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Michael Walrath, Yext's CEO and cofounder of Right Media, shares insights on the shifting landscape of software vendor consolidation. He discusses the challenges of increasing software implementation costs and the movement towards efficiency for businesses. Walrath highlights the importance of balancing profitability and growth in the evolving VC funding environment. He also provides a candid look at improving board meetings, stressing the need for constructive tension and strategic capital allocation to foster long-term success.
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Quick takeaways
- The explosive growth of software vendors has led to a fragmented market, pushing companies to consolidate their vendor portfolios for efficiency.
- Tightening budgets are forcing marketing leaders to collaborate with financial executives, focusing on managing resources while ensuring operational efficiency.
Deep dives
Dramatic Rise in Software Vendors
The landscape of software vendors has seen explosive growth, spiking from approximately 200 vendors in 2009 to around 14,000 today. This increase is attributed to the ease of selling software compared to the past when large implementations were common. The change has led to companies adopting dozens of software solutions for various functions, with some firms using over 120 vendors. This proliferation reflects an era where verticalization became a sought-after approach, resulting in a fragmented market that many organizations now need to consolidate.
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