Next Generation Financial Management Suites for the Intelligent Finance Function
LOS ANGELES, OCTOBER 13th, 2020 Avasant today unveiled its RadarView™ market assessment covering the Financial Management Suites marketplace. The RadarView™ report recognizes the top 14 vendors in the FM space. These are those that have demonstrated the most mature capabilities and consistent growth in solutions. These providers were assessed across three key dimensions: Product maturity, enterprise adaptability, and innovation roadmap. The report categorizes the top Leaders, Innovators, Disruptors, and Challengers as follows: Leaders: Microsoft, Oracle, SAP Innovators: Acumatica, Infor, Oracle NetSuite, Sage, Workday Disruptors: Ramco, Sage Intacct, Unit4 Challengers: Epicor, FinancialForce, IFS Download the 51-page report here. Frank Scavo, President, Avasant Research, congratulated the winners. “With the modernization of financial management suites, CFOs are realizing full benefits of these more powerful solutions. They know that they need to do more than keep track of debits and credits. They need systems that can automate financial management processes and truly create an intelligent finance function.” Financial management professionals are facing a fundamental change in how they consume and interpret business data. They need to embrace technological innovation and deploy intelligent solutions to remain competitive. In this way they can be leaders in the digital transformation of their organizations. The Financial Management Suite RadarViewTM 2020 report addresses the need for organizations to identify FM suite capabilities, uses cases, success stories, partnerships, and critical points in adopting the right platform. It also identifies the top solutions for organizations to short list in selection financial management suites. Some of the key findings from the report include:
- Most FM suite vendors now take a modular approach and are expanding their application partner ecosystem to offer ancillary functionality on top of the base platform.
- With cloud/SaaS versions and as-a-service commercial models from all vendors, small and midsize businesses are able to take advantage of low-to-no initial set-up cost in implementing FM suites.
- The small and midsize business segment is growing at 14% rate as a result of cost reduction due to modularization and simpler integration.
- Vendors adding AI capabilities via in-house development and partner relationships, with more than half of FM suites have integrated OCR, NLP, machine learning, and predictive modelling.
- Vendors realize the power of combining RPA capabilities into their solutions, to increasingly automate financial management processes.