Bed Bath & Beyond Selects Oracle To Modernize Enterprise Resource Planning And Accelerate Technology Transformation
Bed Bath & Beyond (Nasdaq: BBBY) has chosen Oracle as its ERP technology provider, marking a significant step in its $250 million technology investment strategy. This partnership aims to enhance financial, supply chain, and merchandising capabilities through Oracle Cloud's real-time insights. The COO notes the focus on a customer-inspired, digital-first approach, expecting efficiencies in inventory management and sales forecasting. The upgrade is crucial for adapting to the evolving retail landscape, leveraging advanced analytics and automation for better operational decisions.
- Partnership with Oracle to implement advanced ERP solutions.
- A $250 million investment in technology aimed at enhancing operational efficiency.
- Real-time financial and operational insights to aid strategic planning.
- None.
UNION, N.J., Feb. 11, 2021 /PRNewswire/ -- Bed Bath & Beyond Inc. (Nasdaq: BBBY) today announced it has selected Oracle as its Enterprise Resource Planning (ERP) technology provider. Oracle Cloud will provide real-time financial, supply chain and merchandising solutions, replacing the Company's legacy suite of technology systems and delivering new data, insights and planning capabilities.
John Hartmann, Bed Bath & Beyond's Chief Operating Officer and President of buybuy BABY said, "We are building authority in Home, Baby, Beauty and Wellness with a digital-first, omni-always and customer-inspired approach. Oracle's proven leadership and state-of-the-art technologies will allow us to better serve customers and improve the efficiency and effectiveness of our business. Additionally, the agile partnership will enable continual innovation and improvement as our enterprise evolves."
The ERP deployment is the first key component in the Company's
"Having the right retail technology in place is fundamental to Bed Bath & Beyond's transformation strategy and Oracle is proud to be supporting them in this journey," said Mike Webster, Senior Vice President and General Manager, Oracle Retail. "By adopting Oracle Cloud, Bed Bath & Beyond will be better able to manage its continually evolving inventory, plan margins, and improve sales forecasting in a digital-first shopping environment."
About Bed Bath & Beyond Inc.
Bed Bath & Beyond Inc. and subsidiaries (the "Company") is an omnichannel retailer that makes it easy for our customers to feel at home. The Company sells a wide assortment of merchandise in the Home, Baby, Beauty and Wellness markets. Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond.
About Oracle
Oracle offers suites of integrated applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at oracle.com.
Oracle and Java are registered trademarks of Oracle Corporation.
Forward-Looking Statements
This press release contains forward-looking statements, including, but not limited to, the Company's progress and anticipated progress towards its long-term objectives, plans with respect to potential asset sales, as well as more generally the status of its future liquidity and financial condition. Many of these forward-looking statements can be identified by use of words such as may, will, expect, anticipate, approximate, estimate, assume, continue, model, project, plan, goal, and similar words and phrases, although the absence of those words does not necessarily mean that statements are not forward-looking. The Company's actual results and future financial condition may differ materially from those expressed in any such forward-looking statements as a result of many factors. Such factors include, without limitation: general economic conditions including the housing market, a challenging overall macroeconomic environment and related changes in the retailing environment; risks associated with COVID-19 and the governmental responses to it, including its impacts across the Company's businesses on demand and operations, as well as on the operations of the Company's suppliers and other business partners, and the effectiveness of the Company's actions taken in response to these risks; consumer preferences, spending habits and adoption of new technologies; demographics and other macroeconomic factors that may impact the level of spending for the types of merchandise sold by the Company; civil disturbances and terrorist acts; unusual weather patterns and natural disasters; competition from existing and potential competitors across all channels; pricing pressures; liquidity; the ability to achieve anticipated cost savings, and to not exceed anticipated costs, associated with organizational changes and investments, including the Company's strategic restructuring program; the ability to attract and retain qualified employees in all areas of the organization; the cost of labor, merchandise and other costs and expenses; potential supply chain disruption due to trade restrictions, and other factors such as natural disasters, pandemics, including the COVID-19 pandemic, political instability, labor disturbances, product recalls, financial or operational instability of suppliers or carriers, and other items; the ability to find suitable locations at acceptable occupancy costs and other terms to support the Company's plans for new stores; the ability to establish and profitably maintain the appropriate mix of digital and physical presence in the markets it serves; the ability to assess and implement technologies in support of the Company's development of its omnichannel capabilities; the ability to effectively and timely adjust the Company's plans in the face of the rapidly changing retail and economic environment, including in response to the COVID-19 pandemic; uncertainty in financial markets; volatility in the price of the Company's common stock and its effect, and the effect of other factors, including the COVID-19 pandemic, on the Company's capital allocation strategy; risks associated with the ability to achieve a successful outcome for the Company's business concepts and to otherwise achieve its business strategies; the impact of intangible asset and other impairments; disruptions to the Company's information technology systems, including but not limited to security breaches of systems protecting consumer and employee information or other types of cybercrimes or cybersecurity attacks; reputational risk arising from challenges to the Company's or a third party product or service supplier's compliance with various laws, regulations or standards, including those related to labor, health, safety, privacy or the environment; reputational risk arising from third-party merchandise or service vendor performance in direct home delivery or assembly of product for customers; changes to statutory, regulatory and legal requirements, including without limitation proposed changes affecting international trade; changes to, or new, tax laws or interpretation of existing tax laws; new, or developments in existing, litigation, claims or assessments; changes to, or new, accounting standards; foreign currency exchange rate fluctuations; and the other factors summarized in the Company's reports filed with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update its forward-looking statements.
View original content to download multimedia:http://www.prnewswire.com/news-releases/bed-bath--beyond-selects-oracle-to-modernize-enterprise-resource-planning-and-accelerate-technology-transformation-301226757.html
SOURCE Bed Bath & Beyond Inc.
FAQ
What is Bed Bath & Beyond's new partnership with Oracle about?
How much is Bed Bath & Beyond investing in technology?
What benefits does Oracle Cloud provide to Bed Bath & Beyond?
What is the significance of ERP for Bed Bath & Beyond?
When did Bed Bath & Beyond announce its partnership with Oracle?
