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Modularization and better integration with third-party applications are expanding financial management (FM) suite capabilities, accelerating adoption across the organizations of all sizes. FM suite vendors offer end-to-end solutions to meet the ever-growing demand, especially among small and midsize businesses. Solutions built on open standards with plug-and-play integration and those that offer great user experience are gaining market share. Leading vendors are investing OCR, NLP, ML, and RPA to automate financial management processes and build an intelligent finance function.
These and other trends are explored in Avasant’s new Financial Management Suites 2020 RadarView report, which covers emerging trends in the market for FM suites. The report is a comprehensive study of FM suite vendors, including top trends, analysis, and a close look at the leaders, innovators, disruptors, and challengers in this space.
Avasant evaluated 16 vendors offering FM suites, using a rigorous methodology against the dimensions of product maturity, enterprise adaptability, and innovation roadmap. Of those 16 vendors, we recognize 14 that have brought the most value to the market during the past 12 months.
The report recognizes service providers in four categories:
Leaders: Microsoft, Oracle, SAP
Innovators: Acumatica, Infor, Oracle NetSuite, Sage, Workday
Disruptors: Ramco, Sage Intacct, Unit4
Challengers: Epicor, FinancialForce, IFS
Figure 1 from the full report illustrates these categories:
“CFO’s are facing ever-increasing pressure to build an intelligent finance function by replacing their underperforming legacy finance systems,” said Avasant Principal Analyst Vishal Talwar. “Organizations really need to automate financial management processes and unleash the full potential of finance professionals. Better financial management solutions are essential to reach this goal.”
The full report also features detailed RadarView profiles of the 14 vendors, along with their solutions, offerings, and experience in deploying financial management solutions.
This Research Byte is a brief overview of the Financial Management Suites 2020 RadarView report (click for pricing).