Appian(US:APPN) 智通财经网·2025-09-18 07:38Core Viewpoint - Morgan Stanley expresses optimism about Appian's strategic transformation under new leadership, despite the potential delay in reaching a growth inflection point, believing the company's actual positioning is better than market expectations [1][2]. Company Overview - Appian is a low-code enterprise platform as a service company focused on business process management, offering an integrated automation platform for designing, automating, and optimizing end-to-end processes and complex business operations [1]. Technological Differentiation - Appian's differentiation lies in its "process-first" platform centered around Data Fabric, unifying enterprise data under a semantic layer, allowing applications and AI agents to process dispersed data sources efficiently [4]. Market Strategy - The company has restructured its go-to-market (GTM) strategy to prioritize larger, higher-quality enterprise deals, moving away from smaller transactions, with a focus on seven- and eight-figure deals for better scalability and unit economics [5]. Federal Market Opportunities - Appian sees significant growth potential in the U.S. federal market, which constitutes about 25% of its business, driven by policy changes favoring direct procurement from suppliers rather than through third-party contractors [7].