PwC names Canada’s OpenText as fastest growing cloud company
Canadian tech firm OpenText has been recognised as the fastest growing cloud company in the world by PwC.
With cloud computing rapidly reshaping the software industry, PwC has ranked the 25 Fastest Growing Cloud Companies to help understand what drives success when vendors move to the cloud. Released as part of PwC's Global 100 Software Leaders research report, this first-time cloud-specific ranking suggests that no one type of company has the secret formula for success in the cloud.
The ranking includes a diverse mix of companies, from startups to high-profile companies whose business models rely on the cloud to companies with a tight focus on specific areas such as expense management, mid-market ERP and accounting.
SaaS having biggest impact on vendors
"Companies are becoming increasingly dependent on software as a service (SaaS), and this area really exemplifies the cloud's growth," says Mark McCaffrey, PwC Global Software Leader. "Software vendors who've made the transition to SaaS are well on their way to restructuring their operations to the new realities of lower average sales prices and margins."
At least one third of the 25 Fastest Growing Cloud Companies are established firms that flourished for years from selling on-premises software licenses. It's critical to remember that while cloud applications are less expensive to deploy, their switching costs are also lower—meaning that subscription revenue can dry up if vendors don't think more carefully about customer service—service that spans from the user interface to product support.
The data and trends do illustrate several key themes:
- Customers are increasingly accepting the cloud in spite of its foibles.
- Cloud migration presents both technical and business challenges for vendors.
- The cloud gives software vendors a greater opportunity for customer engagement.
- The success in cloud demands faster product cycles from software vendors.
"Not all software companies will get it right immediately," cautions Raman Chitkara, PwC's Global Technology Leader. "Among the top half of our Global 100 Software Leaders ranking, six companies also appear on our Fastest Growing Cloud Companies list. We still have a relatively long way to go before the leaders and laggards in cloud are well established."
What are the operational considerations?
With the cloud model affecting nearly every aspect of a vendor's business, PwC identifies several operational considerations for software companies transitioning to the cloud. Pivoting to the cloud involves significant changes to a company's business, both internal and external, including product development, marketing and sales, customer service and support, and revenue.
The impact of cloud computing is vast, with business issues, technical issues, cultural issues and customer issues to tackle. The cloud is indeed a new paradigm, and software vendors need to stray from their comfort zones to successfully transition all phases of the company.
Intelliwave SiteSense boosts APTIM material tracking
“We’ve been engaged with the APTIM team since early 2019 providing SiteSense, our mobile construction SaaS solution, for their maintenance and construction projects, allowing them to track materials and equipment, and manage inventory.
We have been working with the APTIM team to standardize material tracking processes and procedures, ultimately with the goal of reducing the amount of time spent looking for materials. Industry studies show that better management of materials can lead to a 16% increase in craft labour productivity.
Everyone knows construction is one of the oldest industries but it’s one of the least tech driven comparatively. About 95% of Engineering and Construction data captured goes unused, 13% of working hours are spent looking for data and around 30% of companies have applications that don’t integrate.
With APTIM, we’re looking at early risk detection, through predictive analysis and forecasting of material constraints, integrating with the ecosystem of software platforms and reporting on real-time data with a ‘field-first’ focus – through initiatives like the Digital Foreman. The APTIM team has seen great wins in the field, utilising bar-code technology, to check in thousands of material items quickly compared to manual methods.
There are three key areas when it comes to successful Materials Management in the software sector – culture, technology, and vendor engagement.
Given the state of world affairs, access to data needs to be off site via the cloud to support remote working conditions, providing a ‘single source of truth’ accessed by many parties; the tech sector is always growing, so companies need faster and more reliable access to this cloud data; digital supply chain initiatives engage vendors a lot earlier in the process to drive collaboration and to engage with their clients, which gives more assurance as there is more emphasis on automating data capture.
It’s been a challenging period with the pandemic, particularly for the supply chain. Look what happened in the Suez Canal – things can suddenly impact material costs and availability, and you really have to be more efficient to survive and succeed. Virtual system access can solve some issues and you need to look at data access in a wider net.
Solving problems comes down to better visibility, and proactively solving issues with vendors and enabling construction teams to execute their work. The biggest cause of delays is not being able to provide teams with what they need.
On average 2% of materials are lost or re-ordered, which only factors in the material cost, what is not captured is the duplicated effort of procurement, vendor and shipping costs, all of which have an environmental impact.
As things start to stabilise, APTIM continues to utilize SiteSense to boost efficiencies and solve productivity issues proactively. Integrating with 3D/4D modelling is just the precipice of what we can do. Access to data can help you firm up bids to win work, to make better cost estimates, and AI and ML are the next phase, providing an eco-system of tools.
A key focus for Intelliwave and APTIM is to increase the availability of data, whether it’s creating a data warehouse for visualisations or increasing integrations to provide additional value. We want to move to a more of an enterprise usage phase – up to now it’s been project based – so more people can access data in real time.