Is there a risk to the competitive advantage of CRM and ERP systems as more data is directed to the data warehouse and away from those systems?

This is a whole discussion on its own. From my perspective, Salesforce has the most to lose from this shift for the reasons that you mentioned. This idea of having a source of truth for customers is something that most companies want and have been trying to figure out, and if anybody has gotten close to it, it's Salesforce, largely by virtue of their ecosystem. They've been large enough, they've been core enough, and then they built up this platform that the Marketos and the Outreaches of the world -- all of that sales and marketing tool infrastructure -- all have Salesforce integrations. A lot of times, they don't have integrations with anything else. It's really Salesforce or bust. We've all heard, "Which CRM are you going to use? Because if it's not Salesforce, you're eventually going to switch to it, so you might as well just use Salesforce." I won't debate that. As far as CRM primacy, Salesforce is doing great.

But as far as that source of truth for the state of the customer, I do think that they have the most to lose in terms of their status. I think that they also are the most aware of it. They bought Tableau, they're investors in Snowflake. They're very aware and plugged into this ecosystem. I don't think they're naïve or blind to it, but in my mind, they were the closest thing to this. A modern data stack -- this sort of hub around the warehouse -- really has the most potential to affect them.

We're already starting to see that. Over the last couple of months, we've seen an explosion of PLG-focused CRMs, and companies like Calixa and Endgame have been getting a ton of excitement, I think partially for the same reasons. They've been able to get access to a ton of data about customers that has historically been stuck in the Salesforce ecosystem. Now that's more generally available, they can make a play at those very specific workflows and start to offer, "If you're doing sales in a PLG world, do you really need Salesforce? You could really just use us." You're starting to see bits and pieces of that now.