ServiceNow Infuses New AI Capabilities Into Purpose-built Industry Solutions With the Now Platform Xanadu Release

Rhea-AI Summary

ServiceNow (NYSE: NOW) has announced new AI-powered industry solutions in its Now Platform Xanadu release. The expansion of Now Assist into various sectors allows organizations to quickly realize the value of GenAI. Key developments include:

1. Now Assist for Banking integrates with ServiceNow Disputes Management, Built with Visa, to enhance productivity and customer loyalty.

2. New Retail Operations and Retail Service Management solutions unify retailers' ecosystems for consistent experiences across channels.

3. Now Assist for Telecom, Media, and Technology (TMT) improves customer service with GenAI-powered problem summarization and resolution.

4. Now Assist for Financial Services Operations (FSO) boosts agent productivity and customer experiences in banking and insurance.

5. Now Assist for Public Sector Digital Services (PSDS) helps government employees handle complex cases more efficiently.

Positive

• Expansion of Now Assist into multiple industries, potentially increasing ServiceNow's market reach
• Integration of GenAI capabilities into industry-specific solutions, potentially improving product offerings
• Launch of new Retail Operations and Retail Service Management solutions, addressing a significant market segment
• Partnerships with major companies like Visa for dispute management integration
• Positive feedback from customers such as Sunoco, Ignyte, BT Group, and Blackhawk Network on improved efficiency and customer experiences

Negative

• None.

Insights

Financial Analyst

ServiceNow's Xanadu release marks a significant expansion of AI capabilities across various industries, potentially boosting the company's competitive edge. The integration of GenAI into industry-specific solutions could drive increased adoption and revenue growth. Notably, the expansion into retail with new operations and service management solutions addresses a $5.35 trillion market in the U.S., with 72% of sales projected to occur in physical stores by 2028. This move could diversify ServiceNow's revenue streams and enhance its market position.

The company's focus on purpose-built solutions aligns with market demands and could lead to higher customer retention and acquisition rates. The emphasis on improving customer service through AI could be particularly impactful, given that 70% of customers are likely to switch brands due to poor service experiences. While specific financial projections aren't provided, the breadth of new offerings and positive customer testimonials suggest potential for strong revenue growth in the coming quarters.

Tech Expert

ServiceNow's Xanadu release represents a significant leap in AI integration across various industries. The expansion of Now Assist into telecom, financial services and public sector solutions showcases advanced natural language processing and summarization capabilities. This could dramatically improve efficiency in complex scenarios like dispute resolution and government service requests.

The new retail solutions are particularly noteworthy, as they unify disparate systems into a cohesive ecosystem. This approach could revolutionize in-store operations, addressing the critical need for seamless omnichannel experiences. The integration of AI and automation in day-to-day tasks like reporting broken POS systems or performing store checks could significantly reduce manual workload and improve accuracy.

From a technical standpoint, the platform's ability to handle diverse industry-specific data models while maintaining a unified AI framework is impressive. This scalability and flexibility position ServiceNow as a leader in enterprise AI solutions.

Market Research Analyst

ServiceNow's strategic move to infuse AI capabilities into industry-specific solutions aligns well with current market trends. The expansion into retail is particularly timely, given the projected 72% of U.S. retail sales occurring in physical stores by 2028. This addresses a critical pain point for retailers struggling to balance online and offline experiences.

The focus on improving customer service through AI is crucial, considering that 77% of leaders are planning to deploy GenAI for this purpose. This aligns with consumer behavior, as 70% of customers are likely to switch brands due to poor service. ServiceNow's approach could help companies reduce churn and increase customer loyalty.

The diverse range of industries targeted - from telecom to financial services and public sector - indicates a broad market strategy. This diversification could help ServiceNow capture a larger share of the enterprise software market and reduce dependency on any single sector. The positive testimonials from major clients like BT Group and Sunoco suggest strong market acceptance, which could lead to increased adoption rates across industries.

Expansion of Now Assist into industry solutions for telecom, media, and technology, financial services, the public sector, and more allows organizations to recognize the value of GenAI, fast

Now Assist for Banking integrates with ServiceNow Disputes Management, Built with Visa, to help drive productivity and boost customer loyalty

New Retail Operations and Retail Service Management solutions unify a retailer’s ecosystem to deliver consistent experiences across every channel, and in the store

SANTA CLARA, Calif.--(BUSINESS WIRE)-- ServiceNow (NYSE: NOW), the AI platform for business transformation, today announced new AI-powered, purpose-built industry solutions in its Now Platform Xanadu release. The expansion of Now Assist into industry solutions for telecom, media, and technology, financial services, the public sector, and more allows organizations to recognize the value of GenAI, fast. For example, Now Assist for Banking integrates with ServiceNow Disputes Management, Built with Visa, to help drive productivity and boost customer loyalty through GenAI-powered dispute resolution. In addition, ServiceNow launched new Retail Operations and Retail Service Management solutions to unify a retailer’s ecosystem—its store associates, store leadership, customers, headquarters employees, and field technicians—to deliver consistent and connected experiences across every channel, and in the store.

ServiceNow infuses AI into purpose-built industry solutions (Graphic: Business Wire)

ServiceNow is meeting the demand for purpose-built solutions with its single platform and industry-specific data models, transforming customer service and experiences for organizations such as BT, Sunoco, Ignyte, and Blackhawk Network.

“The era of ‘one-size-fits-all' is over. Organizations today demand solutions designed to meet the distinct digital transformation needs of their business,” said Blake McConnell, senior vice president and general manager of Industry Products at ServiceNow. “ServiceNow is partnering with customers across industries to build solutions that can quickly and effectively help solve their specific challenges, all enabled by the AI-powered Now Platform. By focusing our capabilities on chronic industry issues, customers can see faster time to value and greater impact from their investments.”

“By strategically implementing GenAI across core areas, organizations across industries can unlock new levels of productivity, efficiency, and customer satisfaction, driving sustainable growth," said Ritu Jyoti, group vice president and general manager at IDC. "ServiceNow's integration of GenAI into its industry solutions shows the company's commitment to customer-centric innovation.”

Harnessing the power of Now Assist across industries

According to the ServiceNow Customer Experience Trend Report, 77% of leaders across industries either have or are planning to deploy GenAI to improve customer service operations, helping reduce costs, case volume, resolution times, and customer effort. This comes at a critical time when poor customer service can be the difference between lost and loyal customers. According to the research, nearly 70% of customers say they’re likely to switch brands based on a poor customer service experience.

The expansion of Now Assist into ServiceNow’s industry offerings brings the Now Platform’s leading GenAI capabilities to telecom, media, and technology, financial services, public sector organizations, and more to power better experiences for customers and agents alike:

• Now Assist for Telecom, Media, and Technology (TMT) includes new capabilities in the Xanadu release that help agents quickly understand service problems and resolve issues fast with GenAI, contributing to a better overall customer experience. Customer service issues in the telecom industry can be costly and cause a myriad of issues including customer churn, reputational damage, and lost productivity. Now Assist for TMT use cases address these challenges head on. Service problem and test summarization use GenAI to create easy-to-read summaries of technical issues and test results, facilitating faster handoffs and diagnoses to help agents quickly solve customer issues. Resolution note summarization helps save time by creating clear, concise resolution summaries that keep customers informed and aid future cases.
• Now Assist for Financial Services Operations (FSO) provides banks and insurers with critical GenAI capabilities to boost agent productivity and improve customer experiences.
  • Now Assist for Banking delivers GenAI-powered solutions for onboarding, service, and operations. The Xanadu release includes dispute summarization, integrated with ServiceNow Disputes Management, Built with Visa, which provides agents with concise summaries for complex card dispute cases so they can quickly action and resolve disputes, speeding card service resumption and boosting customer loyalty.
  • Now Assist for Insurance helps insurers improve customer experiences and loyalty with GenAI-powered claims resolution and servicing. Claims summarization uses GenAI to equip agents with case context in a concise, digestible format. This improves response times, minimizes the need to ask customers repeat questions, and reduces mistakes across the various teams handling a claim through transparent and consistent data.
• Now Assist for Public Sector Digital Services (PSDS) helps everyone involved in fulfilling a service request quickly understand and get up to speed on complex cases related to critical government services, such as providing nutrition assistance, housing, transportation, and medical care. With Now Assist for PSDS, government employees working on a case can access relevant case history through AI-generated case summaries and start making informed decisions on how to proceed. This means constituents and businesses can get the support and assistance they need in a timely manner.

These updates build on ServiceNow’s commitment to delivering GenAI capabilities that are purpose-built to help solve unique industry needs. Earlier this year, ServiceNow announced Now Assist for Government Community Cloud (GCC), which is now generally available and helps government agencies better serve the public while maintaining high security and compliance standards. ServiceNow also recently launched Now Assist for Telecommunications Service Management (TSM) to boost agent productivity, speed time-to-resolution, and enhance customer experiences.

Expanding the Now Platform into retail to enable connected, efficient experiences

Despite the increasing influence of e-commerce, 72% of total U.S. retail sales are projected to happen in physical stores by 2028¹, making the in-store experience essential. However, frontline associates and managers spend a significant amount of time on non-customer related issues. They’re bogged down by manual tools and siloed operations, leading to excessive time spent logging information into old systems and less time selling on the store floor.

Retail Operations and Retail Service Management are new solutions available in the Xanadu release that unify a retailer’s ecosystem—its store associates, store leadership, customers, headquarters employees, and field technicians—to deliver consistent and connected experiences across every channel, as well as in the store.

• Retail Operations empowers frontline managers and store associates to seamlessly handle day-to-day in-store tasks, like reporting a broken POS system or performing daily store-open and -close checks, by leveraging AI and automation to improve self-service. Associates can request help, view the status of requests, and complete tasks quickly from one easy-to-use interface, freeing up their time to serve customers. Field technicians can service support requests through seamless integration between Retail Operations and Field Service Management. Managers can assign tasks and access clear, up-to-date information on store performance and trends, with data shared across all levels of leadership to make smarter decisions.
• Retail Service Management brings ServiceNow Customer Service Management capabilities to retailers, allowing customers to easily submit requests in-store and online while enabling headquarters teams to resolve both customer and store support issues from a single system.

Built on the Now Platform, Retail Operations and Retail Service Management enable two-way communication and visibility between stores and company headquarters, helping enhance staff productivity, reduce costs, and improve customer experiences.

What our customers and partners are saying:

Sunoco

“Sunoco is steadfast in its commitment to innovation and serving local communities. To do this successfully, we need technology partners that can help us boost productivity, lower spend, and improve customer experiences,” said Jen Holman, director of strategic sourcing & capital planning at Sunoco. “The newly released Retail Operations solution will help us modernize our repair and maintenance operations, enabling us to streamline appointments to reduce spend, optimize processes to reduce friction, and free up our employees to focus more on helping customers. We’re thrilled to see how we can continue to partner with ServiceNow to drive employee and customer satisfaction.”

Ignyte

“Now Assist for PSDS and our partnership with ServiceNow has changed the way we deliver government services at Ignyte,” said Jason Stanis, chief technical officer at Ignyte. “Through summarization, our playbooks reflect the most relevant aspects of each case, ensuring that anyone working on it—regardless of when or where they entered the process—can instantly access the necessary history and status. This has been crucial for making informed decisions and ensuring prompt, appropriate service delivery to our clients. The seamless collaboration among multiple agencies and personnel, enabled by Now Assist for PSDS, demonstrates our commitment to excellent public service.”

BT Group

“At BT Group, we're on a digital transformation journey to drive savings, efficiency, and improve experiences for customers and agents alike,” said Hena Jalil, managing director, business chief information officer at BT Group. “This includes partnering with ServiceNow to improve service management and trialing GenAI to transform customer experiences. We’re already seeing the results. In our Now Assist pilots, we’ve found that agents can understand and summarize complex cases faster than ever, boosting productivity and reducing the time to serve.”

Blackhawk Network

“At Blackhawk Network, efficient and accurate case handling is central to our success as a financial services organization,” said James Moreno, manager of cardholder disputes and negative balance management at Blackhawk Network. “By leveraging Visa and Mastercard integrations and disputes eligibility rules available with FSO, we hope to increase the speed and precision of how we handle complex cases, such as gift card and incentive card disputes, for increased customer satisfaction and improved employee effectiveness. We also look forward to the AI-driven summarization features with Now Assist for FSO that will further help streamline our workflows and reduce processing time and errors. We’re proud to leverage innovative technology to set new industry standards and better deliver for our customers.”

Availability

• Retail Operations and Retail Service Management are generally available to all customers in the ServiceNow Store today.
• Now Assist for TMT, Now Assist for FSO, and Now Assist for PSDS are available to all customers in the ServiceNow Store today.
• Now Assist is generally available in ServiceNow's US Government Community Cloud (GCC).

Additional Information

• Read about additional news from ServiceNow today:
  • ServiceNow bolstered its Now Assist GenAI portfolio and added new AI innovations to enhance productivity and employee collaboration.
  • ServiceNow announced its vision to integrate Agentic AI into the ServiceNow platform to power 24/7 productivity at massive scale with AI agents.
  • ServiceNow unveiled new data enhancement capabilities to unlock value with ultra-scale and performance.
  • ServiceNow released additional capabilities designed to boost collaboration and efficiency for developers, IT teams, and employees.

About ServiceNow

ServiceNow (NYSE: NOW) is putting AI to work for people. We move with the pace of innovation to help customers transform organizations across every industry while upholding a trustworthy, human centered approach to deploying our products and services at scale. Our AI platform for business transformation connects people, processes, data, and devices to increase productivity and maximize business outcomes. For more information, visit: www.servicenow.com.

Forward Looking Statements

This press release contains “forward looking statements” about the expectations, beliefs, plans, and intentions relating to its innovations announced with the Now Platform Xanadu release. Such statements include statements regarding future product capabilities and offerings and expected benefits to ServiceNow. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, ServiceNow’s results could differ materially from the results expressed or implied by the forward-looking statements made. ServiceNow undertakes no obligation, and does not intend, to update the forward-looking statements. Factors that may cause actual results to differ materially from those in any forward-looking statements include: (i) delays and unexpected difficulties and expenses in executing the product capabilities and offerings, (ii) changes in the regulatory landscape related to AI and (iii) uncertainty as to whether sales will justify the investments in the product capabilities and offerings. Further information on factors that could affect ServiceNow’s financial and other results is included in the filings ServiceNow makes with the Securities and Exchange Commission from time to time.

© 2024 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, Now, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries. Other company names, product names, and logos may be trademarks of the respective companies with which they are associated.

¹ Forrester, The Future of the Digital Store, October 24 2023

View source version on businesswire.com: https://www.businesswire.com/news/home/20240910284599/en/

Theresa Ianni

216-544-681

press@servicenow.com

Source: ServiceNow

FAQ

What new AI capabilities did ServiceNow (NOW) announce in its Xanadu release?

ServiceNow announced AI-powered industry solutions including Now Assist for Banking, Retail Operations and Retail Service Management, Now Assist for Telecom, Media, and Technology, Now Assist for Financial Services Operations, and Now Assist for Public Sector Digital Services.

How does Now Assist for Banking integrate with Visa in ServiceNow's (NOW) Xanadu release?

Now Assist for Banking integrates with ServiceNow Disputes Management, Built with Visa, to provide GenAI-powered dispute resolution, aiming to drive productivity and boost customer loyalty through faster card service resumption.

What are the new retail solutions introduced by ServiceNow (NOW) in the Xanadu release?

ServiceNow introduced Retail Operations and Retail Service Management solutions, which unify a retailer's ecosystem to deliver consistent experiences across all channels and in-store, empowering frontline managers and store associates to handle day-to-day tasks more efficiently.

How does Now Assist for Public Sector Digital Services (PSDS) improve government services in ServiceNow's (NOW) latest release?

Now Assist for PSDS helps government employees quickly understand and process complex cases related to critical services like nutrition assistance, housing, and medical care. It provides AI-generated case summaries, enabling informed decision-making and timely assistance to constituents and businesses.