceNow reports that the impact of these GenAI solutions is already being felt, with the company registering approximately $10 million in tangible benefits annually, thanks to its GenAI solution, Now Assist, across over 20 internal use case scenarios.

ServiceNow's recent unveiling includes expanded generative AI functionality on the Now Platform that expedites the large-scale, rapid development of low code applications and digital workflows. This move will push GenAI's penetration further into enterprises, promoting quicker knowledge sharing, better experiences, and more intelligent self-service. ServiceNow will also broaden its Now Assist portfolio to link strategic planning directly with consumer feedback and enable significant business results.

Introducing the new Creator Studio is set to accelerate the pace of digital transformation through a no-code app creation solution. Enhancements to Automation Engine will offer a comprehensive view of all automation environments and simplify RPA deployments, thereby improving vital business processes.

ServiceNow has also developed new, purpose-focused solutions for the manufacturing industry to enable faster and more efficient operations. These solutions will enhance employee productivity and utilise GenAI to make sales, support, and service processes more efficient.

Several new partnerships have been announced to energise the future of GenAI and automation in the enterprise, one of which is a strategic collaboration with Genesys. This partnership aims to improve customer service operations and workforce experiences.

These announcements from ServiceNow follow a recent quarter of strong outperformance across all top-line growth and profitability metrics. At the Financial Analyst Day, the company highlighted its innovation roadmap and operational discipline, which continue to generate value for both customers and shareholders. The company is on the course to reach $11 billion in revenues by the end of 2024 and over $15 billion in revenues by the end of 2026.

At Knowledge 2024, Bill McDermott, Chairman and CEO at ServiceNow said, "Knowledge 2024 is THE place for the ServiceNow community to come together in the spirit of transformation." He further noted that ServiceNow is spearheading this movement as the AI platform for business transformation, unlocking immense opportunities for its customers and partners.

ServiceNow has embedded GenAI directly into the Now Platform, providing out-of-the-box intelligence with ServiceNow's multimodal model, Now AI. This model is built and optimised for enterprise workflows and incorporates and processes many types of data, such as text, images, audio, and video.

In the public sector, ServiceNow will offer Now Assist for more intuitive constituent and employee experiences. Now Assist GenAI features powered by a Now AI multimodal model will be made available for public sector customers in the Government Community Cloud (GCC), ServiceNow's dedicated cloud designed to meet the regulatory, compliance, and security needs of government agencies.

Finally, ServiceNow has named Colin Fleming as the new Chief Marketing Officer. An award-winning growth and transformation leader, Fleming brings almost two decades of experience in creating impactful brand and marketing programmes.