EY aims to expand its ServiceNow practice to $1 billion business
EY US has announced an expansion of its strategic relationship with digital workflow provider ServiceNow, with plans to grow its ServiceNow practice to $1 billion by 2025.
The Big Four accountancy and ServiceNow will invest in and develop new offerings that streamline enterprise operations, with a focus on “emerging challenges in finance and tax services,” according to a release from EY.
“As the breadth and depth of the relationship between the EY organization and ServiceNow continues to increase, we could not be more excited about the new opportunities this expanded collaboration will present," said Carmine Di Sibio, EY Global chairman and CEO. "Together, we will make great strides in automation, efficiency, and helping ensure both EY and ServiceNow clients and people have a frictionless technology experience.”
ServiceNow’s software helps organizations improve business processes to do work more effectively and efficiently. The company is the largest player in the IT service management (ITSM) tools market, which supports activities involved in building, delivering, and supporting the lifecycle of IT services. According to a Gartner 2020 report, ServiceNow accounted for more than half of the ITSM market.
Fortune Business Insights projects that the global ITSM market will grow by 18.2% CAGR between 2020 and 2027 to reach a value of $15.64 billion.
“Leaders in every industry recognize their technology architecture is their business architecture. The EY organization’s deep functional and industry vertical experience will help accelerate adoption of the ServiceNow platform,” said Bill McDermott, CEO of ServiceNow. “Together we will deliver substantial value to customers as they digitally innovate their businesses to capitalize on the biggest market opportunity ever.”
The pair's expanded relationship will focus on helping clients automate internal tax and finance processes as companies face increasing challenges from the new world of work, anticipated tax reform, and the explosion of data. Clients will be able to benefit from streamlined reporting, documenting, and approval processes.
EY and ServiceNow will also deliver offerings addressing operational technology, HR service delivery, risk management, risk and compliance, and business services.
