IFS and Blackbaud jumpstarted the week by announcing their financial results for the third quarter of 2023. Epicor introduced two industry-first analytics solutions for the automotive industry. Salesforce announced its AI-powered trade promotion planning tool to the Consumer Goods Cloud. Finally, SAP joined Stanford University's human-centered artificial intelligence (HAI) corporate affiliate program.
Hi and welcome to episode 111 of The ERP Minute. I’m your host, Rebekah McCabe.
Financial headlines jumpstarted the week as IFS and Blackbaud announced their third-quarter results ended September 30, 2023.
IFS announced its financial results for the year-to-date ending September 30th, 2023. The company reported substantial year-over-year increases in annual recurring revenue of 49%, cloud revenue of 54%, and software revenue of 34%, representing an 80% share of total revenue. These results further demonstrate IFS’ international growth, as it expands its offerings into new markets.
Blackbaud also announced financial results for its third quarter ended September 30, 2023, as its GAAP total revenue increased 6.2% to $277.6 million, with its GAAP recurring revenue up 7.9% to $269 million as compared to the third quarter of last year. As Blackbaud continues to roll out product improvements and new offerings, we expect these results to remain on an upward trajectory in quarter four and into the new year.
In other news, Epicor introduced two industry-first analytics solutions to enable automotive replacement parts distributors and vehicle service/repair businesses to predict likely future demand based on new data models. The new solutions are a Predictive Inventory Assistant (PIA) and Predictive Maintenance Assistant (PMA) which debuted during the AAPEX 2023 show in Las Vegas. The PIA and PMA will leverage Epicor’s aftermarket product content engine and connected data network to gain insight into over one billion individual part transactions and more than 140 million vehicle repair events per year. Above all, these solutions will aid automotive businesses in predicting demands for various parts across all locations and all customer vehicles, drastically improving the customer experience, decision-making, and overall efficiency like never before.
Continuing the global AI trend, Salesforce announced its AI-powered trade promotion planning to the Consumer Goods Cloud. This announcement solidifies Salesforce’s adaptability to meet industry needs. Customers can now utilize predictive AI to ensure and schedule profitable growth for their trade promotion strategies, ensuring more effective, profitable, and successful decision-making capabilities for executives worldwide.
Finally, SAP announced that it has joined Stanford University’s human-centered artificial intelligence (HAI) corporate affiliate program. This collaboration is a testament to SAP’s commitment to building awareness around AI and showcasing its unique value when it is utilized fully and responsibly by businesses. The transformative and revolutionary nature of AI means that it will change the way we conduct business and how economies run. That being said, education is more important than ever to ensure new technology helps and does not hinder the world it is now inhabiting.
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