LAS VEGAS--(BUSINESS WIRE)--Rimini 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 Censuswide Buyers Sentiment Survey, “IT Leaders are Considering a New Support and Services Model,” examining the challenges of ERP and database support, vendor relationship management, and the need for a better IT support and services model. The research was conducted among a sample of more than 600 U.S. respondents, consisting of CIOs and CTOs in companies with over $250m in revenue. It is the second in a two-part series of reports from Censuswide, following the recent “Organizations Want More Control Over Their IT Roadmap” report.
The survey results show that organizations are juggling an increased number of vendors, products, and services in the enterprise applications portfolio, putting stress on today’s support models and straining the IT budget. Nearly three quarters of respondents say these models are inadequate in supporting their IT and business needs.
“Over the past decade, enterprises have deployed a growing number of enterprise software systems and supporting technologies to run their business. This has left them dependent on a tangled web of software vendors and service providers to support and manage these mission-critical systems,” said David Rowe, EVP, Global Transformation and chief product officer. “The data illustrates that this system simply isn’t working for the enterprise customer. Without a concerted effort across the providers, it places greater responsibility on IT leaders to coordinate and manage the various systems and vendors. Today, there’s a better alternative: Consolidating support and services into a single strategic partner that prioritizes business success and works closely to help plan and execute a digital transformation roadmap that fits the company’s goals.”
CIOs and CTOs Say Multi-Vendor Support and Services Model Lacks Agility and Accountability
Key findings include:
The data shows that technology leaders are experiencing critical challenges with their IT support and services. A lack of accountability means that companies may suffer recurring product issues as there is often no root cause resolution, forcing them to explain the same problem to their individual vendors over and over again. In addition, the vendor support teams frequently offer limited expertise, leading enterprises to consult independent experts or escalate to their own experienced engineers. This costs organizations critical time and resources.
Vendor Consolidation is Just the First Step in Addressing Complexity
The report specifically details how relying on support and services from multiple vendors makes operations even more complex and expensive for CIOs and CTOs. In these multi-vendor models, respondents state that different vendors blame each other for problems (34%), service handoffs are lost between vendors (29%), and project lead times are longer (27%).
These problems extend beyond just cost and operational complexity, also harming cybersecurity efforts. The multi-vendor support and services model can have a multiplying effect on existing security issues. The data reveals these five top security challenges:
Offering a single point of support and service to today’s technology leaders is just the first step in addressing the challenge of the multiple vendor-based support and services model. Providers must also ensure they can demonstrate the added value that consolidation brings, such as the ability to give objective, agnostic, and personalized roadmap guidance. Ultimately, IT leaders are looking to their providers for agility, flexibility, and for a strategic partner to help plan their digital transformation roadmap and see it through to success.
You can access the full, comprehensive report of the survey, “IT Leaders are Considering a New Support and Services Model,” 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 5,200 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; additional expenses to be incurred in order to comply with injunctions against certain of our business practices and the impact on future period 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 and manage our cost of 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, and risks relating to 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 August 2, 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.
Janet Ravin
VP, Global Communications
Rimini Street, Inc.
+1 702 285-3532
pr@riministreet.com
CIOs and CTOs Struggle with Multiple Vendor-Based Support and Services Model, According to New Survey (Photo: Business Wire)
