With the modernization of financial management suites, CFOs are seeing 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 create an intelligent finance function.
LOS ANGELES (PRWEB) October 14, 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 RadarView™ 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.
“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.”
Avasant is a leading management consulting firm focused on translating the power of technology into realizable business strategies for the world’s largest corporations. Specializing in digital and IT transformation, sourcing advisory, global strategy, and governance services, Avasant prides itself on delivering high-value engagements through industry-focused innovation and flexible client-based solutions.
Our seasoned professionals have an average of 20 years of industry-honed expertise, having conducted 1000+ engagements in over 50 countries. Avasant’s next generation consulting and advisory methods have made it the top-ranked firm in its class, with recognition from numerous organizations, including: Vault, NOA, IAOP, and Wall Street Journal.
Avasant’s engagement in the global market has inspired a strong commitment to community and purpose. Avasant Foundation supports technology and skill development programs to create employment opportunities for youth across Africa, Asia, the Caribbean and Latin America.
For more information, visit https://www.avasant.com.
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