Anaplan (PLAN - Free Report) recently announced new integration offerings, modeling capabilities, and collaboration features for its cloud-based platform at the company’s annual Connected Planning Xperience conference.
The company is also launching an intelligence framework called PlanIQ that integrates machine learning from Amazon Web Services' Amazon Forecast managed service with its predictive algorithms.
Expanded platform offerings and applications are expected to drive subscriber growth, thereby contributing to the top line in the near term.
Anaplan CloudWorks, HyperModel and Other Features
The company’s new integration framework includes Anaplan CloudWorks, Anaplan Connector for Microsoft Power BI and Trasactional APIs that connects Anaplan’s native capabilities with leading third-party sources and solutions to help simplify advanced data integrations and drive faster results with responsive and agile reporting.
Additionally, Anaplan introduced multi-dimensional HyperModel capabilities to consolidate and analyze substantial data-sets in a unified and collaborative environment. Users can make more accurate forecasts of demand, inventory and other operations with the help of a HyperModel by integrating large amounts of external, market-driven, and historical data.
Moreover, Anaplan also announced new user experience capabilities including Sharing and Notifications. While Sharing enables teams to easily share boards, worksheets and add customized messages, Notifications prompt and guide users when it’s time to take action and reduce communications loops.
Anaplan’s New Framework PlanIQ
The new PlanIQ framework integrates machine learning from Amazon Web Services' (AWS) Amazon Forecast managed service with its predictive algorithms. Anaplan PlanIQ with Amazon Forecast is available for early adopters in October.
Meanwhile, customers are looking for help in predicting demand during the COVID-19 pandemic with better accuracy and frequency. PlanIQ with Amazon Forecast can be used for operational planning for finance teams, demand planning, sales planning and workforce costs.
The Anaplan-Amazon Forecast integration is likely to be a win for both companies. Anaplan gets a broader range of customers via AWS, which in turn gets access to more vertical deployments offered by Anaplan.
Customer Expansion to Drive Growth
Anaplan has been benefiting from an expanded customer base despite the adverse impact of coronavirus outbreak that led the company to withdraw its previously-issued financial guidance for fiscal 2021.
Similar to its Zacks Internet-Software industry peers like Cloudera (CLDR - Free Report) , Nice (NICE - Free Report) and Zuora (ZUO - Free Report) , Anaplan has been benefiting from subscription-based business model. Anaplan’s second-quarter fiscal 2021 subscription revenues (91.1% of total revenues) soared 32% year over year to $97.1 million.
Meanwhile, Cloudera’s subscription revenues (89.4% of revenues) rose 16.7% year over year to $191.1 million, benefiting from rapid adoption of its cloud-based products and services. Moreover, NICE’s second-quarter 2020 cloud revenues rose 29.6% year over year to $183.9 million while Zuora reported second-quarter fiscal 2021 subscription revenues of $58.3 million, an increase of 15.1% year over year.
Markedly, at the end of second-quarter fiscal 2021, the number of customers with over $250K in annual recurring revenues was 391, up 31% year over year attributed to the growing demand for Anaplan’s Connected Planning and other cloud planning and forecasting applications.
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