Hi and welcome to episode 102 of The ERP Minute. I am your host, Rebekah McCabe.
The ERP market continues to experience significant financial growth, with financial results from Workday and Planful.
First, Workday announced results for the fiscal 2024 second quarter ended July 31, 2023. Total revenues were $1.79 billion, an increase of 16.3% from the second quarter of fiscal 2023. Subscription revenues were $1.62 billion, an increase of 18.8% from the same period last year. Along with recent highlights, such as momentum for Workday Financial Management and its new generative AI strategy, Workday’s financial results demonstrate the company’s upward trajectory for 2023 and beyond.
Then, Planful announced continued revenue growth and profitability, fueled by customer base growth and expansion of use case adoption within the base. Customer expansion bookings were up 26% year-over-year, with international customer expansion bookings up 71% year-over-year. These results further support the trend that there is an increasing demand for Financial Performance Management software on a global scale.
AI’s hold on ERP remains, with AI-related enhancements coming from Blackbaud and Salesforce.
Blackbaud announced an AI development for JustGiving, a global platform for online giving. Through generative AI, fundraisers on JustGiving are now able to quickly and easily create personal stories to share with their networks. On JustGiving, more than 850,000 fundraising pages were created last year, and of these, around 35% of fundraisers chose to use the platform’s pre-written content instead of writing their over individual stories. Thanks to generative AI, more and more JustGiving users will be able to present their unique stories to raise money and make more of a difference.
Salesforce then announced new AI-powered Field Service innovations to help organizations across industries streamline field operations, increase productivity, and drive revenue while delivering trusted customer experiences. The enhancements include innovations to automatically schedule appointments, predict job duration and necessary equipment, provide detailed briefings before arrival at the job site, and reduce time spent on invoicing and paperwork. As ERP providers continue to invest in FSM solutions, it is important for competitors like Salesforce to continue to differentiate their solutions, especially with new AI technological advancements.
In more specific, expansion-related news, IFS announced that Tech Mahindra is now the exclusive distributor of IFS solutions in India, including the IFS Cloud platform which delivers intelligence and automation across FSM, ERP, and EAM. With Tech Mahindra’s extensive experience with IFS solutions, it makes sense that this partner would play a special role in IFS’s continued global expansion.
Finally, in ERP ESG-related news, Sage and Oracle continue to commit themselves to their philanthropic efforts.
Sage confirmed that its near-term greenhouse gas (GHG) emission reduction targets have been validated by the Science Based Targets initiative, or SBTi. Sage’s targets are set for a sustainable supply chain, sustainable colleague behavior, sustainable products, and sustainable property. We love to see vendors like Sage commit their resources to making a difference for the environment.
Oracle rounded out the week by announcing their recognition as a founding member of CancerX, a public-private partnership formed to drive innovations that can help reduce deaths due to cancer. Oracle will contribute expertise to the project fueled by its background in open cloud platforms, AI & machine learning, clinical research, healthcare research, care delivery, and scientific expertise through its recent acquisition of Cerner. With so many unique resources, we are happy to see Oracle making a change in the world of cancer treatment.
Thanks for tuning into The ERP Minute. We are always looking for newsworthy material to share with our listeners, so send us breaking ERP news! Be sure to subscribe to our Apple Podcast, Spotify, and YouTube channels so you never miss an episode. We’ll see you next week.