The AI investment boom won't last forever, Goldman Sachs chief economist Jan Hatzius warns

On September 9, 2026, at the Goldman Sachs Communacopia + Technology Conference, ServiceNow CEO Bill McDermott emphasized the company's deepening focus on enterprise AI, security operations, and workflow automation. McDermott highlighted ServiceNow's growing share as customers seek integrated platforms amid challenges posed by custom AI projects and fragmented software.

The company's platform now manages 100 billion workflows and 8 trillion transactions, forming the foundation of its enterprise AI advantage. AI revenue has risen nine-fold over nine months, while CRM revenue doubled year-over-year, with annual contract value exceeding $2 billion. Security operations, now generating over $1 billion in annual revenue, aims to become the world's leading enterprise security company.

McDermott emphasized that ServiceNow's main advantage lies in its configuration management database and workflow engine, which understand work movement across enterprises, not just through APIs. The platform tracks "all the people, places, and things" in the enterprise, supporting 100 billion workflows and 8 trillion transactions across global economies.

ServiceNow's platform connects to various data sources, including Snowflake, Databricks, hyperscalers, and proprietary systems, without physical data movement through a zero-copy data fabric layer. The company also has engineering partnerships with major hyperscalers and frontier model providers.

McDermott warned that custom "vibe-coded" AI systems can cost 5 to 10 times more than using a proven enterprise platform due to integration and security demands. He contrasted this with ServiceNow's ability to manage workflows securely and audited.

Revenue growth across various business lines was highlighted, with AI revenue increasing nine-fold over nine months, CRM revenue doubling year-over-year, and non-seat-based contracts accounting for more than 50% of net new revenue. Internal AI agents have created about $1 billion in value accretion, and customers could see a 4.5x increase in revenue per original seat over a contract's life.

The company's security operations business already exceeds $1 billion in annual revenue, making it the fastest-growing enterprise security company globally. ServiceNow aims to reach No. 1, with the average enterprise currently using 47 different security tools, leading to fragmentation. The company's acquisitions, such as Armis, Veza, and Moveworks, are aimed at completing its security stack.

McDermott cited several customer examples, including Robinhood, Rossmann, Starbucks, and 3M, demonstrating how ServiceNow's platform can automate work, improve service, and increase customer satisfaction, employee efficiency, and overall business growth.