Welcome to our dedicated page for Hackett Group news (Ticker: HCKT), a resource for investors and traders seeking the latest updates and insights on Hackett Group stock.
Hackett Group Inc (HCKT) is a global leader in strategic consulting and digital transformation, leveraging proprietary benchmarking data and AI-driven solutions. This centralized news hub provides investors and professionals with verified updates on corporate developments shaping the enterprise technology landscape.
Access official press releases covering earnings results, leadership changes, technology partnerships, and industry recognitions. Our curated collection ensures transparency into Hackett Group's operational milestones, including implementation of Oracle/SAP solutions and advancements in generative AI applications.
All content is organized chronologically for efficient tracking of financial performance and strategic initiatives. Key focus areas include business transformation services, working capital optimization insights, and updates to the Best Practice Intelligence Center™ methodology.
Bookmark this page for direct access to primary-source information about HCKT's market position. Check regularly for updates on consulting engagements, operational benchmarks, and innovations in enterprise analytics.
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.
The Hackett Group (NASDAQ: HCKT) has released its inaugural Digital World Class Matrix™ for the human capital management (HCM) software market, evaluating 11 global providers. The report categorizes providers into five segments: Digital World Class®, Innovators, Enterprise Leaders, Challengers, and Emerging. The study highlights the importance of HCM technology in optimizing HR processes and improving workforce analytics. Despite the growing integration of artificial intelligence in HR, only 15% of organizations are piloting Gen AI, with a mere 2% in production. Hackett projects potential 51% HR staff productivity boost and 44% cost reduction from full Gen AI adoption. Key challenges include fragmentation in HR tech stacks and cautious AI deployment.
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