ServiceNow recently joined forces with the City of Reno and NewRocket to introduce DROPS (Direct Resource Outreach & Placement Service), an advanced mobile application set to revolutionize outreach endeavors aimed at assisting unsheltered individuals.
The DROPS app is equipped with profile collection features for demographic insights, encounter and journey tracking functionalities for detailed case histories, case and task management tools for efficient service delivery, and robust reporting and analytics capabilities leveraging ServiceNow’s AI prowess.
By utilizing ServiceNow’s AI capabilities, DROPS converts outreach data into actionable insights, thereby amplifying decision-making processes and enabling tailored support for Reno’s unsheltered population.
Empowered by Strong Partnerships
The recent collaboration aligns with ServiceNow’s overarching goal of leveraging technology to drive social change, augmenting outreach initiatives through the innovative DROPS mobile application tailored for aiding unsheltered individuals.
Expansive Portfolio Propels NOW’s Growth Trajectory
ServiceNow’s continual expansion of its portfolio stands out as a pivotal growth driver for the company’s future prospects. In May, ServiceNow unveiled new AI-driven capabilities to elevate employee experiences, supercharge talent development, and optimize in-person work processes.
Through its advanced AI-powered portfolio, ServiceNow is rapidly expanding its client base. By the end of the first quarter of 2024, NOW boasted a total of 1933 customers with an annual contract value surpassing $1 million.
The company’s robust AI capabilities are further bolstered by a solid partner network comprising industry giants such as Microsoft, NVIDIA, IBM, and Equinix, all working collaboratively to enhance ServiceNow’s AI offerings.
In a strategic move in May, ServiceNow deepened its partnership with Microsoft by integrating ServiceNow Now Assist and Microsoft Copilot to enrich enterprise productivity with seamless AI-driven experiences across platforms like Microsoft Teams and ServiceNow workflows.
Moreover, ServiceNow introduced AI avatars powered by NVIDIA’s Avatar Cloud Engine, enhancing user interactions through lifelike digital characters and advancing workflow engagements.
Additionally, a collaboration with IBM saw the integration of IBM Watson into ServiceNow’s Now Platform, enhancing GenAI capabilities to drive enterprise productivity and workflow efficiency.
Driving Growth Amid Challenges
The year-to-date stock performance of ServiceNow, with a growth of 39.7%, slightly lags behind the 40.7% rise of the Zacks Computer & Technology sector. This underperformance is primarily attributed to challenging macroeconomic conditions, including prolonged deal closure times due to persistent inflation.
Nevertheless, ServiceNow’s robust portfolio and expanding AI capabilities are poised to attract more customers and fuel top-line growth in the future.
Reporting revenues of $2.60 billion, reflecting a 24.2% increase year-over-year, ServiceNow continues to exhibit strong growth. At constant currency rates, the revenue surge stood at 24% year over year, reaching $2.597 billion.
The Zacks Consensus Estimate for ServiceNow’s second-quarter 2024 revenues sits at $2.61 billion, indicating a substantial 21.22% year-over-year growth. Earnings estimates remain steady at $2.85 per share.