SuiteWorld took to Las Vegas last week, giving NetSuite a major platform for recent announcements across its technology stack. Deltek unveiled its latest product innovations, specifically towards installing Generative Artificial Intelligence (GenAI) to its solutions. Sage announced the expansion of its construction cloud suite. SAP and OneStream announced its financial results for the third quarter ended September 30, 2023. Finally, ECI Software Solutions announced the official launch of its mobile app for ThermoGrid. The future of ERP continues to hinge on ease of use and accessibility. As vendors introduce mobile solutions, they will extend the value of their preexisting software to meet the expanding needs of customers worldwide.
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Hi and welcome to episode 109 of The ERP Minute. I am your host, Rebekah McCabe.
SuiteWorld took to Las Vegas last week, giving NetSuite a major platform for recent announcements across its technology stack. These announcements included the extension of its Analytics Warehouse, the introduction of its Enterprise Performance Management suite, embedding AI throughout the suite, and so much more, all on top of Oracle’s recent acquisition of Next Technik. For a deep dive into SuiteWorld and what these enhancements mean for ERP, tune into ERP Advisors Group’s discussion this Thursday at erpadvisorsgroup.com/blog.
Another major event this week was Deltek’s ProjectCon, where Deltek unveiled its latest product innovations to a live audience. Here, Deltek executives and product experts presented attendees with a deeper look into Deltek’s capabilities and the benefit of adding elements of Generative Artificial Intelligence (GenAI) to its solutions. GenAI will be leveraged by Deltek to organize high volumes of data and distill it into concise insights in the form of executive summaries, introduce predictive capabilities into everyday processes, including predicting resource needs for faster project staffing and hiring, and leverage a Deltek Digital Assistant to help users explore information, perform tasks, and educate themselves through natural language interactions. This is a major announcement from Deltek who is committed to the delivery of value to clients to automate processes throughout the project lifecycle.
Following the product release news, Sage recently announced the expansion of its construction cloud suite. With the launch of Sage Construction Management, Sage adds cloud preconstruction and project management capabilities to its construction portfolio. By adding this functionality, Sage’s construction customers can expect a full suite of solutions, embodying processes through preconstruction, operations, and financials.
In other news, financial results were released from SAP and OneStream software this week. Both sets of results further support the continued momentum of ERP.
First, SAP announced its financial results for the third quarter ended September 30, 2023. Cloud revenue was up 16% year-over-year to 3.47 billion Euros, with total revenue up 4% year-over-year to 7.74 billion Euros. Additionally, the current cloud backlog is 12.3 billion Euros, up 19% year-over-year.
Then, OneStream announced that its Annual Recurring Revenue (ARR) was above $400 million, a nearly 40% increase year-over-year in the third quarter ending September 30, 2023. During this period, OneStream grew its customer base by 22% year-over-year to over 1,300 customers globally.
To round out the week, ECI Software Solutions announced the official launch of its mobile app for ThermoGrid, its contractor management software for SMBs focused on HVAC, plumbing, electrical, and residential service contracting. The future of ERP continues to hinge on ease of use and accessibility. As vendors introduce mobile solutions, they will extend the value of their preexisting software to meet the expanding needs of customers worldwide.
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