ServiceNow has launched a recent version of its low-code platform designed to enhance workflow productivity and offer new automation tools for strengthening security and governance. This update also integrates comprehensive solutions for automating crucial healthcare, finance, and talent transformation functions. This latest release allows organizations to streamline operations, improve efficiency, and drive innovation. Using the advanced automation features, businesses can effectively scale their digital transformation initiatives and adapt to the ever-evolving global landscape.
Embracing Generative AI Technology
CJ Desai, president and chief operating officer at ServiceNow, stated that the Vancouver release expands platform capabilities by incorporating generative AI across workflows, increasing efficiency, and delivering innovative solutions to customers. With the integration of generative AI technology, ServiceNow aims to transform business processes and enable organizations to simplify complex tasks effortlessly. This development marks a crucial milestone in their pledge to promote digital innovation and deliver outstanding user experiences for their clientele.
Refining the Now Assist Suite
The company concentrates on enhancing the Now Assist suite of solutions tailored to ITSM (IT service management), CSM (customer service management), HRSD (human resource service delivery), and Creators. ServiceNow employs its proprietary domain-specific large language models (LLMs) to support these functions, allowing users to incorporate general-purpose OpenAI LLMs or the company’s specialized models. Additionally, these LLMs guarantee optimal platform performance, improved task automation, and seamless workflow management across different sectors. By providing a variety of customizable language models, ServiceNow empowers businesses to optimize their processes and deliver exceptional user experiences tailored to their distinctive needs.
AI Integration for ITSM, CSM, and HRSD Solutions
Now Assist for ITSM and CSM offers users summaries of incident histories, cases, and chats for faster problem resolution. The HRSD-focused solution employs generative AI and automation for previously manual tasks, such as providing employee leave information, addressing payroll discrepancies, and processing document modifications. This AI technology integration aims to streamline HR processes and boost productivity by reducing the time and effort spent on routine tasks. Consequently, HR professionals can concentrate on more strategic objectives, improving overall employee satisfaction and driving business growth.
Text-to-Code for Creator-Centered Features
Advantages of Domain-Specific LLMs
Jon Sigler, Senior Vice President for the Now Platform, emphasized the benefits of domain-specific LLMs, as they offer enhanced, faster, safer, and more cost-effective outcomes. By customizing solutions to specific industries and their unique requirements, domain-specific LLMs facilitate seamless integration and ease of use with existing systems. This approach promotes rapid adoption and improved productivity, empowering organizations to drive innovation and maintain a competitive edge in their respective markets.
Potential Impact of Generative AI on Workplace Efficiency
ServiceNow reported 30-40% time savings in initial tests with employees and selected clients when using generative AI solutions for repetitive tasks such as content production or case updates. Therefore, the integration of generative AI into ServiceNow’s platform could considerably enhance workplace efficiency and lower manual effort in managing recurring tasks. This increase in productivity might result in an improved customer experience and higher employee satisfaction rates across various industries.
Caution Advised in Interpreting Early Results
However, Amy Lokey, the company’s SVP of product experience, warned that these results are preliminary for an emerging technology. It is essential to approach these findings with cautious optimism, as many factors could potentially affect the development and implementation of the technology. As progress continues, both companies and researchers must closely monitor advancements and potential obstacles to ensure the technology can achieve its full potential in revolutionizing different industries.
ServiceNow’s Commitment to Increased Productivity and Lower Costs
ServiceNow aims to build upon these features to boost productivity and reduce costs. By streamlining processes and enhancing user experiences, ServiceNow aims to create a more efficient working environment for businesses. This approach will result in significant time savings and cost reductions, further reinforcing their commitment to the growth and success of their clients.
What is the latest Now Platform update?
The latest Now Platform update is ServiceNow Vancouver, a low-code platform designed to enhance productivity in workflows, offer new automation tools for security and governance, and provide solutions for automating crucial functions in healthcare, finance, and talent transformation. The platform aims to help organizations streamline operations, improve efficiency, and drive innovation.
What is generative AI, and how is it implemented in the Now Platform?
Generative AI is artificial intelligence that focuses on creating new content or ideas, automating processes, and increasing efficiency. The Now Platform incorporates generative AI across workflows to enable organizations to simplify complex tasks and deliver innovative solutions for their clientele. The integration of generative AI technology marks a pivotal milestone in ServiceNow’s commitment to digital innovation and exceptional user experiences.
What is the Now Assist suite?
The Now Assist suite is a collection of solutions designed to improve IT service management (ITSM), customer service management (CSM), human resource service delivery (HRSD), and Creators. ServiceNow employs domain-specific large language models (LLMs) to support these functions and guarantee optimal performance, improved task automation, and seamless workflow management across various sectors.
How does AI integration benefit ITSM, CSM, and HRSD solutions?
Now Assist for ITSM and CSM provides users with summaries of incident histories, cases, and chats to enable faster problem resolution. In addition, the HRSD-focused solution uses generative AI and automation to streamline HR processes, reduce the time and effort spent on manual tasks, and help HR professionals focus on more strategic objectives, improving overall employee satisfaction and driving business growth.
What is text-to-code, and how does it enhance the Creator experience?
What are the advantages of domain-specific LLMs?
Domain-specific LLMs offer enhanced, faster, safer, and more cost-effective outcomes by customizing solutions for specific industries and their unique requirements. This approach enables seamless integration with existing systems, easier implementation, faster adoption, and improved productivity, empowering organizations to drive innovation and maintain a competitive edge in their respective markets.
What is the potential impact of generative AI on workplace efficiency?
ServiceNow reported 30-40% time savings in initial tests with generative AI solutions for repetitive tasks such as content production or case updates. With the integration of this technology, ServiceNow could significantly enhance workplace efficiency, lower manual effort, and improve customer experience and employee satisfaction across various industries.
Should we be cautious about the early results of generative AI implementation?
Yes, it is essential to approach any early results with cautious optimism, as many factors could potentially affect the development and implementation of generative AI technology. Companies and researchers must continuously monitor advancements and potential obstacles to ensure the technology can achieve its full potential in revolutionizing different industries.
What is ServiceNow’s commitment to increased productivity and lower costs?
ServiceNow’s ultimate goal is to build upon the latest features to boost productivity, reduce costs, streamline processes, and enhance user experiences. By creating a more efficient working environment and achieving significant time savings and cost reductions, ServiceNow reinforces its commitment to the growth and success of its clients.
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Fintech Kennek raises $12.5M seed round to digitize lending
London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.
According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.
The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:
“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”
The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:
“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”
The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.
The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.
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Fortune 500’s race for generative AI breakthroughs
As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.
Goldman Sachs’ Cautious Approach to Implementing Generative AI
In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.
According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.
One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.
To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.
Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.
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UK seizes web3 opportunity simplifying crypto regulations
As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.
Streamlining Cryptocurrency Regulations for Innovation
To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.
The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.
Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.
The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.
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