Business Wire IndiaRimini 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 Tech Research Asia Survey Report, “Operational Excellence is a Key Part of System Modernisation,” examining the challenges, opportunities, and priorities of CIOs and CTOs in their modernization journey. The Rimini Street-sponsored research was conducted among more than 300 CxOs across Australia and New Zealand from retail, manufacturing, construction, banking, travel and hospitality, telecommunications, and utilities industries.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231205618916/en/
CIOs and CTOs Across Australia and New Zealand Struggle Balancing IT Modernization Efforts with Business Growth and Profitability, According to New Survey (Photo: Business Wire)
The survey highlights the balance IT leaders must strike between modernization efforts and broader business objectives such as profitability, growth, cost control and employee management. With a majority of surveyed executives seeing only marginal improvements to the business post-transformation, many are finding themselves having to justify the purpose and ROI of modernization efforts.
“The research indicates that there is significant room for improvement when it comes to modernization programs, and many organizations believe they can – and should – extract greater ROI out of their existing core systems,” said David Rowe, EVP, Global Transformation and chief product officer at Rimini Street. “Enterprise software system roadmaps have been dictated by the vendors, leaving little to no control to the organization implementing them. This is increasingly changing, and we are seeing more leaders take their roadmap into their own hands to achieve better outcomes by optimizing existing systems tailored to their business goals, innovating around the edges, and outsourcing maintenance and support.”
Survey Results Show Organizations Challenged with Digital Transformation Vision, IT Modernization Timeline and Budget, and Seeing Greater ROI for the Investment
Key findings include:
- 98% of survey respondents are pursuing digital transformation (DX), but many organizations lack a comprehensive vision for their digital future and fall into “DX fatigue”
- 88% of survey respondents are running an IT modernization program; however, more than half say they are behind schedule (61%) and over budget (68%)
- Nearly 60% of respondents say that their modernization programs were not succeeding beyond marginal improvements for the business
- 81% of organizations believe that hybrid IT is a key approach to IT modernization
Embracing Innovation in IT Management and Modernization with Third-Party Support
While 66% of respondents are open to embracing innovative approaches to managing or modernizing their IT environments, the current focus on driving profit margin increases and operational excellence can lead organizations to deprioritize innovation efforts.
Over the next 12 months, the top three IT management priorities for CIOs and CTOs are:
- Modernizing core systems to create better performance, efficiencies, and lower costs management
- Keeping existing IT systems running
- Managing IT budget constraints
To achieve these priorities, executives must take greater focus on areas of inefficiencies within the business. IT leaders surveyed believe they waste a mean of 144 hours per week on low-value management or maintenance tasks for core IT systems. This represents a critical area of the business where executives can work with key stakeholders and outsourced IT support vendors to eradicate waste by streamlining processes and freeing up resources.
The top two influences on business cited are “inflation/the cost of capital” and “finding/retaining the best talent.” With up to 60% of respondents experiencing some dissatisfaction with their primary operational/core IT system vendor, organizations should consider partnering with third-party service support experts who can help stabilize and optimize current systems, as well as provide strategies and roadmaps to well-planned modernization efforts. Doing so can provide enterprises with valuable guidance and support throughout the modernization journey, enabling them to foster innovation, allocate their talent resources toward strategic projects while pursuing both growth and profitability.
You can access the full, comprehensive survey report, “Operational Excellence is a Key Part of System Modernisation,” 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 5,300 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 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 November 1, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231205618916/en/
