Nasdaq-listed tech services company Rimini Street is challenging the status quo in New Zealand’s enterprise IT market, offering a striking alternative to the upgrade treadmill set by big software vendors.
On this week’s episode of The Business of Tech, Seth Ravin, founder and CEO of Rimini Street, and Joe Locandro, global CIO, share their vision for how New Zealand enterprises and government agencies can maintain legacy enterprise resource planning (ERP) systems, dramatically reduce support costs, and harness artificial intelligence for innovation, all without costly upgrades or cloud migrations.
Rimini Street’s business model is built on lower profit margins than the incumbents, which Ravin used to work for with executive-level stints at PeopleSoft and SAP.
“If you’re driving a 90% plus profit margin, just do the math. You cannot offer much service. You have to say no to just about everything,” Ravin said.
“So in that environment, we said, we’re going to spend more on the customer, give them more service. We’re going to cut the price in half, accept a much lower profit margin. We’re going to make it better for the customer, and we’re going to have a good business, a solid business”.
Tune in to episode 114 of The Business of Tech for the full discussion powered by 2degrees Business, streaming on iHeartRadio or wherever you get your podcasts.
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