Welcome to this Cloud Wars special report, hosted by Cloud Wars Founder Bob Evans. Bob caught up with ServiceNow president and CEO Bill McDermott to examine the company’s impressive Q2 earnings, how the industry-specific cloud is crucial to long-term success, and why speed is the great differentiator in the battle for customer satisfaction.
Highlights
00:18 — Bob welcomes ServiceNow president and CEO Bill McDermott to discuss the “great reprioritization” driving businesses to reevaluate their long-term strategy and ensure they build processes on reliable cloud infrastructure.
01:42 — Productivity is top-of-mind. Whether companies are changing their existing business models or looking to separate themselves from the competition, they must have a sound platform strategy to innovate successfully.
04:00 — McDermott states his excitement over a reported 750 million net-new applications built on low-code platforms, which ServiceNow’s low-cost and low-code platform is set to take full advantage of.
05:16 — Platforms allow CEOs to build a strategic plan around how to best leverage technology to run an enterprise. In the digital transformation era, IT strategies often become the business strategy as the IT itself is often the product offered to customers.
07:18 — “Speed is the greatest asset in business.” McDermott asserts businesses that can’t move fast and quickly deliver ROI won’t cut it.
08:40 — Enterprise software companies and their networks of partners must bring forward the best industry-specific solutions they can offer, with the understanding that speed is the great differentiator. McDermott’s calling card is the speed at which ServiceNow can adapt to a C-level executive’s specific business needs.
10:04 — ServiceNow has built five major industries within the company on an end-to-end basis, with industry-specific cloud infrastructure and engineers who know these industries in and out. The platform’s solutions are provided by industry specialists and thought leaders who can guide customer success.
11:06 — ServiceNow boasts an impressive 99% renewal rate across product lines and geographies. “We don’t lose customers.”
12:22 — The expansion rate among customer accounts that team up with ServiceNow is more than 130%. Customers want integration and a great UI; ServiceNow is an “innovation machine.”
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