The News: ServiceNow recently announced an agreement to acquire G2K the artificial intelligence or AI-powered platform G2K with a view toward transforming retail and other industries. With the acquisition, ServiceNow plans to develop an AI-powered end-to-end workflow solution within the Now Platform, utilizing G2K’s AI technology for the retail industry. Read more from ServiceNow.
ServiceNow Expands Its AI Capabilities with G2K Acquisition: Redefining Retail and Beyond
Analyst Take: In today’s competitive retail environment, it has become mission-critical for companies to make better and faster data-driven decisions. Data-driven decision-making in retail can improve customer experience and sentiment, while also strengthening the organization’s bottom line. For many organizations, accessing and analyzing large, complex data sets is no easy feat, and in today’s increasingly digitized world, organizations are gathering vast quantities of data, yet many are struggling on how to act on the data.
That’s why ServiceNow’s acquisition of the artificial intelligence or AI-powered platform G2K in order to develop an AI-powered end-to-end workflow solution within the Now platform using G2K’s AI technology for the retail industry is such a big announcement. ServiceNow plans to add G2K’s smart IoT technology to the Now Platform, enabling businesses to intelligently act on their digital and in‑store data with enterprise‑grade workflows. While initially ServiceNow will focus on the retail industry, the workflow solution will have the flexibility to apply to other industries such as transportation, healthcare, entertainment, and manufacturing in the future.
G2K’s technology gives retailers the ability to connect real-time data across storefronts and other physical spaces using AI to translate that data into insights to help organizations make data-driven decisions. G2K technology can:
- Help businesses plan inventory based on demand
- Improve on-site customer experiences
- Address in-store maintenance or other mechanical issues
- Increase employee productivity
By integrating G2K’s end-to-end physical capabilities within the Now Platform, ServiceNow becomes one of the only leading companies providing enterprise-grade retail workflows, enabling businesses to seamlessly bridge the physical world into a digital workflow platform.
AI point solutions will help reshape retail experiences — for customers and retail employees, and a connected vision that is all about simplicity and efficiency should be compelling.
As evidenced with the recent acquisitions of Hitch Works and Element AI, and now G2K, ServiceNow is committed to bring additional layers of AI-driven value to its customers. ServiceNow expects to close the acquisition of G2K in Q3 2023 subject to the completion of regulatory review. Financial terms of the deal were not disclosed.
Wrapping up, this acquisition will allow ServiceNow to integrate G2K’s AI capabilities into its existing Now platform, enabling customers to leverage advanced automation and decision-making tools. This will enable them to make business decisions that are based on data giving them a competitive edge in the retail industry. The acquisition continues ServiceNow’s commitment to AI-driven value for its customers.
Disclosure: The Futurum Group is a research and advisory firm that engages or has engaged in research, analysis, and advisory services with many technology companies, including those mentioned in this article. The author does not hold any equity positions with any company mentioned in this article.
Analysis and opinions expressed herein are specific to the analyst individually and data and other information that might have been provided for validation, not those of The Futurum Group as a whole.
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Author Information
Shelly Kramer is a serial entrepreneur with a technology-centric focus. She has worked alongside some of the world’s largest brands to embrace disruption and spur innovation, understand and address the realities of the connected customer, and help navigate the process of digital transformation.
