Artificial Intelligence
Micron Technology, Inc. Reports Results for the First Quarter of Fiscal 2021
Industry’s first 176-layer NAND in production
BOISE, Idaho, Jan. 07, 2021 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) today announced results for its first quarter of fiscal 2021, which ended Dec. 3, 2020.
Fiscal Q1 2021 highlights
- Revenue of $5.77 billion versus $6.06 billion for the prior quarter and $5.14 billion for the same period last year
- GAAP net income of $803 million, or $0.71 per diluted share
- Non-GAAP net income of $897 million, or $0.78 per diluted share
- Operating cash flow of $1.97 billion versus $2.27 billion for the prior quarter and $2.01 billion for the same period last year
“Micron delivered outstanding fiscal first quarter results, driven by focused execution and strong end-market demand,” said Micron Technology President and CEO Sanjay Mehrotra. “We are excited about the strengthening DRAM industry fundamentals. For the first time in our history, Micron is simultaneously leading on DRAM and NAND technologies, and we are in an excellent position to benefit from accelerating digital transformation of the global economy fueled by AI, 5G, cloud, and the intelligent edge.”
Quarterly Financial Results | |||||||||||||||||||
(in millions, except per share amounts) | GAAP(1) | Non-GAAP(2) | |||||||||||||||||
FQ1-21 | FQ4-20 | FQ1-20 | FQ1-21 | FQ4-20 | FQ1-20 | ||||||||||||||
Revenue | $ | 5,773 | $ | 6,056 | $ | 5,144 | $ | 5,773 | $ | 6,056 | $ | 5,144 | |||||||
Gross margin | 1,736 | 2,068 | 1,366 | 1,784 | 2,111 | 1,405 | |||||||||||||
percent of revenue | 30.1 | % | 34.1 | % | 26.6 | % | 30.9 | % | 34.9 | % | 27.3 | % | |||||||
Operating expenses | 870 | 911 | 848 | 811 | 809 | 811 | |||||||||||||
Operating income | 866 | 1,157 | 518 | 973 | 1,302 | 594 | |||||||||||||
percent of revenue | 15.0 | % | 19.1 | % | 10.1 | % | 16.9 | % | 21.5 | % | 11.5 | % | |||||||
Net income attributable to Micron | 803 | 988 | 491 | 897 | 1,229 | 548 | |||||||||||||
Diluted earnings per share | 0.71 | 0.87 | 0.43 | 0.78 | 1.08 | 0.48 |
Investments in capital expenditures, net(2) were $2.78 billion for the first quarter of 2021. Micron ended the quarter with cash, marketable investments, and restricted cash of $8.36 billion, for a net cash(2) position of $1.73 billion.
Business Outlook
The following table presents Micron’s guidance for the second quarter of 2021:
FQ2-21 | GAAP(1) Outlook | Non-GAAP(2) Outlook |
Revenue | $5.8 billion ± $200 million | $5.8 billion ± $200 million |
Gross margin | 25% ± 1% | 31% ± 1% |
Operating expenses | $882 million ± $25 million | $825 million ± $25 million |
Interest (income) expense, net | $37 million | $35 million |
Diluted earnings per share | $0.41 ± $0.07 | $0.75 ± $0.07 |
Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.
Investor Webcast
Micron will host a conference call on Thursday, Jan. 7, 2021, at 2:30 p.m. MT to discuss its first quarter financial results and provide forward-looking guidance for its second quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech.
About Micron Technology, Inc.
We are an industry leader in innovative memory and storage solutions. Through our global brands — Micron® and Crucial® — our broad portfolio of high-performance memory and storage technologies, including DRAM, NAND, 3D XPoint™ memory, and NOR, is transforming how the world uses information to enrich life for all. Backed by more than 40 years of technology leadership, our memory and storage solutions enable disruptive trends, including artificial intelligence, 5G, machine learning, and autonomous vehicles, in key market segments like mobile, data center, client, consumer, industrial, graphics, automotive, and networking. Our common stock is traded on Nasdaq under the MU symbol. To learn more about Micron Technology, Inc., visit micron.com.
Micron and the Micron orbit logo are trademarks of Micron Technology, Inc. All other trademarks are the property of their respective owners.
Forward-Looking Statements
This press release contains forward-looking statements regarding our industry, our strategic position, and our financial and operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, specifically our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at www.micron.com/certainfactors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.
(1) | GAAP represents U.S. Generally Accepted Accounting Principles. |
(2) | Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings, adjusted free cash flow, net cash, and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release. |
MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
1st Qtr. | 4th Qtr. | 1st Qtr. | |||||||||
December 3, 2020 |
September 3, 2020 |
November 28, 2019 |
|||||||||
Revenue | $ | 5,773 | $ | 6,056 | $ | 5,144 | |||||
Cost of goods sold | 4,037 | 3,988 | 3,778 | ||||||||
Gross margin | 1,736 | 2,068 | 1,366 | ||||||||
Research and development | 647 | 630 | 640 | ||||||||
Selling, general, and administrative | 214 | 231 | 211 | ||||||||
Other operating (income) expense, net | 9 | 50 | (3 | ) | |||||||
Operating income | 866 | 1,157 | 518 | ||||||||
Interest income | 10 | 13 | 44 | ||||||||
Interest expense | (48 | ) | (50 | ) | (47 | ) | |||||
Other non-operating income (expense), net | 13 | 5 | 46 | ||||||||
841 | 1,125 | 561 | |||||||||
Income tax (provision) benefit | (51 | ) | (136 | ) | (55 | ) | |||||
Equity in net income (loss) of equity method investees | 13 | 1 | 2 | ||||||||
Net income | 803 | 990 | 508 | ||||||||
Net income attributable to noncontrolling interests | — | (2 | ) | (17 | ) | ||||||
Net income attributable to Micron | $ | 803 | $ | 988 | $ | 491 | |||||
Earnings per share | |||||||||||
Basic | $ | 0.72 | $ | 0.89 | $ | 0.44 | |||||
Diluted | 0.71 | 0.87 | 0.43 | ||||||||
Number of shares used in per share calculations | |||||||||||
Basic | 1,115 | 1,111 | 1,107 | ||||||||
Diluted | 1,135 | 1,131 | 1,129 | ||||||||
MICRON TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
As of | December 3, 2020 |
September 3, 2020 |
|||||
Assets | |||||||
Cash and equivalents | $ | 5,985 | $ | 7,624 | |||
Short-term investments | 1,047 | 518 | |||||
Receivables | 3,691 | 3,912 | |||||
Inventories | 5,521 | 5,607 | |||||
Other current assets | 285 | 304 | |||||
Total current assets | 16,529 | 17,965 | |||||
Long-term marketable investments | 1,264 | 1,048 | |||||
Property, plant, and equipment | 32,229 | 31,031 | |||||
Operating lease right-of-use assets | 577 | 584 | |||||
Intangible assets | 336 | 334 | |||||
Deferred tax assets | 726 | 707 | |||||
Goodwill | 1,228 | 1,228 | |||||
Other noncurrent assets | 802 | 781 | |||||
Total assets | $ | 53,691 | $ | 53,678 | |||
Liabilities and equity | |||||||
Accounts payable and accrued expenses | $ | 4,856 | $ | 5,817 | |||
Current debt | 273 | 270 | |||||
Other current liabilities | 559 | 548 | |||||
Total current liabilities | 5,688 | 6,635 | |||||
Long-term debt | 6,356 | 6,373 | |||||
Noncurrent operating lease liabilities | 529 | 533 | |||||
Noncurrent unearned government incentives | 656 | 643 | |||||
Other noncurrent liabilities | 555 | 498 | |||||
Total liabilities | 13,784 | 14,682 | |||||
Commitments and contingencies | |||||||
Shareholders’ equity | |||||||
Common stock | 120 | 119 | |||||
Additional capital | 9,034 | 8,917 | |||||
Retained earnings | 34,138 | 33,384 | |||||
Treasury stock | (3,495 | ) | (3,495 | ) | |||
Accumulated other comprehensive income (loss) | 110 | 71 | |||||
Total equity | 39,907 | 38,996 | |||||
Total liabilities and equity | $ | 53,691 | $ | 53,678 | |||
MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three months ended | December 3, 2020 |
November 28, 2019 |
|||||
Cash flows from operating activities | |||||||
Net income | $ | 803 | $ | 508 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation expense and amortization of intangible assets | 1,487 | 1,296 | |||||
Amortization of debt discount and other costs | 7 | 10 | |||||
Stock-based compensation | 92 | 72 | |||||
(Gain) loss on debt prepayments, repurchases, and conversions | — | (42 | ) | ||||
Change in operating assets and liabilities | |||||||
Receivables | 251 | (208 | ) | ||||
Inventories | 86 | 175 | |||||
Accounts payable and accrued expenses | (753 | ) | 178 | ||||
Deferred income taxes, net | (24 | ) | 19 | ||||
Other | 18 | 3 | |||||
Net cash provided by operating activities | 1,967 | 2,011 | |||||
Cash flows from investing activities | |||||||
Expenditures for property, plant, and equipment | (2,738 | ) | (1,943 | ) | |||
Purchases of available-for-sale securities | (1,002 | ) | (407 | ) | |||
Proceeds from maturities of available-for-sale securities | 216 | 163 | |||||
Proceeds from sales of available-for-sale securities | 45 | 988 | |||||
Proceeds from government incentives | 40 | 22 | |||||
Other | 21 | (12 | ) | ||||
Net cash provided by (used for) investing activities | (3,418 | ) | (1,189 | ) | |||
Cash flows from financing activities | |||||||
Payments on equipment purchase contracts | (97 | ) | (11 | ) | |||
Repayments of debt | (84 | ) | (1,415 | ) | |||
Acquisition of noncontrolling interest in IMFT | — | (744 | ) | ||||
Proceeds from issuance of debt | — | 1,250 | |||||
Other | (33 | ) | (72 | ) | |||
Net cash provided by (used for) financing activities | (214 | ) | (992 | ) | |||
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | 27 | (14 | ) | ||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (1,638 | ) | (184 | ) | |||
Cash, cash equivalents, and restricted cash at beginning of period | 7,690 | 7,279 | |||||
Cash, cash equivalents, and restricted cash at end of period | $ | 6,052 | $ | 7,095 | |||
MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except per share amounts)
1st Qtr. | 4th Qtr. | 1st Qtr. | |||||||||
December 3, 2020 |
September 3, 2020 |
November 28, 2019 |
|||||||||
GAAP gross margin | $ | 1,736 | $ | 2,068 | $ | 1,366 | |||||
Stock-based compensation | 41 | 37 | 31 | ||||||||
Other | 7 | 6 | 8 | ||||||||
Non-GAAP gross margin | $ | 1,784 | $ | 2,111 | $ | 1,405 | |||||
GAAP operating expenses | $ | 870 | $ | 911 | $ | 848 | |||||
Stock-based compensation | (51 | ) | (52 | ) | (41 | ) | |||||
Restructure and asset impairments | (8 | ) | (50 | ) | 4 | ||||||
Non-GAAP operating expenses | $ | 811 | $ | 809 | $ | 811 | |||||
GAAP operating income | $ | 866 | $ | 1,157 | $ | 518 | |||||
Stock-based compensation | 92 | 89 | 72 | ||||||||
Restructure and asset impairments | 8 | 50 | (4 | ) | |||||||
Other | 7 | 6 | 8 | ||||||||
Non-GAAP operating income | $ | 973 | $ | 1,302 | $ | 594 | |||||
GAAP net income attributable to Micron | $ | 803 | $ | 988 | $ | 491 | |||||
Stock-based compensation | 92 | 89 | 72 | ||||||||
Restructure and asset impairments | 8 | 50 | (4 | ) | |||||||
Amortization of debt discount and other costs | 7 | 6 | 10 | ||||||||
(Gain) loss on debt prepayments, repurchases, and conversions | — | — | (42 | ) | |||||||
Other | 7 | 6 | 8 | ||||||||
Estimated tax effects of above and non-cash changes in net deferred income taxes | (20 | ) | 90 | 13 | |||||||
Non-GAAP net income attributable to Micron | $ | 897 | $ | 1,229 | $ | 548 | |||||
GAAP weighted-average common shares outstanding – Diluted | 1,135 | 1,131 | 1,129 | ||||||||
Adjustment for stock-based compensation and capped calls | 11 | 11 | 9 | ||||||||
Non-GAAP weighted-average common shares outstanding – Diluted | 1,146 | 1,142 | 1,138 | ||||||||
GAAP diluted earnings per share | $ | 0.71 | $ | 0.87 | $ | 0.43 | |||||
Effects of the above adjustments | 0.07 | 0.21 | 0.05 | ||||||||
Non-GAAP diluted earnings per share | $ | 0.78 | $ | 1.08 | $ | 0.48 |
RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued
1st Qtr. | 4th Qtr. | 1st Qtr. | |||||||||
December 3, 2020 |
September 3, 2020 |
November 28, 2019 |
|||||||||
GAAP net cash provided by operating activities | $ | 1,967 | $ | 2,271 | $ | 2,011 | |||||
Investments in capital expenditures, net | |||||||||||
Expenditures for property, plant, and equipment, net(1) | (2,726 | ) | (2,268 | ) | (1,936 | ) | |||||
Payments on equipment purchase contracts | (97 | ) | (14 | ) | (11 | ) | |||||
Amounts funded by partners | 40 | 122 | 22 | ||||||||
Adjusted free cash flow | $ | (816 | ) | $ | 111 | $ | 86 |
(1) | Expenditures for property, plant, and equipment, net include proceeds from sales of property, plant, and equipment of $12 million for the first quarter of 2021, $12 million for the fourth quarter of 2020, and $7 million for the first quarter of 2020. |
As of | December 3, 2020 |
September 3, 2020 |
|||||
Cash and short-term investments | $ | 7,032 | $ | 8,142 | |||
Current and noncurrent restricted cash | 67 | 66 | |||||
Long-term marketable investments | 1,264 | 1,048 | |||||
Current and long-term debt | (6,629 | ) | (6,643 | ) | |||
Net cash | $ | 1,734 | $ | 2,613 | |||
The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income attributable to Micron, diluted shares, diluted earnings per share, adjusted free cash flow, and net cash. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items in analyzing our operating results and understanding trends in our earnings:
- Stock-based compensation;
- Flow-through of business acquisition-related inventory adjustments;
- Acquisition-related costs;
- Start-up and preproduction costs;
- Employee severance;
- Restructure and asset impairments;
- Amortization of debt discount and other costs, including the accretion of non-cash interest expense associated with our convertible notes and other debt;
- Gains and losses from debt repurchases and conversions;
- Gains and losses from business acquisition activities;
- Initial impact of inventory accounting policy change to FIFO and change in inventory cost absorption in the second quarter of 2021; and
- The estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, and significant changes in tax law.
Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income. Non-GAAP diluted shares also include the impact of capped calls, which are anti-dilutive in GAAP earnings per share but are expected to mitigate the dilutive effect of convertible notes, based on the average share price for the period the capped calls were outstanding.
MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
GAAP Outlook | Adjustments | Non-GAAP Outlook | |||||
Revenue | $5.8 billion ± $200 million | — | $5.8 billion ± $200 million | ||||
Gross margin | 25% ± 1% | 6% | A | 31% ± 1% | |||
Operating expenses | $882 million ± $25 million | $57 million | B | $825 million ± $25 million | |||
Interest (income) expense, net | $37 million | $2 million | C | $35 million | |||
Diluted earnings per share(1) | $0.41 ± $0.07 | $0.34 | A, B, C, D | $0.75 ± $0.07 | |||
Non-GAAP Adjustments (in millions) |
|||||||||
A | Inventory accounting policy change to FIFO – cost of goods sold | $ | 135 | ||||||
A | Change in inventory cost absorption – cost of goods sold | 165 | |||||||
A | Stock-based compensation – cost of goods sold | 54 | |||||||
A | Other – cost of goods sold | 7 | |||||||
B | Stock-based compensation – research and development | 30 | |||||||
B | Stock-based compensation – sales, general, and administrative | 27 | |||||||
C | Amortization of debt discount and other costs | 2 | |||||||
D | Tax effects of the above items and non-cash changes in net deferred income taxes | (27 | ) | ||||||
$ | 393 |
(1) | GAAP earnings per share based on approximately 1.14 billion diluted shares and non-GAAP earnings per share based on approximately 1.15 billion diluted shares. |
The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.
Contacts: Farhan Ahmad Investor Relations (408) 834-1927 Erica Rodriguez Pompen Media Relations (408) 834-1873
Artificial Intelligence
Identity Governance & Administration Market Projected to Reach $24.42 billion by 2030 – Exclusive Report by 360iResearch
PUNE, India, April 25, 2024 /PRNewswire/ — The report titled “Identity Governance & Administration Market by Component (Services, Solution), Modules (Access Certification & Compliance Control, Access Management, Identity Lifecycle Management), Organization Size, Deployment, Vertical – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $8.46 billion in 2023 to reach $24.42 billion by 2030, at a CAGR of 16.34% over the forecast period.
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Identity governance and administration (IGA) has emerged as a critical policy-driven approach aimed at fortifying digital identities within organizations, ensuring that proper access is provided to the right individuals for valid reasons. Across the globe, the demand for IGA solutions is on the rise, driven by the need to tackle sophisticated cyber threats, comply with stringent data protection laws, and adapt to the digitization wave sweeping through industries. Challenges include integrating these solutions with pre-existing IT frameworks, primarily in organizations reliant on legacy systems. The North American market, led by the United States and Canada, is at the forefront of this expansion, embracing technological advancements and stringent regulatory standards. Meanwhile, the Europe, Middle East, and Africa (EMEA) region is navigating its unique landscape, with the EU focusing heavily on compliance through GDPR and the Middle East and Africa gradually recognizing the value of digital security. The Asia-Pacific region is witnessing a significant uptrend in IGA solutions adoption, spurred by digital transformation initiatives and cybersecurity awareness, with China and India playing pivotal roles. This global perspective highlights the universal importance of IGA in today’s digital era, highlighting the critical balance between innovation, security, and regulatory compliance in safeguarding digital identities.
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“Navigating the New Normal With The Crucial Role of Identity Governance in Securing Hybrid Work Environments”
As businesses globally embrace the fusion of remote and traditional office work, the need for secure, hybrid workspaces becomes paramount. The shift toward flexible working models, accelerated by the COVID-19 pandemic, highlights the importance of cybersecurity and accessibility in ensuring operational continuity and a better work-life balance. Identity governance & administration (IGA) systems emerge as essential tools within this evolving work landscape. They enable organizations to manage digital identities and access rights effectively, safeguarding sensitive data against unauthorized access across diverse working environments. By ensuring that only credentialed employees can access critical information, regardless of their physical location, IGA solutions stand at the forefront of maintaining cybersecurity compliance and operational integrity. This development signifies a growing demand for robust identity governance frameworks, ensuring businesses remain resilient and secure in remote work and beyond.
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Managed and professional services provide organizations with the specialized expertise necessary for optimizing the performance and security of identity governance & administration (IGA) systems, eliminating the need for such in-depth knowledge internally. Businesses benefit from advanced skills that enhance system functionality and safeguard sensitive data by outsourcing specific IGA tasks. From the initial stages of integration and implementation, ensuring seamless incorporation with existing infrastructures, to ongoing support and maintenance for consistent system reliability and up-to-dateness, these services form the foundation of effective IGA strategies. Furthermore, training and consulting play a pivotal role, equipping companies with the understanding and capability to utilize their IGA systems to the fullest. IGA solution is a critical technological tool designed to streamline the management of user access rights across organizations, bolstering security, operational efficiency, and compliance with regulatory standards. This comprehensive approach to IGA facilitates a more secure, efficient, and compliant organizational environment, empowering businesses to focus on core objectives and ensure their data remains protected.
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“International Business Machines Corporation at the Forefront of Identity Governance & Administration Market with a Strong 7.09% Market Share”
The key players in the Identity Governance & Administration Market include Broadcom, Inc., SAP SE, Oracle Corporation, Microsoft Corporation, International Business Machines Corporation, and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
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PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket InsightsIdentity Governance & Administration Market, by ComponentIdentity Governance & Administration Market, by ModulesIdentity Governance & Administration Market, by Organization SizeIdentity Governance & Administration Market, by DeploymentIdentity Governance & Administration Market, by VerticalAmericas Identity Governance & Administration MarketAsia-Pacific Identity Governance & Administration MarketEurope, Middle East & Africa Identity Governance & Administration MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
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Artificial Intelligence
Enghouse Video Partners With SONIFI Health To Deliver Advanced Telehealth Solutions In Hospital Rooms
MARKHAM, ON, April 25, 2024 /PRNewswire/ — Enghouse Video, a global leader in cutting-edge video technology solutions, today announced its partnership with SONIFI Health, enhancing virtual care in hospital settings.
SONIFI Health is a leading U.S. healthcare technology company based in Sioux Falls, South Dakota. The new partnership leverages and integrates Enghouse Video room systems technology to support SONIFI Health’s commitment to expanding telehealth applications and system optimizations in hospital settings.
Enghouse’s VidyoRooms solution, a sophisticated video conferencing technology that combines both software and hardware solutions, has been fully integrated into SONIFI Health’s interactive TV systems. This integration provides up to 4K high-quality video conferencing, multi-party sessions and robust security features that ensure full compliance with healthcare regulations.
Enghouse Video offers an immersive telehealth platform to support collaborative interdisciplinary care, improved patient outcomes and cost savings. The platform is flexible and simple, delivering the reliability, interoperability, and scalability needed for today’s healthcare environment. A key strength of the partnership is its offering of back-end integrations like patient portals, medical devices, EMR, tele-sitting, remote patient observation and consultation.
“Hospitals can choose the telehealth partner that’s right for them, and we incorporate that solution with interactive TV,” said Brian Nido, SONIFI Health’s Vice President of Customer Success. “Using the hardware and systems they already have in patient rooms helps hospitals reduce costs and maximize the value of their existing investments, while benefiting both clinicians and patients.”
SONIFI Health and Enghouse Video continue to collaborate closely to further refine and enhance the telehealth solutions provided to healthcare facilities. This partnership reflects a shared commitment to leveraging technology to create smarter hospital rooms and improve patient care across the healthcare spectrum.
About Enghouse VideoEnghouse Video, part of the Enghouse Interactive division, is a subsidiary of Enghouse Systems Limited, a vertically focused software and services company traded on the Toronto Stock Exchange (TSX: ENGH). Through highly secure, scalable and flexible Cloud-based or On Prem services, we deliver one of the world’s highest quality and most innovative video platform to video-enable any application or idea. From advanced video conferencing and collaboration tools to state-of-art enterprise video management, Enghouse Video is a unique player in multiple markets, including telehealth. Learn more at www.enghousevideo.com, read our blog, or follow us on Twitter at @EnghouseVideo, on LinkedIn, and on Facebook.
About SONIFI HealthSONIFI Health provides market-leading interactive patient engagement technology proven to improve patient outcomes and staff productivity. The EHR-integrated platform is designed to enhance patient and family experiences while increasing staff satisfaction and organizations’ operational efficiencies. As part of SONIFI Solutions, Inc., the company annually supports more than 300 million end user experiences. Learn more at sonifihealth.com.
Enghouse Video Contact: Sylvain Awad, Director, Demand Generation, Enghouse Video, part of Enghouse Interactive Division, [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/enghouse-video-partners-with-sonifi-health-to-deliver-advanced-telehealth-solutions-in-hospital-rooms-302126882.html
Artificial Intelligence
Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow
Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.
Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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View original content:https://www.prnewswire.co.uk/news-releases/global-insurance-provider-selects-3clogic-to-streamline-ai-and-contact-center-capabilities-with-servicenow-302127739.html
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