Financial management system vendors continue to see strong adoption of their next-generation suites. Customers are looking for new solutions to handle core financial processes, improve financial reporting, comply with changing regulatory requirements, and improve the accuracy of forecasting and budgeting. Vendors are also incorporating new functionality based on artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), and optical character recognition (OCR) to help enterprises detect anomalies, solve industry-specific challenges, and automate financial processes.
These trends, and others, are covered in Avasant’s Financial Management Suites 2022 RadarView™. The report is a comprehensive study on financial management suites, taking a close look at the leaders, innovators, disruptors, and challengers in this market.
It addresses the need for enterprises to optimize their financial processes with a unified financial platform and identify the right vendor. It also highlights key trends in the financial management software market.
We evaluated 15 vendors using three dimensions: product maturity, enterprise adaptability, and innovation road map. Of the 15 vendors, 13 are recognized as having brought the most value to the market over the past 12 months.
The RadarView recognizes platform vendors in four categories:
Figure 1 from the full report illustrates these categories:
“Financial management systems are one of the oldest categories of commercial software, so you’d think this would be a pretty mature market,” said Frank Scavo, president of Avasant Research. “But there is an incredible amount of innovation taking place, especially in the application of AI, RPA, and OCR technology.”
Some of the findings from the full report include the following:
“Financial management software continues to evolve to take advantage of next-gen technologies,” said Gaurav Dewan, associate research director with Avasant. “These leading platforms give unified view across business groups and are much better in terms of cash forecast accuracy, reconciliation, and adherence to industry standards.”
The full report also features RadarView profiles of the top 13 platform providers, including their solutions, offerings, and experience in assisting enterprises in digital transformation.
This Research Byte is a brief overview of the full Financial Management Suites 2022 RadarView™ (click for pricing).
Avasant’s research and other publications are based on information from the best available sources and Avasant’s independent assessment and analysis at the time of publication. Avasant takes no responsibility and assumes no liability for any error/omission or the accuracy of information contained in its research publications. Avasant does not endorse any provider, product or service described in its RadarView™ publications or any other research publications that it makes available to its users, and does not advise users to select only those providers recognized in these publications. Avasant disclaims all warranties, expressed or implied, including any warranties of merchantability or fitness for a particular purpose. None of the graphics, descriptions, research, excerpts, samples or any other content provided in the report(s) or any of its research publications may be reprinted, reproduced, redistributed or used for any external commercial purpose without prior permission from Avasant, LLC. All rights are reserved by Avasant, LLC.
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