IT leaders seek to consolidate support and
services into a single vendor to achieve greater agility, control
vulnerabilities, and improve cost efficiency
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 findings of the
Censuswide Buyers Sentiment Survey, “IT Leaders are Considering a
New Support and Services Model,” examining the challenges of ERP
and database support, vendor relationship management, and the need
for a better IT support and services model. The research was
conducted among a sample of more than 600 U.S. respondents,
consisting of CIOs and CTOs in companies with over $250m in
revenue. It is the second in a two-part series of reports from
Censuswide, following the recent “Organizations Want More Control
Over Their IT Roadmap” report.
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CIOs and CTOs Struggle with Multiple
Vendor-Based Support and Services Model, According to New Survey
(Photo: Business Wire)
The survey results show that organizations are juggling an
increased number of vendors, products, and services in the
enterprise applications portfolio, putting stress on today’s
support models and straining the IT budget. Nearly three quarters
of respondents say these models are inadequate in supporting their
IT and business needs.
“Over the past decade, enterprises have deployed a growing
number of enterprise software systems and supporting technologies
to run their business. This has left them dependent on a tangled
web of software vendors and service providers to support and manage
these mission-critical systems,” said David Rowe, EVP, Global
Transformation and chief product officer. “The data illustrates
that this system simply isn’t working for the enterprise customer.
Without a concerted effort across the providers, it places greater
responsibility on IT leaders to coordinate and manage the various
systems and vendors. Today, there’s a better alternative:
Consolidating support and services into a single strategic partner
that prioritizes business success and works closely to help plan
and execute a digital transformation roadmap that fits the
company’s goals.”
CIOs and CTOs Say Multi-Vendor Support and Services Model
Lacks Agility and Accountability
Key findings include:
- When asked to assess the support and services they receive for
their Enterprise Resource Planning (ERP) systems, databases, and
related technology, 72% of CIOs and CTOs say the vendor-based model
is inadequate, citing a lack of accountability (62%) and lack of
expertise (46%) as top challenges
- With challenges of managing multiple support and service
providers, respondents cited the different process per vendor
(36%), the high cost of several vendor contracts (35%), and too
much effort selecting and managing vendors (35%) as the greatest
pain points
- 61% of respondents want to consolidate support and managed
services into a single provider
The data shows that technology leaders are experiencing critical
challenges with their IT support and services. A lack of
accountability means that companies may suffer recurring product
issues as there is often no root cause resolution, forcing them to
explain the same problem to their individual vendors over and over
again. In addition, the vendor support teams frequently offer
limited expertise, leading enterprises to consult independent
experts or escalate to their own experienced engineers. This costs
organizations critical time and resources.
Vendor Consolidation is Just the First Step in Addressing
Complexity
The report specifically details how relying on support and
services from multiple vendors makes operations even more complex
and expensive for CIOs and CTOs. In these multi-vendor models,
respondents state that different vendors blame each other for
problems (34%), service handoffs are lost between vendors (29%),
and project lead times are longer (27%).
These problems extend beyond just cost and operational
complexity, also harming cybersecurity efforts. The multi-vendor
support and services model can have a multiplying effect on
existing security issues. The data reveals these five top security
challenges:
- Keeping up with the volume of vulnerabilities on a quarterly
basis (31%)
- Balancing operational resources between “keeping the lights on”
and strategic priorities (30%)
- Finding a way to stay ahead of an increasing volume of threats
(30%)
- Avoiding business disruptions by security enhancements
(30%)
- Upgrading software to be eligible for security patches
(29%)
Offering a single point of support and service to today’s
technology leaders is just the first step in addressing the
challenge of the multiple vendor-based support and services model.
Providers must also ensure they can demonstrate the added value
that consolidation brings, such as the ability to give objective,
agnostic, and personalized roadmap guidance. Ultimately, IT leaders
are looking to their providers for agility, flexibility, and for a
strategic partner to help plan their digital transformation roadmap
and see it through to success.
You can access the full, comprehensive report of the survey, “IT
Leaders are Considering a New Support and Services Model,”
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 5,200 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
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“could,” “currently,” “estimate,” “expect,” “future,” “intend,”
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“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; additional
expenses to be incurred in order to comply with injunctions against
certain of our business practices and the impact on future period
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 and manage our
cost of 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, and risks relating to
retention rates; the loss of one or more members of our management
team; our ability to attract and retain qualified employees and 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; the impact of
environmental, social and governance (ESG) matters; 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; 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 August 2, 2023, 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.
© 2023 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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Janet Ravin VP, Global Communications Rimini Street, Inc. +1 702
285-3532 pr@riministreet.com
Rimini Street (NASDAQ:RMNI)
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