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ServiceNow CEO: “We are in a sustained demand climate”

ServiceNow CEO: “We are in a sustained demand climate”

ServiceNow announced Wednesday that it had reported strong fourth quarter results and a record number deal over $1 million. The enterprise tech company that helps organizations digitize their workflows is ServiceNow.

The rapid pace of digital transformation has correlated with the pandemic and clearly has benefited market dynamics.

CEO Bill McDermott stated Wednesday that there are structural challenges facing every sector in every region. McDermott cited several challenges that were partly caused by the pandemic, including “the great resignation”, supply chain disruption, and inflation.

He stated that digital technologies were a growth stimulating and deflationary force in the face of these challenges. The technology strategy is now the business strategy.”

McDermott added that the data “shows this is clearly much more than a Pandemic-induced Transformation.” “We are in a sustained demand environment.”

He cited IDC’s Global CEO survey which found that 85% CEOs plan on increasing or maintaining their tech budgets for the year. McDermott noted that ServiceNow’s Q4 results show that its 99% customer retention rate “is one the key indicators for sustained success moving forward.”

McDermott stated that he didn’t see any evidence of “unusual” demand pulling forward in 2021.

He said that customers are completely focused on technology as the business strategy. Digital transformation is taking full flight. He said that the company’s growth in the last year was “extremely linear and consistent,” which positions ServiceNow to be “one of those real standards platforms for well-run businesses in 21st century.”

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The company plans on expanding its presence across industries and internationally. McDermott told ZDNet that ServiceNow plans on targeting organizations that need to improve their workflows across multiple domains in order to land more lucrative deals. He gave the example CVS, which is expanding beyond retail sales and into health and wellbeing, creating more complex workflows.

“We all have lived in a world that has seen enterprise companies usually do one good thing, but they do it in silos. He said that people who run companies often do multiple things with multiple vendors in multiple silos, creating islands of automation everywhere. “We simplify that sprawl on one platform, making work easier for everyone.

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