Service Today (NOW – Free Report), in collaboration with Qualtrics International (XM – Free Reports), recently announced the launch of a new app to help improve employee and customer experiences. The new Qualtrics Embedded Insights app is available in the ServiceNow Store and gives IT and customer service agents a unified view of employee and customer experience and operational data.
Qualtrics and ServiceNow designed this new app to address the technology gaps experienced specifically by IT and customer service personnel while providing services to customers.
According to research released by Qualtrics and ServiceNow with a sample size of more than 1000 IT professionals in different companies, the duo came to the conclusion that four out of five (81%) IT professionals waste more than 10 % of their working days in the operational process. and technological inefficiencies, which in turn reduce their efficiency.
In line with the aforementioned research, ServiceNow and Qualtrics also studied another sample of 3000 customers, which revealed that more than 69% of customers need to switch between two to three channels of communication modes such as live chat, phone, or in person to resolve the issue.
In a competitive work environment, employee incompetence and customer dissatisfaction can negatively affect employee and customer retention. This, in turn, will hinder top-line growth.
To address this issue, Qualtrics Embedded is designed to provide pre-built configurations, allowing organizations to view their experience data about how customers feel about their services, operational data about how many cases have been resolved, and how long a unified view via ServiceNow Workspace.
The new app helps IT and customer service teams identify opportunities where they can automate routine tasks, thus enhancing their work efficiency as it helps them focus on providing more complex personalized service.
The recent launch of the ServiceNow and Qualtrics app highlights ServiceNow’s strategic business model to build a strong partner ecosystem and provide services to a variety of customers around the world. This is expected to help ServiceNow accelerate subscription revenue growth.
ServiceNow Invests in Building a Strong Partner Ecosystem
ServiceNow is grappling with inflation, unfavorable forex and a challenging macro-economic environment.
Tight competition in the IT service, non-ITSM and cloud services markets remains a headwind and is expected to hurt nearby prospects.
This has affected the share price movement negatively. Shares of ServiceNow fell 25.2% in the year-to-date period, compared to Zacks Computers-IT Services industry and the Zacks Computer and Technology sector falling 29.5% and 29.9%, respectively.
However, current geopolitical threats such as the Russia-Ukraine war have resulted in a need for cloud-based platform services, specifically cyber security.
As such, the challenges have highlighted the importance of investing in digital businesses, and ServiceNow expects that the challenges will particularly impact the global cloud market.
ServiceNow is expanding its market share in the global cloud market through its investments in building its partner ecosystem.
Consequently, the company’s cooperation with Wipro Limited (WISDOM OF MIND – Free Report) is expected to drive long -term growth.
Wipro has delivered hundreds of client projects across all ServiceNow IT, Employee and Customer workflows, which have assisted ServiceNow in expanding into non-ITSM markets such as human resource and security solutions by launching new products and services.
Collaborating with Barclays (BCS – Free Reports) are also noteworthy. Barclays is helping ServiceNow expand operations in countries under the European Union.
Barclays is partnering with ServiceNow to automate cross-agency management while complying with EU data privacy requirements.
The current market situation will help ServiceNow improve demand for its services and help increase its revenues. This will affect shareholders ’wealth positively in the long run and makes it worth keeping in your portfolio.
ServiceNow currently has Zacks Rank #3 (Hold). You see the complete list of Zacks #1 Rank (Strong Buy) stocks is now here.
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