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The Hackett Group Inc (NASDAQ: HCKT) is a premier intellectual property-based strategic consultancy firm renowned for its expertise in enterprise benchmarking and digital transformation. With a strong focus on global companies, Hackett Group offers a comprehensive range of services designed to enhance business performance and operational efficiency.
Specializing in digital transformation, the firm provides cutting-edge solutions including robotic process automation and enterprise cloud application implementation. Their service portfolio extends to business transformation, enterprise analytics, working capital management, and global business services. Additionally, Hackett Group has a notable presence in business strategy, operations, finance, human capital management, strategic sourcing, procurement, and information technology, earning accolades for its Oracle and SAP practices.
Since its inception, Hackett Group has executed over 15,000 benchmarking studies with leading corporations and government entities. Their clientele includes 97% of the Dow Jones Industrials, 89% of the Fortune 100, 87% of the DAX 30, and 59% of the FTSE 100. These studies contribute to the firm's Best Practice Intelligence Center™, a repository of benchmarking metrics and practices designed to drive organizational excellence.
The company is organized into three main segments: Oracle Solutions, SAP Solutions, and Global Strategy & Business Transformation (S&BT). The Global S&BT segment, primarily operating in the United States, is the leading revenue generator, reflecting the firm's strong market position and trusted advisory capabilities.
As a trailblazer in Generative Artificial Intelligence (Gen AI) strategy, Hackett Group continues to innovate, providing clients with advanced solutions to navigate the complexities of modern business environments. With a commitment to excellence and a track record of success, Hackett Group remains a pivotal player in the realms of strategic consulting and digital enterprise transformation.
The Hackett Group's latest research reveals that Digital World Class® procurement organizations are poised for significant gains with the adoption of generative AI (Gen AI). These top-performing organizations can expect a 54% increase in staff productivity and a 47% reduction in process costs. Despite industry-wide cost escalations, Digital World Class® procurement organizations operate at 21% lower costs than peers and deliver 2.5 times greater procurement return on investment.
Key advantages include managing 21% more spend, achieving two times higher spend cost reduction savings, and a 59% reduction in maverick buying. They also demonstrate superior operational excellence with 23% shorter sourcing cycle times and 76% lower process costs per order. These organizations invest 15% of their operating budget in technology, which is 32% higher than typical organizations, reflecting a significant increase from five years ago.
The Hackett Group has announced the winners of its 11th Annual Digital Awards, recognizing companies for their digital transformation achievements. The 2024 winners are:
- 3M (Order-to-Cash)
- MTN Group (Source-to-Purchase)
- IBM (Plan-to-Results)
- CMA CGM (Market-to-Opportunity)
- Johnson & Johnson (Global Business Services – Service Desk)
- Intermountain Health (Talent Acquisition)
- WNS (Talent Management)
- Micron Technology (Purchase-to-Pay)
Key trends highlighted include the increasing use of robotic process automation, intelligent data extraction, and generative AI. The winners demonstrated innovative applications of automation and AI, resulting in significant time savings, cost reductions, and improved efficiency across various business processes.
The Hackett Group (NASDAQ: HCKT) has announced the acquisition of LeewayHertz, a leading Gen AI solutions provider. This strategic move aims to position Hackett as a key player in the Gen AI consulting space. The acquisition combines Hackett's Digital transformation IP with LeewayHertz's Gen AI capabilities and their respective AI platforms, AI XPLR and ZBrain.ai.
A new joint venture, ZBrain XPLR, will be created to integrate these platforms, offering a comprehensive Gen AI solution from ideation to implementation. Akash Takyar, LeewayHertz's CEO, will lead this venture and Hackett's Gen AI Implementation group. This acquisition is expected to enhance Hackett's consulting and software offerings, potentially creating new value for shareholders.
The Hackett Group (NASDAQ: HCKT) has been named Coupa EMEA Partner of the Year, recognizing their outstanding performance in project execution and successful go-lives. This achievement highlights the team's dedication to prioritizing client needs and delivering tangible value.
Tim Ross, senior manager of Digital Procurement, emphasized their focus on client-specific solutions rather than just tool implementation. Amaury-Alexandre Schaller, senior manager of Procurement Transformation, noted their ability to implement solutions across various environments and industries due to their local presence and global capabilities.
The Hackett Group's Coupa engagements have included system upgrades, addressing issues from previous implementations, and optimizing processes for maximum ROI. Martin Veldhof from Coupa praised The Hackett Group's highly capable team and their focus on driving meaningful outcomes for joint customers.
The Hackett Group (NASDAQ: HCKT) has released its first Digital World Class Matrix™ for contract life-cycle management (CLM) software. The report highlights the transformative potential of AI-enabled CLM solutions for large enterprises. Key findings include:
- 45% operational efficiency gains in negotiation and contract creation
- 35% reduction in contract cycle times
- 5x decrease in noncompliance-related losses
- 63% improvement in contracting efficiency and automation
- 89% customer satisfaction with CLM solutions
The CLM market is projected to grow by 11% in 2024, with 28% of companies planning to pilot CLM technology. The report analyzes 21 AI-enabled providers across 18 criteria, offering insights for both buyers and vendors in the rapidly evolving CLM landscape.
The Hackett Group's (NASDAQ: HCKT) latest research reveals a critical turning point in working capital management for the largest U.S. public companies. For the first time in a decade, all three key metrics - days sales outstanding (DSO), days inventory outstanding (DIO), and days payables outstanding (DPO) - have deteriorated simultaneously. This triple threat exposes a potential $1.76 trillion in untapped working capital opportunity.
Key findings include:
- DSO increased by 3% to 40.1 days
- DIO rose slightly by 0.01 days
- DPO declined by 0.1 days
- Revenue growth remained flat at 0.3%
- The performance gap between best-in-class and median companies widened by 8%
The research emphasizes the urgent need for companies to optimize working capital amidst ongoing economic uncertainties, high interest rates, and inflationary pressures. It also highlights the potential of generative AI to enhance working capital management across various business operations.
Answerthink, a Hackett Group company (NASDAQ: HCKT), has achieved the GROW With SAP designation, demonstrating its capability to help midsize companies adopt cloud ERP solutions. This designation signifies Answerthink's readiness to implement SAP S/4HANA Cloud, public edition, with speed and efficiency.
The GROW With SAP offering provides products, best-practice support, adoption acceleration services, and learning opportunities for customers. Answerthink's achievement underscores its commitment to innovation and excellence in empowering clients with cloud ERP solutions. The company's long-standing partnership with SAP, spanning over 25 years, has been important in attaining this distinction.
The Hackett Group (NASDAQ: HCKT) announced its Q2 2024 financial results.
Total revenue was $77.7 million, exceeding guidance, and adjusted revenue before reimbursements was $75.9 million, up from $75.6 million last year. GAAP diluted EPS was $0.31, slightly down from $0.32 in Q2 2023, while adjusted EPS remained steady at $0.39.
Operating cash flow increased significantly to $13.7 million from $7.7 million in Q2 2023. The company holds cash balances of $19.1 million against $27.0 million in outstanding credit.
The Board declared a Q3 2024 dividend of $0.11 per share. Guidance for Q3 2024 estimates total revenue between $74.5-$76.0 million and adjusted EPS between $0.39-$0.41.
CEO Ted A. Fernandez highlighted the company's efforts to enhance AI XPLR capabilities. Version 2 of AI XPLR will include significant use case simulations and design functionality, set to release this month.
The Hackett Group (NASDAQ: HCKT) has announced an expanded collaboration with Oracle to offer Hackett Pay™, a new managed services solution for Oracle Payroll. This comprehensive offering provides full business process outsourcing, staff support, and access to The Hackett Group's best practices for payroll optimization.
Hackett Pay™ covers all aspects of payroll operations support, including wage payments, employee tax, wage garnishments, W-2 management, employee verification, tax credits, and unemployment claims. It is designed to help growth and hypergrowth companies streamline payroll processes, ensure accuracy, and improve employee experience.
According to The Hackett Group's benchmarks, Digital World Class® companies see 88% lower payroll administration costs and generate 67% fewer payroll errors compared to their peers. The collaboration aims to enable companies to focus on core business growth while benefiting from efficient and accurate payroll management.
The Hackett Group (NASDAQ: HCKT) has announced its upcoming 2024 Second Quarter Earnings Conference Call, scheduled for Tuesday, August 6, 2024, after market close. The company will release its financial results for the quarter ended June 28, 2024, followed by a conference call at 5:00 P.M. ET. Investors can participate by dialing (800) 593-0486 (US) or (517) 308-9371 (International) with the passcode 'Second Quarter'. A rebroadcast will be available from 8:00 P.M. ET on August 6 until 5:00 P.M. ET on August 20, 2024. The call will also be webcast live on the company's website, with an online replay available afterwards.
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