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C2010-505 - IBM SmartCloud Control Desk V7.5.1 IT Asset Management Implementation - BrainDump Information

Vendor Name : IBM
Exam Code : C2010-505
Exam Name : IBM SmartCloud Control Desk V7.5.1 IT Asset Management Implementation
Questions and Answers : 138 Q & A
Updated On : August 14, 2018
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C2010-505 exam Dumps Source : IBM SmartCloud Control Desk V7.5.1 IT Asset Management Implementation

Test Code : C2010-505
Test Name : IBM SmartCloud Control Desk V7.5.1 IT Asset Management Implementation
Vendor Name : IBM
Q&A : 138 Real Questions

IBM SmartCloud Control Desk

IBM offers New options for business Cloud Shift | Real Questions and Pass4sure dumps

LAS VEGAS€”IBM (NYSE: IBM) has added new software that addresses what massive Blue has identified because the subsequent shift in enterprise cloud adoption.

At its Pulse 2012 conference here, IBM unveiled new SmartCloud solutions in addition to software to lengthen its at ease cloud administration capabilities to cellular contraptions and physical assets. the brand new expertise represents development in the degree of visibility, manage and automation for agencies to safely control and install cloud capabilities, IBM referred to.

"This year at Pulse we placed a huge center of attention on the place our shoppers are impulsively heading€”the convergence of the cloud with the proliferation of mobile," pointed out Scott Hebner, vice chairman of advertising at IBM Tivoli, speaking at an event asserting IBM's new offerings. Hebner introduced that once he speaks of "cell" he is not simply speaking about laptops, drugs and smartphones, but TVs and embedded methods in vehicles, trains, planes and different areas.

"Mobility is the right driver of cloud computing," Hebner pointed out. "it's a simple charge remark; or not it's about reducing charge. And speed of delivery is the subsequent part of the cloud€”the velocity with which that you would be able to get out new products and features."

"Cloud computing and mobility are forcing huge trade," pointed out Jamie Thomas, vice chairman of approach and development at IBM Tivoli. Cloud and cellular, together with smarter actual infrastructures and security, are key riding factors of a simple transformation of IT, Thomas spoke of. "safety is the glue that makes it possible for us to create a pretty good Smarter Planet answer," she added.

Hebner referred to a contemporary IBM Institute for enterprise value study that found that 90 p.c of organizations predict to undertake or extensively installation a cloud mannequin in the next three years. As corporations take the subsequent step beyond virtualized records centers and expand their cloud environments, they're faced with what has turn into referred to as "digital photograph sprawl," in keeping with the analyze.

virtual photographs are customarily between 5 to 20 gigabytes in measurement. Multiply that through the heaps of virtual photos created nowadays, with bigger agencies having 5,000 to twenty,000 digital machines€”making it expensive and challenging for IT managers who are tasked with enhancing provider stages.

"virtual photos are tripling each two years, outpacing the doubling in compute power and virtually flat IT budgets," said Daniel Sabbah, everyday supervisor of IBM Tivoli software, in a statement. "With current working practices, each two years, you would want 1.5 times the actual infrastructure to guide cloud and twice the labor. it really is an unsustainable cost and management difficulty which is the actual contrary of the promise of cloud. we are delivering a plenty bigger level of handle over cloud service beginning enabling our shoppers to without delay, with ease and affordably stream to higher tiers of value past virtualization."

IBM talked about businesses should exert the same control over the virtualized, allotted world as they would exert over prior fashions of IT. IBM's new choices address these considerations. the new IBM SmartCloud control Desk offers companies with the potential to preserve configuration integrity in accordance with planned alterations and unplanned incidents and complications happening throughout a posh IT landscape to be certain continuity of carrier, pace of response and effectivity of management.

"The IBM SmartCloud manage Desk is to control and manage the proliferation of cloud capabilities throughout you commercial enterprise," Hebner referred to. "It helps manage a publish-deployment ambiance of cloud capabilities."

here's Who Made Gartner's 2015 conclusion-user Outsourcing Magic Quadrant | Real Questions and Pass4sure dumps


Strengths: The company's SmartCloud control Desk offering turned into praised via Gartner as a robust product with superior features. The file additionally commended IBM for its flexible birth mannequin that enables customers to make a choice from software-as-a-service or on-premise start. large Blue additionally entered into a world partnership with Apple for commercial enterprise cellular options, bolstering its MobileFirst Platform.

Cautions: On the downside, Gartner reviews that IBM's cognitive computing application, Watson, has yet to be deployed to cut back desk charges with automation. additionally, probably the most enterprise's smaller shoppers suggested shying away from enterprise with the supplier as a result of they wish to be a valued consumer to their solution issuer accomplice.

ServiceNow: Decelerating increase, restrained Market dimension factor To significant downside | Real Questions and Pass4sure dumps

We consider that ServiceNow, Inc. (NOW or the "company") is extremely overrated. The company become taken public previous this year at $18/share and has due to the fact ridden the cloud computing wave to a cost of $30/share, implying a watch-popping 18.3x 2012E revenue multiple. notwithstanding ServiceNow turns into the market leader and grows its share of the $1.5 billion IT assist Desk market from the latest 10%-15% to 30%, we trust the stock is still value lower than half of its latest buying and selling fee.

Our full report is attainable right here.

we now have spoken to a large number of industry specialists about ServiceNow and the IT carrier administration ("ITSM") sector, and our research suggests that ServiceNow does not have a sustainable competitive expertise over its a lot of public and private peers. The enterprise has turn into a sufferer of its personal success by using helping to impress a prior to now dormant business to fast innovation. NOW doesn't present a special expertise; fairly, it simply brought the SaaS business model to a sector the place sluggish-relocating incumbents had frustrated certain segments of their consumer base via cumbersome upgrades and lumpy up-entrance prices. Its adoption of a SaaS answer, mixed with an aggressive salesforce, helped NOW gain market share at the price of larger avid gamers.

today, besides the fact that children, the aggressive panorama has modified, with both incumbents and a slew of new upstarts that includes SaaS choices akin to now's products, and many at lower rate points. The outcomes has been predictable: now's once enviable increase is hastily decelerating. the primary signals of this grew to be obvious when the company said its third quarter profits, when NOW declined 12% after reporting slowing growth within the third quarter and projecting further decelerating boom in the upcoming quarter.

Given ServiceNow's absurd $4.7 billion market capitalization, when compared to $239m of projected 2012 salary, we feel now is share fee is positioned to crumple. The market is regularly digesting the company's decelerating growth tendencies, and as now could be December lockup expiration approaches, we consider the market will ship the stock materially decrease.

below are key the reason why now is share cost should still plummet:

  • now's decelerating increase prices in Q3 and Q4E are handiest the starting. now's market share good points haven't been driven by using know-how, patents or improved R&D; reasonably, they are the feature of ServiceNow providing a SaaS ITSM help desk solution for shoppers who had been dissatisfied with the incumbents' on-premise choices due to cumbersome improvements, unpredictable prices, and a lack of customization flexibility. while that helped NOW gain initial momentum, the marketplace is meaningfully changing, with almost all players introducing SaaS choices. BMC application (NASDAQ:BMC) is immediately expanding its RemedyForce section and has introduced the person-pleasant MyIT offering. HP (NYSE:HPQ) has transformed its assist desk product with the release of provider anyplace, a SaaS-based ITSM upgrade designed for what it calls "codeless configuration." Smaller avid gamers like Cherwell application, EasyVista, and Hornbill are offering competitive SaaS solutions that are winning business and gaining share. The extended competition should drive now is standard boom cost as well as in the reduction of market pricing, rendering ServiceNow's old boom quotes unsustainable. eventually, the low-placing fruit when it comes to consumer wins is all of a sudden drying up. now is prior customer wins have been fueled by using pissed off shoppers who had no qualms about switching from on-premise to SaaS; future wins will need to come from purchasers who might also now not be as aggravated with BMC's or HP's on-premise choices or, for small- and mid-sized companies, may also choose an easier out-of-the-container solution from Cherwell, Hornbill, EasyVista, or other deepest opponents.
  • The normal ITSM market dimension is only $1.5 billion, below one-third of now's $four.7 billion market capitalization. main technology analysis company Gartner estimates that the IT provider administration market chance is $1.5 billion, and is growing to be at a modest 7% per yr. in addition, Gartner's analysis predicts that best 50% of IT companies will circulate to SaaS via 2015, implying that the overall market probability for now is ITSM company is below $1 billion. Given emerging competitors from other SaaS ITSM carrier suppliers, we trust that the business will have a difficult time exceeding 30% market share. At $207m of LTM earnings, NOW seems to already manage 10% to fifteen% of the market. So despite the fact that now could be market share rises to 30%, which we don't see going on until 2014 on the earliest, now is ITSM business should be producing less than $600m in income with confined additional increase alternatives. The influence of the confined market measurement and lengthening competitors will be pulling down growth over the following few years.
  • We see limited proof that now's producing meaningful company outdoor of its core ITSM assist desk offering. so as to inflate its addressable market dimension, NOW administration claims to have created salary alternatives beyond the IT assist Desk with its Discovery and Runbook Automation items. These modules include additive functionality designed for the Configuration administration and Workload Automation software markets used by means of IT departments. however analysis from Gartner, Citigroup, and our analysis, all point out that ServiceNow's simplistic products have yet to catch greater than a negligible share of either market opportunity. ServiceNow has yet to even make it into the Gartner's Magic Quadrant for Workload Automation or its categorization of Configuration management suppliers, which summarize the main vendors in each self-discipline.
  • ServiceNow's PaaS is unproven and outmatched. now's PaaS providing faces daunting challenges. The product's closed platform and lack of off-the-shelf third-celebration purposes strikes us as too unsuitable to prevail against entrenched structures from the likes of Google (NASDAQ:GOOG), (NYSE:CRM), and Microsoft (NASDAQ:MSFT). ServiceNow's PaaS makes use of a largely closed, "single-tenant" equipment that doesn't easily combine with backyard application functions, limiting its ability to integrate most excellent-of-breed tools that come from backyard the ServiceNow ecosystem. For these factors, we do not believe that PaaS can grow into the category of income driver that could justify now could be lofty valuation. definitely, the closed nature of now is PaaS offering could be an extended-time period shortcoming of now's aid Desk product versus extra open solutions like Remedyforce, which integrates with the platform.
  • ServiceNow's support Desk product has lots of the equal flaws as its legacy rivals', including lengthy implementation times, complexity during software improve cycles, and daunting upfront coding prices. After a lot of calls with shoppers and support Desk specialists, we believe that NOW falls well wanting wholly addressing the industry's pervasive problems. may still a customer require custom-made performance, as many do, it can take 6-eight months (page 38 of the preliminary S-1) and tens of hundreds of greenbacks in implementation charges to get now's equipment up and working. additionally, a 'pure' SaaS providing should have a multi-tenant design, that means that the underlying code is shared with the aid of all users in the cloud. This makes commonplace software updates less demanding and vastly reduces the time and costs required for upfront implementation. And if an commercial enterprise-class client needs a high diploma of customization, then a non-SaaS, hosted gadget like BMC treatment may well be related. For these motives, we consider it's a mistake to assume that the enterprise's boom can continue to be head and shoulders above its hastily evolving competition over the subsequent 1-2 years.
  • Given ServiceNow's confined market measurement, aggressive pressures in the SaaS ITSM sector, unproven PaaS product, and uninspiring know-how when one looks past its extra commoditized ITSM offering, the mathematics at the back of now's valuation with ease does not add up. ServiceNow reported 13% sequential profits boom in Q3 and has projected about 10% sequential salary boom in q4. even if it beats suggestions in this autumn, sequential quarter-over-quarter boom will seemingly decline under 10% in 2013 and possibly beneath 5% by 2014, which suggests annual salary boom of 20% to 30%. The present 18x 2012E income is a preposterous diverse given the slowing growth and numerous company challenges NOW will face.
  • From a technical standpoint, best 11% of now could be float is publicly traded (13.4m of its 123m shares), but that should quickly boost as lockups expire and as its highly dilutive alternative pool (37m; $4.forty eight strike) is exercised. Following an initial IPO price range of most effective $15-$17, NOW shares have in view that traded up to $30 on little or no information (shares moved up 5% after a Q1 2012 earnings beat). We consider this run has been partly brought about via now is 'thin waft' or a 'sliver sale' initial public providing, a practice that even Jim Cramer eviscerates as reckless. ServiceNow sold 13.4m of its 123m standard shares within the June 2012 IPO. through creating a mismatch between supply and demand, these thin floats can artificially power up demand for shares, thereby inflating the share expenses within the hopes that it continues to be at improved tiers during the lock-up length. ServiceNow's final shares had been speculated to be locked-up unless the day after Christmas, but in keeping with a newly filed secondary S-1 (the "Amended S-1"), the business has modified this lock-up and plans to sell 13.4m new shares at an prior date. this can approximately double the public flow. should still the underwriters endeavor their greenshoe, as is standard, NOW will also dilute its latest shareholders with 1.9m new shares. The last 10.0m shares (or 11.5m shares if the greenshoe is exercised) are being sold with the aid of now's assignment capital buyers. NOW additionally has an highly dilutive choice pool such as 37m alternatives struck at an average fee of $four.forty eight, making a dilutive impact of 32m shares at the existing share fee. certain fiscal databases, industry press, and even Wall road analysts fully overlook this choice quantity of their valuation calculations.
  • in this article, we are able to address the above concerns in detail and their implications to price.

    I. enterprise Overview

    ServiceNow is a niche enterprise application developer that markets IT carrier administration products under a utility-as-a-carrier ("SaaS") subscription model. The business's lead product is an IT aid Desk software that has been probably the most heavily marketed SaaS product to emerge in an area generally dominated with the aid of hosted utility. With any IT assist Desk software, instead of picking a cell to name the assist desk, an worker can log into a web device to record their IT issue and obtain swift remarks. The IT manager on the other end receives the query, makes the necessary alterations and solves the concern as a part of his or her workflow queue. The business calls this an "incident, difficulty, and change" manner (NOW Q2 name). Our more than dozen calls with consultants have indicated that the support Desk utility house is basically commoditized with a litany of carriers providing identical items. although, incumbents had been initially sluggish to circulate to a SaaS model, which has a number of advantages over hosted utility. This created an opportunity for the fully SaaS-based NOW. The benefits of SaaS encompass automatic software updates, remote entry through the cloud and off-premise database redundancies, amongst others. With that spoke of, hosted application is still essentially the most sensible alternative versus SaaS for the various enterprise-scale agencies that require the most desirable performance and need to hold their software programs on extra secure, in-condo networks. in the case of ServiceNow, customization comes with a value for the reason that shoppers ought to continue JavaScript programmers on their group of workers or rent outdoor consultants to maintain the NOW code database. greater currently introduced competitive SaaS choices have migrated from advanced coding requirements to out-of-the-container, multi-tenant SaaS solutions that offer less demanding upfront implementation.

    For an outline of the ServiceNow software, we indicate that buyers view the enterprise's demo web site and choose for themselves even if this in reality appears like a ~$four.5 billion piece of application. The screenshot beneath is the employee login dashboard from the company's demo web site.

    The chief in the IT carrier administration software company is presently BMC application, a ecocnomic company with a 20+ year music listing and a consumer base of over 50,000. whereas BMC's cure application has historically been bought as hosted utility below a license, BMC has aggressively invested in its SaaS solutions and now has about 475 SaaS purchasers. in the third quarter, BMC introduced 90 SaaS valued clientele, giving it 23% sequential quarter-on-quarter increase and demonstrating the customer purchase-in of its SaaS options. This growth cost become essentially twice that of ServiceNow's client increase over the equal duration (126%). On its most recent income name, BMC discussed that once it bids for "a competitive cope with certainly one of our biggest SaaS competitor[s]," likely a reference to ServiceNow, that "this last quarter we had been at a few 60% win rate" (BMC Q2 F2013 name).

    with the intention to profit market share in the extraordinarily competitive IT assist Desk market, NOW has aggressively multiplied its headcount and hired expensive sales staff. evaluate now could be R&D investments with its income and advertising annual spend. in the closing three fiscal years (12 months-end June thirtieth), ServiceNow said $2.4m, $7.2m and $7.0m in research and development prices (the product become first created in 2005). compare this to $eight.5m, $19.3m and $34.1m of earnings and marketing price over the equal durations. it be apparent that ServiceNow has become a earnings enterprise, no longer a excessive-tech analysis business with a deep technological skills.

    contrary to what glowing analyst reports may lead buyers to trust, ServiceNow's application is not beyond critique. The company's on-line carrier forum is crammed with complaints. Even the trusted analysis neighborhood Gartner states that ServiceNow's "reporting, analytics, and dashboarding capabilities are commonplace" and that "the dealer struggles to steadiness messaging of IT service administration choices versus platform-as-a-service capabilities." As ServiceNow aggressively expands its headcount, it's also beginning to lose inventive employees. In August 2012, Chris Dancy determined to quit ServiceNow to be a part of BMC because the Director in the office of the CTO. Mr. Dancy runs a closely adopted twitter account (@ServiceSphere) and is largely regarded to be at the forefront of social media within the IT assist Desk house. Mr. Dancy joined BMC after seeing cure's MyIT product for the primary time.

    II. An Absurd Valuation at 20x earnings

    Momentum shifts aren't baked into ServiceNow's present valuation, because the business is without problems priced for perfection and the stock should still waver on the slightest hiccup. Even with a hoard of neatly-capitalized rivals, very severe product hazards and cloth growth hurdles, NOW trades at 21x LTM salary. This distinct is greater than even fb (NASDAQ:FB) at its IPO fee. however extra importantly, the enterprise is EBITDA bad yet trades at offensively excessive 2013E and 2014 EBITDA multiples of 196x and 74x, respectively. on the latest cost, we accept as true with that investors are accepting inordinate amounts of chance for a mere 1.four% 2014 EBITDA yield (if NOW meets consensus estimates).

    with the aid of assessment, BMC trades at 2.4x 2012E income and 6.6x 2012E EBITDA. BMC is basically becoming its SaaS customer base more straight away than ServiceNow.

    (1) BMC cited on its FQ2 (Sept 30th length conclusion) call that it delivered "90 new SaaS consumers... [we] at present have approximately 475 SaaS valued clientele"supply: company filings and earnings calls.

    ServiceNow's recent third quarter revenue report proves that now is in fact a slowing enterprise.

    in the SaaS software sector, many analysts believe that billings is a better indicator of boom than profits. Billings, as mentioned with the aid of NOW and others, extra accurately reflects complete upfront sales by means of including the deferred salary of a subscription contract over its lifestyles. ServiceNow's billings have slowed sharply from 23% sequential boom in the second quarter to 13% within the third. The enterprise has not given billings tips for the fourth quarter, however has guided to profits boom of ~10%. despite the fact that NOW modestly beats its fourth quarter estimates, any boom in billings reduce than 13% would point out that now could be earnings increase may still quickly drop beneath 10% sequentially, which is simply too low for a 20x+ LTM earnings diverse.

    The IT aid Desk sector is among the most aggressive sub-segments of the IT carrier management business. ServiceNow competes in a market nonetheless mostly dominated by using industry stalwarts like BMC, HP, CA, and IBM. These market giants present bundled product choices throughout all ITSM and ITOM product verticals, giving them a strong aspect on smaller friends, including NOW, who've greater confined product choices. The market is also populated by way of smaller, deepest SaaS opponents similar to Cherwell utility, EasyVista, and Hornbill. in keeping with a file from Gartner/Citigroup, IT support Desk has a market size of $1.5 billion and is barely growing to be at 7%, a figure that is infrequently satisfactory to justify now's 21x LTM profits diverse. Wall highway estimates predict that NOW can develop its market share from about 10% to fifteen% in 2011 to 35% in 2014 to reach a income estimate of $530 million. Hitting these growth expectations might be extraordinarily difficult since switching fees are high and support Desk performance is largely commoditized throughout aggressive systems.

    NOW ought to develop market share by about 7%/year to reach the road's 2013 income estimates. As a data factor, has simplest been capable of boost its market share of the client Relationship administration application market via about 2-3% per yr, based on statistics from Gartner:

    other than IT help Desk, analysts cite adjacent opportunities in areas such as Configuration administration, Workload Automation, and Asset administration to justify sky-high NOW cost ambitions. Configuration administration ensures that the add-ons of an IT ecosystem (person/application/community/server) are appropriate with one an additional; Workload Automation assigns the order during which 'jobs' or batch techniques run during the mainframe servers; and Asset management is a monetary monitoring tool that itemizes all of an organization's IT 'assets' (e.g. smartphones, laptops, servers, and so forth.). Our analysis suggests that ServiceNow's current suite of adjacent products (Discovery and Runbook Automation) are inferior in comparison to choices from the huge incumbents (IBM, BMC, and others) and that neither product gifts big near-term revenue opportunities. many of these adjoining utility verticals are more technically complex than aid Desk and require a greater depth of product capabilities inside a much broader IT framework. For that purpose, definite providers can distinguish themselves by presenting a full suite of integrated software equipment. This offers an competencies to utility titans like BMC, HP, IBM, Microsoft, and CA who've all established a whole lot bigger beachheads right through the IT suite.

    below is a useful chart examining market share inside the IT Operations management ("ITOM") sector from Citigroup:

    observe that this chart is from 2011; therefore now's eight% market share determine is dated.source: Citigroup July twenty fourth, 2012 analysis record


    now could be promoters argue that NOW can distinguish itself from other SaaS competitors through its single-code platform architecture. ServiceNow's CEO views the platform as a "bug" (Q3 2012 name) it really is at the beginning adopted for its IT assist Desk software and then entices customers to purchase different NOW applications or make the most of now could be professional services so as to add new functionality. We agree with that this closed structure could turn out to be a fatal flaw because it complicates the addition of third-birthday celebration purposes. indeed, we trust that clients who wish to improve custom-made applications by way of a PaaS offering would select extra widely-used platforms like and Google App Engine. below is a summary of definite PaaS options currently in market. We believe that now could be platform is heavily outmatched.

    thin glide IPO has Artificially expanded Share Demand

    Underwriters of now's IPO originally expected a gap price range of $15- $17 and the bookrunners ended up pricing the IPO at $18. NOW shares then traded as much as $25 by way of the end of a frenzied trading day, giving IPO traders an enviable 40% one-day return.

    We suspect that the IPO became helped by using its "thin waft" nature. in the IPO, ServiceNow best bought 13.4 million of its 123 million ordinary shares, representing 10% of the glide. This figure is even smaller if one includes the 37 million stock alternatives with a weighted standard strike price of $4.forty eight. taking into consideration these particularly dilutive alternatives and 1 million restrained inventory devices, the thoroughly diluted share count jumps to 158 million. We agree with that now's skinny glide may additionally have contributed to the stock's inflated share price run.

    both facebook and Zynga (NASDAQ:ZNGA) utilized identical skinny glide IPOs and investors have only in the near past woken as much as the possibility inherent in these shares all through their pre lock-up intervals. In gifting institutional valued clientele with one-day IPO inventory pops, underwriters have scattered landmines all over the place the technology sector.

    a good deal of the press, Analysts, and financial Databases overlook now is incredibly Dilutive option Pool

    probably the most appalling valuation mistakes that we've got seen with now could be the exclusion of the 37 million share pool ($four.48 strike expense) of tremendously dilutive alternatives from market capitalization calculations. Some Wall street analysts, as well as legit press sources, have excluded this alternative pool from their calculations of market capitalization, thereby underestimating profits multiples, amongst different valuation metrics. To us, this looks like an embarrassing mistake; via excluding the dilutive effect of options, traders could be overstating their valuation metrics by means of an incredible 27%.

    Sources: NOW Prospectus, S-1, 10-Q, and CapitalIQ consensus estimates.

    We motivate buyers to check their valuation sources entirely - generally used analysis tools like Bloomberg, CapitalIQ, and Yahoo Finance are all misrepresenting now is market capitalization and cost/earnings multiples.

    III. NOW Faces competitive and Structural Headwinds

    SaaS support Desk competition has Intensified

    The Market chief: BMC utility

    there's little doubt that BMC became too sluggish to include SaaS for the ITSM sector, and its complacency allowed NOW to enter the market and steal market share. That talked about, BMC's technological depth in ITSM is wide, and we consider it has taken steps to cease the bleeding. The business now presents a swiftly turning out to be SaaS answer in addition to an OnDemand version of its market main remedy utility. The pure SaaS product, RemedyForce, operates in the cloud platform, making it effortless for customers that already use productivity applications on BMC has grown its SaaS client base from ~315 in Q1 to ~475 in Q3 2012, implying about 20% sequential quarterly boom. This consumer increase determine is ready twice that of NOW. in accordance with BMC's CEO, "RemedyForce is an area we're really going to be placing some greater bucks into and greater center of attention on." (BMC Q3 2012 revenue name) For bigger enterprise customers who require enhanced customization, cure OnDemand is BMC's flagship product provided over the cloud. This offers consumers a decision between a secure, thoroughly-customizable hosted equipment and a simpler, configurable SaaS.

    On Tuesday, October 30th, BMC launched MyIT, the most recent addition to its remedy suite of products. MyIT is a social and self-carrier device that integrates with remedy to enhance productiveness. Amongst other elements, MyIT enables users to self-diagnose IT problems, request the corresponding requests, and personalize their IT aid Desk application with their favourite tools. MyIT also integrates seamlessly with mobile hardware, comparable to phones or pills, allowing the end-user to do issues like request a conference room, entry an utility, or request a webinar remotely. MyIT has acquired favorable reviews through Stephen Mann from Forrester analysis. Mr. Mann cited that, "[MyIT is] a pretty good circulation by way of BMC that pushes the proverbial envelope for ITSM tools." Chris Dancy, the widely-adopted ITSM govt who decided to give up ServiceNow to join BMC, says that MyIT become "the actual reason I joined BMC." Mr. Dancy is the #2 most-followed ITSM pundit in the complete business on Twitter (Mr. Mann is #1).

    BMC's MyIT:source: BMC software web site.

    ultimately, one of BMC's biggest merits versus NOW remains its deep suite of ITSM products. again and again, enterprise shoppers choose a single dealer that offers solutions across the IT carrier and operations administration landscapes. ServiceNow may additionally have a powerful IT help Desk product, however's nevertheless technologically immature in Configuration administration, Workload Automation and its different ancillary product verticals. This offers horizontally integrated companies similar to BMC, HP and IBM a major expertise over upstarts like ServiceNow.

    The Three Incumbents: HP, CA, IBM

    BMC is never the only incumbent making efforts to give protection to its latest customer base with new SaaS offerings. ultimate week, HP announced the unlock of HP service any place, which gives many of the identical capabilities as HP's average ITSM choices handiest below a SaaS framework. HP has designed this product for "codeless configuration," which might permit clients so as to add functionality without having to grasp a programming language. This could potentially supply HP's product an aspect over NOW for purchasers that need to lower their implementation and coding prices. HP service anyplace additionally added a major social media component to its support Desk suite. HP's service any place may still make it extra complex for NOW to poach present HP users as it has in the past.

    CA has also reacted to the ServiceNow possibility with its CA Nimsoft carrier Desk, a multi-tenant SaaS answer that makes it possible for configuration while limiting in-suite coding. should a big enterprise customer require complex functionality, CA nevertheless offers its utility in a customizable, hosted instance. This multi-tiered product strategy, as used by way of BMC and HP, enables consumers to make a choice from a more cozy hosted providing or a SaaS-based approach.

    IBM is still a standard company of option for giant, complicated businesses that require a full suite of IT performance. IBM integrates IT assist Desk, Configuration management, Asset management and Workload Automation via a single interface beneath its SmartCloud community. The SmartCloud is accessible for a single price and easily integrates with 10 incremental "ITIL" (suggestions technology Infrastructure Library) products, equivalent to IBM Rational and IBM Tivoli. IBM holds a number one 20 - 30% market share in many of these greater complex computing areas corresponding to network administration and application construction. ServiceNow does not have functionality in both phase, giving it a material drawback for advanced Fortune 500 purchasers.

    source: IBM Product Brochure.

    rising rivals: inner most ITSM businesses

    moving beyond the massive incumbents, a few different inner most groups have these days emerged as rivals to ServiceNow. each of those corporations has a core SaaS support Desk product supported by using a couple of adjacent tools, inserting their product depth in-line with ServiceNow. Cherwell utility, situated with the aid of former executives of FrontRange, is yet another amazing SaaS competitor this is often left out through road analysts, however frequently referred to by way of business specialists. unlike ServiceNow, Cherwell presents an all-inclusive, concurrent license rather than a piecemeal providing. here's a big selling point for some consumers, who believe cheated when ServiceNow attempts to upsell them further modules similar to Discovery and Runbook Automation. Cherwell also owns its personal information centers whereas NOW is still in the technique of transitioning to entirely-owned centers. Cherwell has carried out neatly internationally; half of its sales are outside the us. Cherwell can also engineer its product as a PaaS, pitting it head-to-head with NOW at basically each sales pitch.

    There are other rivals that could emerge to chip away at now is side because the main SaaS company of ITSM. One business we have heard brilliant issues about from unbiased specialists is the Europe-based EasyVista. EasyVista is the successor to personnel & Line, which turned into situated in 1988 and has a deep heritage within the ITSM house. EasyVista has created a well-designed, totally practical product that some consider indicates innovation a great deal like ServiceNow did five years in the past. EasyVista aspects a codeless SaaS architecture that makes it distinctly standard to configure. in line with the business's web site, non-technical IT clients can be expert to configure the product in under a day. EasyVista 2012 has been up to date for full integration between the support desk answer and configuration/asset administration, workflow automation, and different ancillary product capabilities. while EasyVista is still increasing its earnings presence in the U.S., our research indicates that it is more and more displaying up within the remaining rounds of RFP conferences and could be primed to disrupt now could be increase trajectory. EasyVista at present boasts a client roster with the likes of L'Oreal, Mercedes Benz, HSBC, and Quicksilver.

    Hornbill is a 3rd identify that many times came up throughout our discussions with industry specialists. Like BMC, Hornbill offers both hosted and SaaS ITSM application, proposing customers a call between on-premise and SaaS. Going further with its customer-centric method, Hornbill's SaaS product is priced in three separate tiers (typical, seasoned, and professional). The 'common' answer makes it possible for those who select quick implementation intervals over complex customization to get their ITSM approaches up and running as quickly as viable.

    ServiceNow also faces opposition from the likes of Axios, LANDesk, SAManage, FrontRange, Serena utility, SunView software, and dozens of alternative ITSM companies. hence, we don't agree with that ServiceNow has anything near a monopoly in the SaaS market, as many accept as true with, however as an alternative competes with numerous offerings.

    we'd additionally expect that funding bankers are currently banging down the doorways of the fastest-turning out to be deepest ITSM businesses given now's valuation. New IPO funding may aid corporations like Cherwell become even more doable alternate options to NOW, in particular among enterprise valued clientele. this might slow down now is market share boom in addition to drive them on pricing.

    ServiceNow's Ancillary choices supply little or no profits

    NOW markets two ancillary items that it makes an attempt to upsell alongside its IT aid Desk application. while Wall road believes that these secondary items can promptly gain market share over entrenched opponents, these items proceed to make restricted headway even after a number of years in existence. Discovery, the Configuration management tool that helps map server loads and computing operations, turned into launched in late 2007 yet still best has 0.2% market share, in accordance with a Citigroup July twenty fourth file. We also trust that this very low market share is not always because of a scarcity of shoppers to go-sell to, but reasonably as a result of the utility's lack of functionality.

    A file on the Configuration administration market ultimate yr from Gartner doesn't even record ServiceNow as a participant during this market. We consider that the chart below is especially relevant due to the fact that the $4 billion Configuration management market size determine become put together by using Gartner itself, and they might therefore be most efficient placed to outline the rivals for that income pie.


    ServiceNow is nowhere to be found in the above diagram.

    ServiceNow's other device, other than help Desk, is Runbook Automation, a tool that addresses a part of the complex Workload Automation market (coordination of batch submissions and different computing-intensive data approaches). Runbook Automation also has a meager 0.2% market share (Gartner/Citigroup figures) even if Runbook was launched in late 2010. Frank Slootman, now's CEO, commented that for Runbook Automation, "the penetration is under 10%" (NOW Q2 2012 profits name) of its present consumer base. Slootman went on to say on the Q3 2012 salary call, that "in terms of the mannequin, our foremost supply of upsell earnings comes from incremental clients, right, as opposed to incremental purposes."

    under is the Gartner Magic Quadrant for Workload Automation. Gartner lists twelve opponents. ServiceNow is nowhere to be found. the area's leading expertise research firm doesn't accept as true with ServiceNow to be a significant supplier in Workload Automation.

    Gartner's Magic Quadrant for Workload Automationsource: Gartner's February 27th 2012 file.

    an awful lot like support Desk, these adjoining fields are extremely aggressive and closely populated by using significant corporations as well as neatly-funded inner most agencies. information from Gartner supports our skeptical analysis of the salary opportunity for Discovery and Runbook Automation.

    now is Platform-as-a-provider offering Has several Mortal Flaws

    typically, platform-as-a-service (PaaS) products permit customers to combine numerous disparate utility products (including SaaS) beneath a single dashboard. This dashboard then manages each and every piece of utility as someone software. one can suppose of a PaaS dashboard as being akin to the home reveal on an iPhone. an awful lot just like the App keep, the greater purposes that one provides into an ecosystem, the extra useful the platform becomes. Market leaders comparable to have 220,000 different functions made by way of leading utility providers like Oracle (NYSE:ORCL), SAP, Microsoft, facebook, and other builders who've become comfortable with the device.

    supply: Citigroup research document, July twenty fourth, 2012

    As shown in the PaaS overview chart above,, Microsoft Azure, and LongJump are all examples of open structures. ServiceNow, in spite of this, uses a largely closed, single-tenant gadget that does not effortlessly integrate with outdoor application applications. whereas this may enable further customization in some circumstances, it limits the ability to combine most beneficial-of-breed tools that come from outdoor the ServiceNow ecosystem.

    Frank Slootman, ServiceNow's CEO, has virtually conceded that NOW doesn't compete head-to-head with extra general structures.

    "The platform market itself is awfully intricate. i am not trying to find out-and-out confrontations with other platform carriers when i can roll the platform in the door appropriate behind our ITSM software portfolio. that is our approach and that is the reason the one it really is working for us, and that's the one which we will proceed to follow."̶ NOW Q3, 2012 profits name

    We're skeptical that now's Platform-as-a-provider approach will succeed. competitors in PaaS is fierce. it be one aspect to disrupt dithering incumbents like BMC and HP within the ITSM sector; it be an additional to compete head-to-head with visionary, aggressive and neatly-funded groups like and Amazon (NASDAQ:AMZN).

    Single-Tenant vs. Multi-Tenant

    The modifications between single and multi-tenant SaaS are subtle however rely when forecasting the longer term course of the industry. Single-tenancy SaaS commonly refers to thoroughly-customizable software that can range between each consumer (together with a separate database example for each and every software); ServiceNow's customizable code firmly locations them during this class. one of the vital unbiased experts that now we have spoken with agree with that a multi-tenant structure, or one the place the underlying utility is identical throughout purchasers, is a better way ahead for the SaaS trade. devoid of model within the underlying code, multi-tenant SaaS makes general utility updates a whole lot more straightforward for all conclusion-users. This problem is big for the reason that a lot of now's customer wins have come from customers who were frustrated with the incumbents' cumbersome improvements, and are trying to find predictable, straightforward utility updates. Yet a single-tenant equipment would usually contain complex improvements due to the fact distinctive clients have customized their NOW platforms with functionality specific to their operations. additionally, single tenancy constantly includes colossal upfront coding costs and longer implementation instances. For these causes, NOW might also lose certain customers over time to SaaS providers who present greater desirable multi-tenant options.


    We congratulate ServiceNow for growing a niche IT service administration product with handiest $40m of R&D all the way through the 4-year period between June 2008 and June 2012. We also commend JMI equity for its 105x return and Sequoia on its 1300% return, as a minimum on paper. but recent strikes with the aid of BMC, HP, and others to defend their turf in the SaaS space will make it a whole lot extra problematic for NOW to win customers at its latest rate, expediting the business's boom deceleration. several currently added items prove that in a all of a sudden changing and extremely aggressive business, ServiceNow doesn't have a technological moat, nor should still it's assumed that the business can proceed to grow market share indefinitely. come what may NOW has carried out a $four.7 billion market capitalization, which is roughly the total IT support Desk ($1.four billion) and Configuration management ($four billion) sectors mixed. considering that NOW best has about 15% share within the former and minimal penetration into the latter, we consider that investors have relied on pie-in-the-sky investor displays as a substitute of grounded fiscal evaluation.

    We additionally do not believe that ServiceNow's assist Desk product is as ground-breaking as many trust. The business's single-tenant SaaS mannequin is susceptible to many of the equal problems that have plagued hosted utility, namely extended upfront implementation durations, ongoing professional features charges to keep the code database, and excessive total prices of possession over the cycle. while Fortune 500 purchasers might also predict to incur these issues to obtain their favored degree of customization, we trust that purchasers further down-market are getting extra sensitive to those concerns. one of the crucial extra nimble multi-tenant SaaS can actually present long-term cost reductions and fast implementation cycles thanks to a simplified utility platform. As ServiceNow starts to expand its client base beyond the low-putting fruit (i.e. disillusioned consumers in quest of an alternative choice to hosted), these concerns should still increasingly come to gentle.

    These mammoth boom headwinds combined with the company's untenable valuation should more and more come into center of attention as now could be assignment capital buyers searching for to unload their shares onto the general public markets. In our opinion, the November 9th Amended S-1 is a transparent displaying of dangerous faith by means of the initial VC traders as it pushes ahead share income that had been supposed to be locked-up unless December twenty sixth, 2012 (according to the usual prospectus). The Amended S-1 contemplates the sale of 11.5m through insiders and the issuance of 1.9m new shares by NOW itself, assuming that the entire greenshoe is exercised, the mixture of a good way to double the enterprise's 13.4m go with the flow. With 158m diluted shares staggering, this offering best scratches the floor of the secondary earnings a good way to quickly come to market. may still now's increase continue to retreat to extra sustainable ranges, as is each indication, we accept as true with that this promoting pressure will most effective exacerbate the sharp fall that we predict in now is share fee.

    Disclosure: i'm short NOW. I wrote this text myself, and it expresses my very own opinions. i'm not receiving compensation for it. I haven't any enterprise relationship with any company whose inventory is outlined listed here.

    further disclosure: i am also long GOOG. Please read our full disclaimer at the conclusion of the file. C2010-505 Dumps and Real Questions

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