ServiceNow (NOW) Upgrades Its Now Platform With Hyperautomation
ServiceNow NOW has recently announced its Now Platform San Diego release. The latest NOW platform has been upgraded with a new visual design and robotic process automation, which will provide hyperautomation to companies.
The platform boasts of features like Next Experience, which provides a modern visual design, component library and new typography, all the while simplifying usability for end users. It also helps end users by using machine learning to assign tasks and recommend the best course of action to them.
Next Step achieves this by providing users with 25 purpose-built workplaces like the CSM Configurable Workspace, Dispatcher Workspace, HR Agent Workspace, Cloud Operations Workspace, Service Operations Workspace and Hardware Asset Manager Workspace. This helps different teams to work in coalition and efficiently respond to requests or issues.
One of the most notable workspace experiences created by the new Now platform is the Service operations workspace, which will collaborate the IT service management team and the IT operations management team into one application.
ServiceNow, Inc. Price and Consensus
ServiceNow, Inc. price-consensus-chart | ServiceNow, Inc. Quote
NOW’s Latest Platform Upgrade Expected to Attract New Customers
Now platform is the foundation of the company’s cloud-based services. The recent upgrades will allow the Now platform to cater to a diversified customer base and expand its footprint beyond IT.
The company is rapidly expanding into non-ITSM markets like human resource and security solutions by launching new products and services, and seamlessly collaborating them in the NOW platform.
The latest offerings are helping ServiceNow to attract customers like British Telecom to address the needs of its customers.
The latest Now platform will help British Telecom to accelerate the delivery of new services from 36 weeks to three.
Another contributing factor to the growth of NOW’s customer base is the launch of new products, which is helping the company expand its portfolio. Given the company’s expanding product portfolio (including emerging products like Incident Response), its multi-product customer base is expected to broaden with a strong renewal rate.
Subscription revenues, as a result of the expanding portfolio, are expected to increase from an estimated $5.5 billion to more than $10 billion in 2024 and to $15 billion by 2026. ServiceNow expects more than 2000 customers with annualized contract value of more than $1 million by 2024.
Zacks Rank and Stocks to Consider
ServiceNow currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ServiceNow shares have fallen 12.5% in the year-to-date period, compared with the Zacks Computers - IT Services industry and the Computer and Technology sector’s declines of 15.2% and 12.4%, respectively.
Here are a few better-ranked stocks worth considering in the broader Computer and Technology Sector.
Advanced Micro Devices AMD currently sports a Zacks Rank #1 (Strong Buy).
In the year-to-date period, AMD’s shares have fallen 20.8% compared with the Zacks Electronics - Semiconductors’ decline of 12.3%.
ASGN ASGN carries a Zacks Rank #2 (Buy).
ASGN shares have fallen 7% in the year-to-date period, outperforming the Zacks Computers - IT Services industry decline of 15.2%, respectively.
CDW CDW carries a Zacks Rank #2 (Buy).
CDW shares have fallen 14.8% in the year-to-date period, outperforming the Zacks Computers - IT Services industry decline of 15.2%, respectively.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Advanced Micro Devices, Inc. (AMD) : Free Stock Analysis Report
ASGN Incorporated (ASGN) : Free Stock Analysis Report
ServiceNow, Inc. (NOW) : Free Stock Analysis Report
CDW Corporation (CDW) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
