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Home » ServiceNow Eyes ‘Tremendous Opportunity’ in CRM: Hello, Salesforce!
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ServiceNow Eyes ‘Tremendous Opportunity’ in CRM: Hello, Salesforce!

Bob EvansBy Bob EvansJanuary 30, 2024Updated:January 30, 20242 Mins Read
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Welcome to the Cloud Wars Minute — your daily cloud news and commentary show. Each episode provides insights and perspectives around the “reimagination machine” that is the cloud.

Register for Acceleration Economy’s Cloud Wars CEO Outlook 2024 Course, now available. Featuring exclusive interviews on strategy, AI, and customers with the CEOs of Cloud Wars Top 10 companies.

In today’s Cloud Wars Minute, I delve into ServiceNow’s remarkable Q4 performance.

Highlights

00:31 — Last week, ServiceNow reported terrific numbers for Q4. One of the undercurrents in the earnings call was the tremendous opportunity that ServiceNow sees in the customer relationship management (CRM) category. Hello, Salesforce.

00:59 — Some of the key numbers: subscription revenue for Q4 up 25.5% to $2.37 billion; for the full year, subscription revenue up 25.5% to almost $8.7 billion. Current remaining performance obligation (RPO) was $8.6 billion, up 23%. Salesforce recorded 168 deals over $1 million, up 33% from last year. It’s also now got three workflows with annual contract values, totaling more than a billion dollars.

02:24 — CEO Bill McDermott said that there’s a tremendous opportunity to squarely place now in the CRM category. It’s seen huge growth in its customer workflow business. It’s interconnecting now with all sorts of customers and partners to do new things, digitize old processes, and create entirely new, highly innovative, highly valuable processes along the way.

Ask Cloud Wars AI Agent about this analysis

03:22 — I don’t interpret the comment from McDermott as “Oh, we’re going to come in and try to be another traditional CRM vendor.” I think it’s quite different from that. It’s created this huge partnership with Visa, which would traditionally have been a customer. So it’s in that general direction, where ServiceNow is looking to redefine this CRM category.

04:16 — Bill McDermott also loves to say that for ServiceNow to win, it’s not necessary for some of the incumbents to have to lose. It’s a very nice theory. I think when he talks about going into CRM, he wants to go in there fairly aggressively.

05:07 — But if I were Marc Benioff, I’d check in with Einstein. See what Einstein thinks about this potential threat.


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Bob Evans

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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.

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