BUSINESS

The Swiss bank is exploring multiple paths to the public markets, though discussions are ongoing and no final decision has been made.

Presented by SAP At VB Transform 2026, Max McPhee, senior solution advisor at SAP, spoke with Rob Stretchay, lead analyst at VentureBeat Research, about what it takes for enterprises to move beyond chatbots to autonomous AI agents that can execute real business processes. He argued that the difference comes down to grounding those agents in a company’s own context rather than general knowledge.https://www.youtube.com/watch?v=SRf9t-wSZSo “Where we’re starting to see more emergent behavior of it feeling like a coworker rather than an assistant, is where we’re able to provide context on the actual enterprise rather than being able to use more of the standard knowledge,” McPhee said.That’s the gap that still separates most enterprise chat software from genuinely agentic systems.Building enterprise context with knowledge graphsThe same principles companies use to onboard new employees also apply to agents, adapted for software that retrieves information differently than humans do.”When you are onboarding a new agent, I think it’s important to acknowledge how you might onboard a new employee, but tune that for an agent,” McPhee said. “The way that is really powerful is using knowledge graphs and having vector-embedded data, because that’s a really easy format for an agent to be able to find and retrieve information.”That same grounding is also what keeps an agent from stumbling over an enterprise’s internal shorthand, a problem that’s acute in SAP’s world. “Being able to provide that tribal knowledge in the format that’s easy for it to consume helps to provide a really nice result with your agents versus a chatbot that might say, ‘Well, what does that acronym mean?'” he said.Bringing governance, identity, and security to autonomous agentsGovernance is an area where SAP’s history works in its favor, and the controls have been evolving for systems that act with more flexibility than earlier automation did.”That’s where SAP really has a good home, around that governance and process control,” McPhee said. We’re a 50-year-old process company, modernizing that governance to be able to handle the flexibility that comes with agents running.”One consequence is a renewed role for machine learning in validating agent behavior.”It’s becoming a bit of a revival of machine learning,” he added, pointing to customers that run agents within a process but then layer in anomaly detection and machine-learning-based validation as a guardrail. This is the same approach SAP had long used for intelligent approval recommendations.Identity and permissions carry that governance into execution. Under this model, both the human and SAP’s Joule, the generative AI assistant embedded across the company’s cloud applications and Business Technology Platform, must hold the rights to access a given system. Even if a user has permission to access S/4, they cannot do so through Joule unless the assistant has also been provisioned for that access, closing off the risk of using an agent to route around access controls.Balancing standard SAP with customized enterprise landscapesMuch of McPhee’s work involves reconciling SAP’s own knowledge with decades of customer customization and non-SAP systems. As he put it, many customers tell SAP, “You’re only 10% of my landscape,” a reality that has shaped the company’s recent strategy. Recent acquisitions such as LeanIX, which McPhee likened to “Google Maps for your architecture,” and process-mining company Signavio are intended to help map that non-SAP majority so SAP’s agents can understand how enterprise systems interconnect. The company has also invested in Berlin-based automation company n8n and is embedding it natively into Joule Studio, its intent-based, low-code environment for building agents.McPhee warned that companies also need to modernize older on-premises systems or risk running into limitations as they expand the use of autonomous agents.”You’re going to probably run into throughput issues, and you’re kind of trying to drive a Ferrari around a dirt track,” he said. “You’ve got to upgrade the track first if you want to drive a Ferrari.”Sponsored articles are content produced by a company that is either paying for the post or has a business relationship with VentureBeat, and they’re always clearly marked. For more information, contact sales@venturebeat.com.

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After closing more than two dozen restaurants over the past year, Panera Bread is overhauling its business with menu innovation, restaurant upgrades, and new marketing partnerships as café chains across the industry compete to attract increasingly value-conscious consumers.The company’s latest moves reflect a broader shift taking place across the fast-casual sector. As consumers become more selective with discretionary spending and competition intensifies, brands traditionally known for salads are expanding their menus, experimenting with trend-driven offerings, and leaning into celebrity and influencer partnerships to reach a wider audience.Panera Bread closuresPanera Bread unveiled the “Panera RISE” transformation plan in November 2025, outlining a goal of reaching $7 billion in systemwide sales by 2028. The initiative includes investments in menu innovation, higher-quality ingredients, digital capabilities, and improvements to the overall guest experience.As part of the effort, the company has also reassessed its restaurant portfolio by opening new locations, modernizing existing cafés, and closing underperforming stores.Since last summer, Panera Bread has closed 25 restaurants across California, Iowa, Pennsylvania, Maryland, New York, North Carolina, Ohio, and Texas, according to Fast Company. Texas accounted for the largest share of those closures after the franchise operator EYM Café filed for Chapter 11 bankruptcy, leading to the sale of 10 Houston-area locations. Eight of those restaurants have since been acquired by an entity affiliated with Hamra Enterprises, one of Panera Bread’s largest franchisees, which operates cafés across several states, including Illinois and Massachusetts.Despite the closures, the company continues to expand. Panera Bread has opened 23 new bakery-cafés this year, including 15 company-owned and eight franchised locations, and expects to open at least 25 more before year-end, according to Fast Company.The chain currently operates approximately 2,240 restaurants nationwide, according to its store locator.Panera Bread expands its menuAlongside changes to its restaurant portfolio, Panera Bread has diversified its menu beyond its traditional lineup of salads, sandwiches, and pastries.Recent additions include Salad Stuffers, Market Bowls, specialty beverages, and limited-time offerings designed to appeal to evolving consumer tastes and encourage repeat visits.The company has also expanded its marketing efforts through celebrity collaborations. Its latest campaign features internet personality Jake Shane, who partnered with the chain to launch the “Pass That Panera” Meal, a custom Mix & Match Menu order that showcases several of the brand’s newest menu items.The approach reflects a larger trend emerging across the fast-casual café industry.

Panera Bread rivals diversify their menus.Derek White/Getty Images for Panera

Salad chains expand beyond their core menusPura Vida Miami has expanded beyond its signature salads and sandwiches by introducing trend-driven menu items, such as frozen yogurt, and by partnering with influencers and Miami FC to broaden its reach.Since opening in 2012, the café chain has grown to more than 50 locations across six states, according to its store locator.Sweetgreen (SG) has also diversified its offerings. The company introduced wraps nationwide in May 2026 and partnered with chef and food writer Alice Waters on the Peach & Goat Cheese Salad as part of its Summer 2026 campaign. Earlier, the chain tested Ripple Fries in March 2025 before discontinuing the item five months later.Those menu additions come as Sweetgreen also works to optimize its restaurant footprint. During the company’s fourth-quarter earnings call, CFO Jamie McConnell said the chain expects to close “a handful” of restaurants in 2026 as leases expire, while continuing to evaluate additional underperforming locations.Just Salad has followed a similar path, adding wraps in 2023 and introducing Market Plates in 2025 as it broadened its menu beyond salads. The chain now operates approximately 133 restaurants across eight states, according to its store locator.Why café chains are moving beyond saladsRestaurant operators are adapting as higher costs and changing consumer spending habits reshape the industry.According to the U.S. Bureau of Labor Statistics, prices for food away from home increased 3.4% in the 12 months ending June 2026, contributing to higher menu prices across the restaurant industry.Here’s some of my previous coverage of restaurant strategy:Popular beverage chain closing multiple locations nationwideMcDonald’s builds its new menu around a flavor it never soldBurger chain closes most locations after partner’s collapseAt the same time, analysts say consumers have become more value-conscious than in previous economic cycles. Diners are also seeking greater menu variety and better value, prompting restaurant chains to expand beyond their traditional core offerings to appeal to a broader audience.James O’Reilly, a food industry executive with more than 15 years of restaurant marketing experience, told FSR Magazine that middle- and lower-income households continue to face financial pressure, despite broader economic improvements.”In strong economic environments, price increases have historically been tolerated by restaurant guests. Over the past few years, that’s become far more difficult,” said O’Reilly.”The restaurant industry is battling for its share of shrinking consumer wallets,” said The New York Times food industry writer and expert Julie Creswell. “Last year, most chains raised menu prices, and lower-income consumers were the first to cut back on eating out.”As competition intensifies, café chains that once relied heavily on salads are broadening their menus, investing in trend-driven products, optimizing their restaurant portfolios, and increasing their marketing efforts to attract new customers. For many brands, diversification has evolved from a growth opportunity into a competitive necessity as they adapt to shifting consumer preferences and an increasingly crowded fast-casual market.Related: Popular breakfast chain sold, 16 locations shut down

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