Microsoft began the week by announcing new generative AI and data solutions and capabilities for retailers that span the whole shopping journey. SAP also introduced its new AI-driven capabilities to optimize retailers’ business processes. Workday announced their retail sector’s new high, exceeding $1 billion in ARR. Salesforce announced new data and AI-powered tools to transform every shopping experience. OneStream announced its financial results for the fiscal year-end of 2023. Finally, Rootstock announced the launch of its QuickStart Implementation for Manufacturers.
Hi and welcome to episode 121 of The ERP Minute. I’m your host, Rebekah McCabe.
This week saw an influx of retail industry-related news from Microsoft, SAP, Workday, and Salesforce.
First, Microsoft announced new generative AI and data solutions and capabilities for retailers that span the retail shopper journey, from enabling personalized shopping experiences, empowering store associates, and unlocking and unifying retail data to helping brands more effectively reach their audiences. Utilizing new copilot templates on Azure OpenAI Service allows retailers to build personalized shopping experiences and support store operations with Microsoft Cloud for Retail.
Then, SAP announced new AI-driven capabilities to help retailers optimize business processes and drive profitability and customer loyalty. Capabilities from planning to personalization will provide retailers with holistic customer insights and data analysis to adapt and thrive amid rapid market changes. Examples include predictive demand planning, predictive replenishment, order management for sourcing and availability, and order management foundation.
Next, Workday announced continued momentum in the retail industry, with the company’s retail and hospitality business exceeding $1 billion in annual recurring revenue (ARR) with many global retailers moving onto the platform.
Finally, Salesforce announced new data and AI-powered tools to transform every shopping experience. With generative AI built into Commerce Cloud and Marketing Cloud, retail merchandisers and marketers can tap into generative tools with a real-time understanding of customer behavior and preferences. Updates include Einstein Copilot for Shoppers, Page Designer, Return Insights in Order Management, Global Promotion Management, and more.
It is no coincidence that these announcements followed the NRF 2024: Retail’s Big Show in New York. Vendors released the latest and greatest of their retail solutions to showcase at the event to drive growth among retail companies.
In other news, OneStream announced that as of the fiscal year ending December 31, 2023, its annual recurring revenue (ARR) is above $450 million, a 37% increase year-over-year, and the company was cash flow positive for the year. During the fourth quarter, OneStream also grew its customer base to nearly 1,400 customers globally, up 21% year-over-year. This further demonstrates the growth of corporate performance management (CPM) and similar solutions in the market, where businesses look to increase the role of financial guidance in their decision-making.
To close out the week, Rootstock announced the launch of its QuickStart Implementation for Manufacturers. This implementation methodology is specifically designed for mid-sized manufacturers with annual revenues over $15 million and is set to revolutionize how these companies adopt Cloud ERP. As we enter a new era of technology, more and more vendors will look to accelerate the implementation process by utilizing emerging technologies like artificial intelligence and machine learning. Vendors that look to offer these services will have the edge in the coming years.
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.
