To solve for rising IT costs, IT and finance
leaders collaborate to scrutinize technology spend and ensure
budgetary and business goals are met
Rimini Street, Inc. (Nasdaq: RMNI), a global provider of
end-to-end enterprise software support, products and services, the
leading third-party support provider for Oracle and SAP software,
and a Salesforce and AWS partner, today announced the findings of
the Censuswide survey, “C-suite Imperatives: Evolving IT and
Enterprise Investments.” The Rimini Street-sponsored research was
conducted among nearly 3,000 CFOs and CIOs around the globe,
examining the relationship between the key business leaders, and
the drivers behind their technology investments and decisions.
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Independent Survey of Nearly 3,000 Global
CFOs and CIOs Reveals Growing Demand for Results and ROI from IT
Investments and Decisions (Graphic: Rimini Street)
The analysis of the data revealed that as IT costs and spend
continue to rise, CFOs are increasing their influence over IT.
Budgetary considerations and demand for results require CIOs to
deliver strong ROI from selected technology investments. CIOs that
work in close partnership with their CFO counterpart can help drive
profitable results for the business by prioritizing projects that
support the company’s financial and growth goals.
Key Finding #1: The CFO and CIO partnership continues to
strengthen
86% of CFOs and CIOs say their relationship has
strengthened.
CFOs are taking a more prominent role in the decision-making of
IT investments. The data shows 72% of CFO survey respondents say
they take the lead in setting technology budget levels, and nearly
41% of CIO respondents state that their CFO counterparts make the
underlying technology decisions.
The deepening collaboration and shared accountability between
the two groups can lead to greater profitability for the business,
with 49% of CFO respondents sharing that they believe the positive
CFO/CIO relationship was the reason for improved business
outcomes.
“Working closely with the CFO in strategic alignment and in the
early stages of planning helps technology teams make smart
decisions that are in line with both the corporate vision and
budgetary goals for the business,” said Rimini Street CIO, Gertrude
Van Horn. “It’s the partnership that drives favorable outcomes for
the company, and we lean heavily into this relationship to ensure
we are identifying ways to achieve greater profitability while
freeing funds for innovation.”
Key Finding #2: CIOs are focused on solving for rising IT
costs
CIOs are tackling rising IT costs with investments in emerging
tech (44%) and by outsourcing application support (36%).
CIOs are investing heavily in AI to address rising IT costs. A
combined 87% of CIOs agree that historical data is the secret sauce
to maximizing the value of their AI projects for ERP, but a
staggering 94% state that their data needs substantial or moderate
clean-up in order to succeed with AI.
Another area of budgetary focus for CIOs is to improve cost
predictability. By outsourcing IT services, which can help solve
for the loss of IT talent and staff, CIOs report the benefits
include support of application customizations (33%), broader
service and support solutions (33%), better quality of service and
support (32%) and faster resolutions (30%). And 26% say they were
able to lower costs.
Key Finding #3: Not all technology initiatives are delivering
value for the business
ERP upgrades or migrations (23%) delivered the least amount of
value for CFOs.
While security (28%), emerging technologies such as AI, business
intelligence and data analytics (27%), and customer-facing SaaS
technologies (27%) rounded out the top three spots for technology
investments considered highest in value for the business, ERP
upgrades or migrations failed to show the same level of enthusiasm
from the CFOs surveyed.
Only 20% of surveyed CFOs state that they are happy with the
results of their technology investments. They often experience a
negative impact, such as increased ongoing costs, limited future
flexibility, or organizational/business disruption. Because of
this, CIOs must consider both the short- and long-term impact of
their technology strategy.
“Thousands of clients of Rimini Street who have taken the lead
in maximizing the value of their substantial ERP investments also
benefit from the flexibility and freedom to innovate with best-fit
solutions for their needs, on their own timeline,” said Rimini
Street CFO, Michael Perica. “It’s not just about the $8B we’ve
saved our clients to date, we’ve helped them reallocate their
people, time and money towards strategic initiatives and
innovations that accelerate growth profitability for the
business.”
Access the full, comprehensive report, “C-suite Imperatives:
Evolving IT and Enterprise Investments,” here.
About Rimini Street, Inc.
Rimini Street, Inc. (Nasdaq: RMNI), a Russell 2000® Company, is
a global provider of end-to-end enterprise software support,
products and services, the leading third-party support provider for
Oracle and SAP software and a Salesforce and AWS partner. The
Company has operations globally and offers a comprehensive family
of unified solutions to run, manage, support, customize, configure,
connect, protect, monitor, and optimize enterprise application,
database, and technology software, and enables clients to achieve
better business outcomes, significantly reduce costs and reallocate
resources for innovation. To date, over 5,500 Fortune 500, Fortune
Global 100, midmarket, public sector, and other organizations from
a broad range of industries have relied on Rimini Street as their
trusted enterprise software solutions provider. To learn more,
please visit riministreet.com, and connect with Rimini Street on
Twitter, Instagram, Facebook and LinkedIn. (IR-RMNI)
Forward-Looking Statements
Certain statements included in this communication are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under The Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally are
accompanied by words such as “anticipate,” “believe,” “continue,”
“could,” “currently,” “estimate,” “expect,” “future,” “intend,”
“may,” “might,” “outlook,” “plan,” “possible,” “potential,”
“predict,” “project,” “seem,” “seek,” “should,” “will,” “would” or
other similar words, phrases or expressions. These forward-looking
statements include, but are not limited to, statements regarding
our expectations of future events, future opportunities, global
expansion and other growth initiatives and our investments in such
initiatives. These statements are based on various assumptions and
on the current expectations of management and are not predictions
of actual performance, nor are these statements of historical
facts. These statements are subject to a number of risks and
uncertainties regarding Rimini Street’s business, and actual
results may differ materially. These risks and uncertainties
include, but are not limited to, adverse developments in and costs
associated with defending pending litigation or any new litigation,
including the disposition of pending motions to appeal and any new
claims; additional expenses to be incurred in order to comply with
injunctions against certain of our business practices and the
impact on future period revenue and costs; changes in the business
environment in which Rimini Street operates, including the impact
of any recessionary economic trends and changes in foreign exchange
rates, as well as general financial, economic, regulatory and
political conditions affecting the industry in which we operate and
the industries in which our clients operate; the evolution of the
enterprise software management and support landscape and our
ability to attract and retain clients and further penetrate our
client base; significant competition in the software support
services industry; customer adoption of our expanded portfolio of
products and services and products and services we expect to
introduce; our ability to sustain or achieve revenue growth or
profitability, manage our cost of revenue and accurately forecast
revenue; estimates of our total addressable market and expectations
of client savings relative to use of other providers; variability
of timing in our sales cycle; risks relating to retention rates,
including our ability to accurately predict retention rates; the
loss of one or more members of our management team; our ability to
attract and retain additional qualified personnel, including sales
personnel, and retain key personnel; challenges of managing growth
profitably; our need and ability to raise additional equity or debt
financing on favorable terms and our ability to generate cash flows
from operations to help fund increased investment in our growth;
risks associated with global operations; our ability to prevent
unauthorized access to our information technology systems and other
cybersecurity threats, protect the confidential information of our
employees and clients and comply with privacy regulations; our
ability to maintain an effective system of internal control over
financial reporting; our ability to maintain, protect and enhance
our brand and intellectual property; changes in laws and
regulations, including changes in tax laws or unfavorable outcomes
of tax positions we take, or a failure by us to establish adequate
tax reserves; the impact of environmental, social and governance
(ESG) matters; our credit facility’s ongoing debt service
obligations and financial and operational covenants on our business
and related interest rate risk, including uncertainty from the
transition to SOFR or other interest rate benchmarks; the
sufficiency of our cash and cash equivalents to meet our liquidity
requirements; the amount and timing of repurchases, if any, under
our stock repurchase program and our ability to enhance stockholder
value through such program; uncertainty as to the long-term value
of Rimini Street’s equity securities; catastrophic events that
disrupt our business or that of our clients; and those discussed
under the heading “Risk Factors” in Rimini Street’s Quarterly
Report on Form 10-Q filed on May 2, 2024, and as updated from time
to time by Rimini Street’s future Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and
other filings by Rimini Street with the Securities and Exchange
Commission. In addition, forward-looking statements provide Rimini
Street’s expectations, plans or forecasts of future events and
views as of the date of this communication. Rimini Street
anticipates that subsequent events and developments will cause
Rimini Street’s assessments to change. However, while Rimini Street
may elect to update these forward-looking statements at some point
in the future, Rimini Street specifically disclaims any obligation
to do so, except as required by law. These forward-looking
statements should not be relied upon as representing Rimini
Street’s assessments as of any date subsequent to the date of this
communication.
© 2024 Rimini Street, Inc. All rights reserved. “Rimini Street”
is a registered trademark of Rimini Street, Inc. in the United
States and other countries, and Rimini Street, the Rimini Street
logo, and combinations thereof, and other marks marked by TM are
trademarks of Rimini Street, Inc. All other trademarks remain the
property of their respective owners, and unless otherwise
specified, Rimini Street claims no affiliation, endorsement, or
association with any such trademark holder or other companies
referenced herein.
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version on businesswire.com: https://www.businesswire.com/news/home/20240620098613/en/
Janet Ravin VP, Global Communications Rimini Street, Inc. +1 702
285-3532 pr@riministreet.com
Rimini Street (NASDAQ:RMNI)
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