Markets are like parties.
They often start small, among a select group of invitees, struggling to gain wider attraction. But they eventually grow and take on a life of their own as other folks see all the fun being had and want to be a part of it all. FOMO sets in, which spurs the rush of the masses.
While history may not repeat itself, it does rhyme. In 1848, John Marshall spied shiny metal in the trailrace at Sutter’s Mill, sparking the California Gold Rush. Three hundred thousand people quickly followed. In 1956, William Shockley opened Shockley Semiconductor Laboratory, heralding the imminent digital gold rush of Silicon Valley, which continues to this day and is the origin of the $1.3 trillion digital transformation market.
In the poetry that is Enterprise SaaS Category Creation, the latest verse may have just been uttered by ServiceNow (NYSE: NOW), a global IT service management vendor that has done a phenomenal job bringing ITIL principles to large enterprises around the globe. At ServiceNow’s annual conference, Knowledge18, the company acknowledged that all companies are going through digital transformation in order to maintain market relevance. They also emphasized the need for a platform to improve a company’s ability to handle unstructured work, which by some accounts represents 60% of the work performed today.
This is poetry to my ears.
We at Workfront have been at the forefront of this movement. For the last several years we’ve had a front row seat watching thousands of enterprises around the world use Workfront as their application platform for Modern Work Management. We’ve seen that the modern enterprise needs a new, modern way to manage work in order to compete and thrive in the 21st century.
We have been fortunate to work with visionary enterprises that identified a need for a new way of working, and used new technology to coordinate all critical knowledge work, automate workflows, and connect work to teams and systems throughout the organization. In essence, these companies saw a gap in the key systems of their business. They had Systems of Record for IT, HR, Sales, and Finance, but where was their Operational System of Record? Where was their core system of record for the work the business performed to achieve their goals?
With Workfront, thousands of enterprises have now created an Operational System of Record for the unstructured work they do. This has been key for them in succeeding with digital transformation. Whether it’s centralizing projects for visibility, increasing the velocity of digital work processes, or managing the risk out of compliance workflows, Workfront customers have reaped the benefits of efficiency into competitive advantage in their own marketplaces by working better, smarter, and faster.
These visionary companies have also told us they have a clear point of view on how they use a system like ServiceNow in conjunction with a Modern Work Management platform like Workfront. Two weeks ago we hosted our largest-ever customer meeting, a sold out LEAP 2018 where we announced Workfront Fusion, a powerful integration platform that lets work flow freely across systems and teams. As part of the announcement, we asked our customers to map out their most important integrations. Highest on the list? ServiceNow.
Let’s face it: the modern enterprise is disconnected. People, data, and critical work reside in siloes. Too many processes are manual. Yet leadership has to digitally transform their organizations to grow revenues, eliminate costs, and create new experiences for customers.
Accomplishing this requires a next-gen operating model made possible by a modern work management platform. In other words, for enterprises to change what they can achieve, they first have to change how they achieve. They have to change how they work. And they need a modern work management platform that is smart, connected, and agile.
We at Workfront have loudly beat the drum of digital transformation requiring modern work management, but it has often been a beat we have drummed alone.
That is why I am so excited to hear ServiceNow’s ode to digital transformation and modern work. It is gratifying to see such a respected firm proclaim a vision we have been advocating, a vision that will change every aspect about how we work.
I see this as great news for us and for the market. And I look forward to working with ServiceNow to transform how the world gets work done.
The party is gathering. Soon, FOMO will set in and everyone will be crashing through the door to be a part of it all.
So, to ServiceNow, and other companies who catch the vision, I say, “Welcome to the party!”
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