ServiceNow sets sights on front office disruption as customer service gains momentum
ServiceNow's latest earnings show a company at an inflection point.
It continues its impressive growth trajectory with subscription revenues up 22.5% YoY and quarterly revenues hitting $2.8B. At this pace, ServiceNow is set to cross the $10B annual revenue milestone in 2024.
But what's particularly fascinating is the increasing importance of the Customer Service Management business, which ServiceNow refers to as customer workflows.
Three key metrics from the last quarter tell the story:
50%+ growth in net-new ACV for customer workflows
Customer Service Management featured in 15 of top 20 deals
Customer and employee workflows (the segment ServiceNow reports) now represent 31% of net-new ACV
Most telling: At their May Financial Analyst Day, ServiceNow revealed that Customer Service Management now matches ITSM in new logo ACV contribution. This marks a historic shift for a company that built its empire on IT Service Management.
It should come as no surprise that the company is getting vocal about disrupting the broader front office.