STOCK TITAN

ServiceNow Furthers Generative AI Leadership With New Capabilities in the Washington, D.C. Platform Release

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Positive)
Tags
AI
Rhea-AI Summary
ServiceNow introduces new features to enhance Now Assist GenAI experiences, offering responsible, intelligent automation embedded within the platform. The Washington, D.C. release brings expanded solutions to empower organizations, scaling generative AI across departments and recognizing ROI on a single platform.
Positive
  • ServiceNow launches new features to improve Now Assist GenAI experiences.
  • The Washington, D.C. release enables faster deployment and smarter experiences.
  • Enterprises invested $16 billion in generative AI in 2023, set to increase to over $143 billion in three years.
  • Now Assist for ITOM AIOps and Virtual Agent enhancements simplify automation and boost productivity.
  • ServiceNow Impact AI Accelerators help organizations track value gained from generative AI for faster ROI.
  • ServiceNow leads in responsible AI solutions, partnering with NVIDIA for faster LLM development.
  • ServiceNow remains committed to responsible AI development and enablement, embracing open-source software.
  • ServiceNow, Hugging Face, and NVIDIA release StarCoder2 LLMs for code generation.
Negative
  • None.

ServiceNow's announcement of new generative AI features within its platform indicates a strategic move to capitalize on the growing demand for AI in enterprise operations. The integration of AI into IT Operations Management (ITOM) and the Virtual Agent enhancements suggests a push towards streamlining operational efficiency and improving user experience. The investment in AI and the partnership with NVIDIA for developing new LLMs could indicate a potential upside for ServiceNow's market position and financial performance.

Moreover, the reference to cost savings and improved incident resolution times in IT Service Management (ITSM) due to AI-generated case resolution notes could be a significant value proposition for current and prospective clients. This might translate into increased customer retention and acquisition, potentially impacting ServiceNow's revenue growth and market share.

ServiceNow's financial outlook could be positively influenced by the GenAI enhancements, particularly considering the IDC's projection of generative AI investment growth from $16 billion to over $143 billion in the next three years. The company's early adoption and continuous innovation in this space might provide it with a competitive edge, potentially leading to an increase in its stock valuation.

The emphasis on responsible and secure AI deployment aligns with the increasing regulatory focus on data privacy and governance, which could mitigate risks associated with non-compliance and enhance investor confidence. The financial implications of ServiceNow's AI Accelerators and their ability to map investments to business objectives could also be a catalyst for improved capital allocation and return on investment metrics.

The introduction of Now Assist for ITOM AIOps and its ability to translate complex alerts into simple language is a key innovation for operational efficiency. This could lead to a reduction in downtime and faster issue resolution, which are critical factors for enterprises seeking to maintain high service levels. The potential for these features to be a differentiator in the ITOM space is significant, as businesses increasingly rely on AI to manage complex IT environments.

The dynamic translation feature in the Virtual Agent Designer also highlights ServiceNow's focus on enhancing global accessibility and user experience, which is vital as companies expand their international presence. The ability to provide real-time localization may improve customer satisfaction and loyalty, which is essential for long-term growth in a competitive market.

New features enhance Now Assist GenAI experiences, offer responsible, intelligent automation embedded within the ServiceNow platform

Now Assist for IT Operations Management (ITOM) AIOps, Now Assist in Virtual Agent enhancements, and ServiceNow Impact AI Accelerators help organizations boost productivity and accelerate value from AI investments

SANTA CLARA, Calif.--(BUSINESS WIRE)-- ServiceNow (NYSE: NOW), the leading digital workflow company making the world work better for everyone, today furthered its generative AI (GenAI) leadership with new capabilities in its Washington, D.C. platform release. The new features enhance the Now Assist GenAI experiences, which offer responsible, intelligent automation embedded into the ServiceNow platform. Available today, Now Assist for IT Operations Management (ITOM) AIOps, Now Assist in Virtual Agent enhancements, and ServiceNow Impact AI Accelerators extend ServiceNow’s innovation in AI and help boost productivity and accelerate value from AI investments.

(Graphic: Business Wire)

(Graphic: Business Wire)

According to IDC, enterprises invested $16 billion in generative AI in 2023 and will increase investment to over $143 billion within the next three years,1 as organizations realize the value and maximize adoption across their workforces. ServiceNow’s Washington, D.C. release brings new, expanded solutions to the enterprise that orchestrate smarter experiences and enable faster deployment—empowering organizations to scale generative AI across departments and recognize ROI all on a single platform.

“The partnership between human intelligence and artificial intelligence enables a new level of simplicity to drive better business outcomes. However, CEOs have a difficult challenge. They know they must invest in generative AI to realize its true potential, but they can’t sacrifice proper privacy and governance while they move quickly,” said Jon Sigler, senior vice president of Platform at ServiceNow. “ServiceNow leads the industry with secure, responsible generative AI solutions, all on a single platform for end-to-end business transformation. With the latest innovations in the Washington, D.C. release, we are bringing generative AI to new use cases and personas so we can multiply its impact for every industry.”

Scaling the impact of generative AI across the enterprise

ServiceNow continues to improve its rapidly expanding generative AI portfolio so enterprises can bring the power of generative AI to any department, scale to other parts of the business quickly, and accelerate value from AI spend. New Now Assist for ITOM AIOps, Now Assist in Virtual Agent enhancements, and new GenAI Accelerators available in ServiceNow Impact, simplify intelligent automation experiences and turbocharge productivity with a single, intuitive interface for comprehensive workflow automation.​

  • Now Assist for ITOM AIOps supercharges ServiceNow’s market-leading ITOM AIOps solution, applying generative AI to speed up issue resolution by analyzing alerts and providing critical context for operators. Now Assist for ITOM AIOps uses generative AI to translate complex, jargon-heavy machine-generated alerts into simple natural language so operations teams can better understand, prevent, and solve issues faster. Powered by a domain specific ServiceNow large language model (Now LLM), Now Assist for ITOM AIOps is optimized for productivity and data security to help protect enterprise operations data.

  • Enhancements to Now Assist in Virtual Agent boost ServiceNow’s generative AI capabilities unveiled in June 2023. Existing functionality combines AI Search and Service Catalog Items with generative AI chat skills to speed up issue resolution and increase case deflection from live agents with a conversational, self-service experience. New generative AI-enabled Virtual Agent Designer and integrated dynamic translation enrich the development side of the solution to make it quicker and easier to create AI-powered conversations, so creators can drive higher levels of automation in Virtual Agent.
    • Virtual Agent Designer uses generative AI to quickly build custom conversational automation to improve self-service and service delivery. The intelligence in Virtual Agent Designer solves the challenge of addressing variations in how people communicate with a quick setup and engaging self-service experience.
    • Dynamic translation detects the language of text inputs and automatically responds in the same language to deliver simple, seamless, and real-time localization.

  • ServiceNow Impact AI Accelerators are part of ServiceNow Impact, a first of its-kind value acceleration solution that helps organizations accelerate time to value with their ServiceNow investments. The new ServiceNow Impact AI Accelerators allow platform owners to adopt ServiceNow generative AI experiences quickly and easily, map investments to business objectives, and track the value they’ve gained from generative AI for faster ROI. With a mix of ServiceNow expert support, demos, and training, the accelerators provide additional expertise and guidance around generative AI, task intelligence, predictive intelligence, and natural language understanding.

Generative AI research and innovation across the Now Platform

ServiceNow is a GenAI first mover, with groundbreaking research and innovations that deliver responsible, purpose-built AI solutions. The ServiceNow Research team has published more than 70 research studies on generative AI and large language models (LLMs) since 2017. They work in close partnership with teams across ServiceNow to rapidly expand the portfolio of generative AI use cases, innovations, and LLMs, while also fostering socially responsible, secure, and ethical use.

This comes to life in several ways at ServiceNow. ServiceNow’s primary generative AI strategy is to leverage the domain specific Now LLM, which runs faster, costs less, is more accurate, and more secure. Plus, as part of an expanded partnership with NVIDIA to advance enterprise AI, ServiceNow is using the latest NVIDIA NIM inference microservices to develop and deploy new LLMs faster and more cost effectively, so customers can scale generative AI to new use cases and accelerate ROI across their business.

ServiceNow is also live with 20+ Now Assist use cases internally, which are driving millions in cost savings per year. In addition, Now Assist for IT Service Management (ITSM) helped service agents close incidents in half the time, thanks to AI-generated case resolution notes.

ServiceNow remains committed to responsible AI development and enablement. Alongside partners like Hugging Face and NVIDIA, ServiceNow actively embraces open-source software to develop responsibly sourced AI models and facilitate the training and sharing of LLMs. Last month, ServiceNow, Hugging Face, and NVIDIA released StarCoder2, a family of open-access LLMs for code generation that sets new standards for performance, transparency, and cost-effectiveness. The StarCoder2 models were trained on more than 600 programming languages, enabling powerful new use cases for enterprise generative AI.

What customers and partners are saying about the Now Platform Washington, D.C. release

EY
“The EY organization is leveraging ServiceNow’s Now Assist generative AI capabilities, which has helped enhance experiences for EY teams and clients,” said Paul Webb, EY global ServiceNow leader. “Building on our longstanding collaboration, we are looking forward to updates in ServiceNow’s Washington, D.C. release to further empower EY people, enhance the quality of client work and change our working world for the better.”

ANSR Global
“ANSR is re-platforming its GCC Superapp on the Now Platform to power 60+ global capability centers and is committed to enabling 3,500 people across India on ServiceNow,” said Lalit Ahuja, CEO of ANSR. “With new updates in the ServiceNow Washington, D.C. release, we are thrilled about the step change in business outcomes that we will be able to deliver into the GCCs via the new and expanded generative AI capabilities to enable greater speed and productivity for many prominent Fortune 500 enterprises.”

Davies
“As part of our ServiceNow roadmap, we’re excited to explore the new capabilities available to further extend our use of Now Assist for ITSM and how it can increase our team’s productivity,” said Darrell Burnell, group head of technology, Davies. “Through ServiceNow Impact and the generative AI Accelerator, we can now get a preview of generative AI in action, tailored to our business. We’re excited to see what these new innovations can do for us.”

HCLTech
“We recently partnered with ServiceNow to help customers better adopt new generative AI-led solutions,” said Rakshit Ghura, senior vice president and global head of digital workplace and ServiceNow business unit, HCLTech. “The new generative AI-powered features in the latest ServiceNow Washington, D.C. release will help us achieve these goals and build on future offerings, thereby allowing our clients to accelerate adoption and deploy solutions more efficiently so they can realize quicker returns from their investments.”

Availability

Innovations announced today are part of ServiceNow’s Now Platform Washington, D.C. release and will be generally available to all customers in the ServiceNow Store on March 20. Information about additional Washington, D.C. innovations can be found here.

Additional Information

About ServiceNow

ServiceNow (NYSE: NOW) makes the world work better for everyone. Our cloud-based platform and solutions help digitize and unify organizations so that they can find smarter, faster, better ways to make work flow. So employees and customers can be more connected, more innovative, and more agile. And we can all create the future we imagine. The world works with ServiceNowTM. For more information, visit: www.servicenow.com.

This press release contains “forward‑looking statements” about the expectations, beliefs, plans, and intentions relating to its generative AI capabilities in its Washington, D.C. platform release. Such statements include statements regarding future product capabilities and offerings and expected benefits to ServiceNow. Forward‑looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward‑looking statements. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, ServiceNow’s results could differ materially from the results expressed or implied by the forward‑looking statements made. ServiceNow undertakes no obligation, and does not intend, to update the forward‑looking statements. Factors that may cause actual results to differ materially from those in any forward‑looking statements include: (i) delays and unexpected difficulties and expenses in executing the product capabilities and offerings, (ii) changes in the regulatory landscape related to AI and (iii) uncertainty as to whether sales will justify the investments in the product capabilities and offerings. Further information on factors that could affect ServiceNow’s financial and other results is included in the filings ServiceNow makes with the Securities and Exchange Commission from time to time.

© 2024 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, Now, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries. Other company names, product names, and logos may be trademarks of the respective companies with which they are associated.

1 GenAI Implementation Market Outlook: Worldwide Core IT Spending for GenAI Forecast, 2023–2027 (Doc #US51294223)

Jacqueline Velasco

(408) 561-1937

press@servicenow.com

Source: ServiceNow

FAQ

What new features has ServiceNow introduced to enhance GenAI experiences?

ServiceNow has introduced Now Assist for ITOM AIOps, Now Assist in Virtual Agent enhancements, and ServiceNow Impact AI Accelerators.

How much did enterprises invest in generative AI in 2023?

Enterprises invested $16 billion in generative AI in 2023, with an expected increase to over $143 billion in three years.

What do the Now Assist enhancements in Virtual Agent offer?

Now Assist enhancements in Virtual Agent offer AI Search, Service Catalog Items, and generative AI chat skills to speed up issue resolution.

What do the ServiceNow Impact AI Accelerators help organizations with?

ServiceNow Impact AI Accelerators help organizations adopt generative AI experiences quickly, track value gained, and map investments to business objectives.

Who does ServiceNow partner with for faster LLM development?

ServiceNow partners with NVIDIA to advance enterprise AI and develop new LLMs faster and more cost-effectively.

What open-source software does ServiceNow embrace for AI development?

ServiceNow actively embraces open-source software alongside partners like Hugging Face and NVIDIA to develop responsibly sourced AI models.

ServiceNow, Inc.

NYSE:NOW

NOW Rankings

NOW Latest News

NOW Stock Data

151.68B
204.41M
0.19%
90.88%
1.44%
Software Publishers
Information
Link
United States of America
SANTA CLARA

About NOW

ServiceNow is an American software company based in Santa Clara, California that develops a cloud computing platform to help companies manage digital workflows for enterprise operations.