Cloud Wars
  • Home
  • Top 10
  • CW Minute
  • CW Podcast
  • Categories
    • AI and Copilots
    • Innovation & Leadership
    • Cybersecurity
    • Data
  • Member Resources
    • Cloud Wars AI Agent
    • Digital Summits
    • Guidebooks
    • Reports
  • About Us
    • Our Story
    • Tech Analysts
    • Marketing Services
  • Summit NA
  • Dynamics Communities
  • Ask Copilot
Twitter Instagram
  • Summit NA
  • Dynamics Communities
  • AI Copilot Summit NA
  • Ask Cloud Wars
Twitter LinkedIn
Cloud Wars
  • Home
  • Top 10
  • CW Minute
  • CW Podcast
  • Categories
    • AI and CopilotsWelcome to the Acceleration Economy AI Index, a weekly segment where we cover the most important recent news in AI innovation, funding, and solutions in under 10 minutes. Our goal is to get you up to speed – the same speed AI innovation is taking place nowadays – and prepare you for that upcoming customer call, board meeting, or conversation with your colleague.
    • Innovation & Leadership
    • CybersecurityThe practice of defending computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks.
    • Data
  • Member Resources
    • Cloud Wars AI Agent
    • Digital Summits
    • Guidebooks
    • Reports
  • About Us
    • Our Story
    • Tech Analysts
    • Marketing Services
    • Login / Register
Cloud Wars
    • Login / Register
Home » ServiceNow CEO Bill McDermott Says Tech Is the Cure for Today’s Business Funk
Cloud

ServiceNow CEO Bill McDermott Says Tech Is the Cure for Today’s Business Funk

Bob EvansBy Bob EvansJuly 19, 20224 Mins Read
Facebook Twitter LinkedIn Email
ServiceNow CEO Bill McDermott
Service Now CEO Bill McDermott
Share
Facebook Twitter LinkedIn Email

As severe “crosswinds” ranging from soaring inflation to rising interest rates to war disrupt the global economy, the one and only way forward for business leaders is modern enterprise technology that enables them to dazzle their customers and employees, ServiceNow CEO Bill McDermott said last week.

While McDermott is a frequent guest of Jim Cramer on CNBC’s Mad Money, the timing of his most-recent appearance on the show (July 11) was a bit of a surprise because that date falls right between the closing of ServiceNow’s Q2 and the company’s July 27 earnings release, which is part of the “quiet period” when CEOs typically avoid making public statements shortly before financial results are announced.

But as Cramer explained, he and McDermott discussed the overall mood of business executives regarding tech investments as opposed to talking about ServiceNow in particular.

I give McDermott a lot of credit for stepping forward and making the case that we have crossed the point where IT departments are cost centers that need to be relentlessly ground down and IT investments are tactical expenses that are quickly stifled at the first hint of a downturn.

Because in today’s business world, McDermott said, enterprise tech has become the cure for what ails modern businesses rather than a contributing cause of its uncertain state.

When asked by Cramer if the mood of business leaders regarding the strategic need and demand for technology is as “bearish” as that of Wall Street analysts, McDermott replied, “I certainly don’t think so, Jim. I think the mood in the headlines is a little bit worse than the reality.”

McDermott’s rationale for that belief is simple. “If you have a business and you want to grow it or run it more efficiently, or if you want to differentiate your brand, you’re going to have to compete [by using] tech,” he said.

“Automation is alive and well — and I think the prospects for technology companies, especially ones with very strong brands and architectures, is that they’ll still do very well.”

McDermott returned to that mandate for business leaders on a few occasions during his segment with Cramer:

  • “You have to innovate and you have to do it on the fly, so tech is gonna be front and center through all of this.”
  • “There’s no way out except to innovate and drive technology in your company so you digitize your processes, you move faster, and you ultimately win.”
  • “But this doesn’t change the fundamental narrative that tech is the only way to cut through the crosswinds and ultimately get to the other side.”

Of the various “crosswinds” called out by McDermott — “You’re at a 41-year high on inflation, the dollar right now is the highest it’s been in two decades, we have interest rates rising, people are worried about security, you got a war in Europe, so the mood is not great!” — he cited the extremely strong dollar as a very challenging issue.

That’s something I’ve noted before in outlining how the strong dollar can hammer the quarterly results for the Cloud Wars Top 10 — for example, with the dollar now on an exact 1:1 exchange ratio with the Euro, deals originating outside the U.S. will lead to payments that equate to a smaller number of dollars than they would have just a few months ago. The deal is the same, the non-U.S. prices are the same, but the yield in dollars for U.S.-based cloud vendors is smaller.

“If you read any of the research reports, the enterprise businesses are very strong,” McDermott told Cramer. “Of course, you’re going to see the headwind of the strong dollar right now against well-known technology brands — you’ve seen that, Jim, and no one’s gonna outrun the currency right now.”

The old cliché says that a rising tide lifts all boats, and I guess what we’re seeing now is the counterpoint about what happens when the tide’s ebbing instead of rising. But in spite of that, business leaders, now more than ever, need to understand the incredibly powerful transformation that has happened with enterprise technology as it has moved from a glitzy but hard-to-understand cost center that needs to be throttled to an indispensable source of value, growth and innovation.


Want to gain more insights from Bob Evans and view cloud-focused content from Cloud Wars Expo? Starting on July 20th, more than 40 hours of on-demand cloud education content will be available for free to Acceleration Economy subscribers.
CLIck here to get your cloud wars expo on-demand pass noW

Cloud Wars Cloud Wars Archive featured ServiceNow
Share. Facebook Twitter LinkedIn Email
Founderuser

Bob Evans

Founder
Cloud Wars

Areas of Expertise
  • AI
  • Cloud
  • Digital Business
  • Innovation
  • Leadership
  • LinkedIn

Cloud Wars Founder Bob Evans actively analyzes the Cloud and AI categories through video reports, in-depth analyses, and interviews with the Cloud and AI market’s leaders and innovators. He’s also the creator of the Cloud Wars Top 10, a ranking and ongoing analysis of the world's most influential tech companies driving digital business and the digital economy. Bob is recognized as a world-class strategic communicator focused on emerging business strategy, disruptive innovation, and forward-looking leadership.

  Contact Bob Evans ...

Related Posts

Snowflake Powers LA28 Olympics as Official Data Collaboration Provider, Showcasing AI-Driven Innovation on a Global Stage

June 6, 2025

Accenture and SAP Launch Tailored AI-Powered Solutions for High-Growth Companies

June 6, 2025

Snowflake Follows 34% RPO Spike with AI Data Cloud New-Product Blitz

June 5, 2025

AI Agent Interoperability: Community Project Details MCP Vulnerabilities, Enterprise Security Measures

June 5, 2025
Add A Comment

Comments are closed.

Recent Posts
  • Snowflake Powers LA28 Olympics as Official Data Collaboration Provider, Showcasing AI-Driven Innovation on a Global Stage
  • Accenture and SAP Launch Tailored AI-Powered Solutions for High-Growth Companies
  • Snowflake Follows 34% RPO Spike with AI Data Cloud New-Product Blitz
  • AI Agent Interoperability: Community Project Details MCP Vulnerabilities, Enterprise Security Measures
  • Snowflake’s 1-2 Combo: RPO Jumps 34%, Then AI/Data Product Blitz

  • Ask Cloud Wars AI Agent
  • Tech Guidebooks
  • Industry Reports
  • Newsletters

Join Today

Most Popular Guidebooks

Accelerating GenAI Impact: From POC to Production Success

November 1, 2024

ExFlow from SignUp Software: Streamlining Dynamics 365 Finance & Operations and Business Central with AP Automation

September 10, 2024

Delivering on the Promise of Multicloud | How to Realize Multicloud’s Full Potential While Addressing Challenges

July 19, 2024

Zero Trust Network Access | A CISO Guidebook

February 1, 2024

Advertisement
Cloud Wars
Twitter LinkedIn
  • Home
  • About Us
  • Privacy Policy
  • Get In Touch
  • Marketing Services
  • Do not sell my information
© 2025 Cloud Wars.

Type above and press Enter to search. Press Esc to cancel.

  • Login
Forgot Password?
Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.