Top Trending in 2022
With double-digit growth in the market, finance firms are rapidly migrating to cloud core financial management suites. This list of trending applications can be used by leaders to find cloud solution vendors who can help them compete in quickly changing digital business settings.
Definition/Description of the Market
Inquiries for new cloud core financial management (CCFM) suites decreased by 10% to 15% in 2021, Inquiry levels for 2022 are up, indicating that this market is resilient, as many enterprises want to replace their old and antiquated on-premises, license-based solutions with more modern alternatives. These modern tools provide numerous benefits that help organisations become more nimble. While many of the CCFM solutions in functionally equivalent to or better than their on-premises counterparts (where they exist), future roadmaps will continue to offer new capabilities that can help businesses differentiate themselves and compete more effectively in today's economy. These skills can help finance organisations transform by enabling industry-specific, best-practice solutions.
The following are some of the advantages of these new CCFM features:
> They make it easier for finance organisations to stay current with new releases (clients must be on the current release before the next one becomes available), whereas keeping on-premises deployments current was more difficult.
> They provide a more consumer-friendly, intuitive user experience, which makes training and implementation easier.
> They use AI, machine learning (ML), and other developing technologies to accelerate the digitalization of finance and hyperautomation of procedures.
> These features will not be converted to legacy on-premises platforms, therefore clients will have to construct hybrid cloud/on-premises capabilities that will provide integration issues.
> They gain agility by introducing new functionality more quickly, such as subscription billing, revenue recognition, financial accounting hubs, cash forecasting, and best-in-class financial planning and analysis.
> They give end users (in the financial department) more control over their programmes, reducing reliance on IT.
> They provide a more seamless integration of core financials and financial planning capabilities, as well as a real-time "lens" into fundamental financial transactions and record-keeping systems.
Top Trending
Acumatica
The Acumatica Financial Management Suite is the product being assessed. Acumatica sells their software through a network of partners all around the world. It also offers CRM features as well as larger ERP capabilities for businesses. Acumatica Financial Management scored in the fourth quartile for client satisfaction. If you're a midsize business (MSE) in North America or EMEA seeking for a complete ERP solution with good core financials, look into Acumatica.
FinancialForce
Because it is built on the Salesforce platform, its CCFM solution, FinancialForce Financial Management, has a limited market reach outside of the Salesforce environment. Moving upmarket, additional global localizations, and adopting Salesforce's AI prescriptive analytics are all on the vendor's future agenda. FinancialForce Financial Management scored in the first quartile for client satisfaction in our Peer Insights study for this evaluation. MSEs should think about it, with a focus on projects and Salesforce integration.
Infor
The Infor Financial and Supply Chain Management suite includes Infor CloudSuite Financials. Infor began with single-tenant, license-based cloud solutions and has now grown to multitenant cloud solutions. Infor CloudSuite Financials scored in the third quartile for client satisfaction in our Peer Insights study for this evaluation. It caters to upper midmarket, large, and worldwide businesses and should be considered when a comprehensive, services-based core financial solution is required.
Microsoft
It offers Dynamics 365 Finance, which can be purchased separately or as part of a broader ERP system (Dynamics 365 Finance and Supply Chain). The system is aimed at medium and large businesses, with some worldwide companies being able to use it. Consider this option if you need a globally supported midmarket and big solution that covers a wide range of sectors and ecosystem partners.
Oracle (Computer Programme by NetSuite)
With a consistently executed strategy and broad industry backing, it has maintained its position in terms of both Ability to Execute and Completeness of Vision cloud core financial management (CCFM) segment. The system can be used in a variety of industries and geographies, including business services, manufacturing, high-tech, retail, wholesale, and not-for-profit. Oracle NetSuite should be considered by firms in the lower and upper midmarket that are focused on both products and services. Oracle is a type of computer programme that (Oracle Fusion Cloud ERP) Oracle Fusion Cloud ERP maintains Oracle's status as a leader in this cloud core financial management (CCFM) segment.
The solution is widely used by companies of all sizes and types, and it benefits from a continual stream of new features that expand its extensive functional capabilities. Oracle Fusion Cloud ERP is a financial management software suite designed for upper midrange, big, and worldwide businesses. Nearly half of its clients are huge, worldwide corporations operating across a variety of industries and geographies. When looking for a mature, comprehensive, internationally supported large business system that can handle the most complicated workstreams, consider Oracle Fusion Cloud ERP.
Sage Intacct (cloud-based accounting software)
It is aimed at small and lower-middle-sized businesses. Globalization and integration with HCM (Sage People) are on the company's future plan, as is a sustained focus on micro vertical industries.
When looking for a lower midmarket, powerful, best-of-breed solution that can serve as a hub for other third-party apps, or when a strong presence in supported countries is required, Sage Intacct is a good option. SAP is a software application that allows you (Business ByDesign) As a Niche Player, SAP Business ByDesign re-enters this cloud core financial management (CCFM) segment. Although many firms install simply the fundamental financials, it is a wide, cloud-based package focused on the MSE that covers core business activities, including CRM and SCM features. It is available both directly and through resellers. If you're an MSE with a need for strong global financial skills, SAP Business ByDesign is a good option.
SAP Cloud (S/4HANA)
This multitenant (S/4HANA Cloud) and single tenant (S/4HANA Cloud, private edition) cloud financial management system is offered. When looking for a highly customised and industry-specific corporate cloud financial management solution capable of managing the most complicated workstreams, consider SAP S/4HANA Cloud (software as a service), evaluating the edition best linked to your industry requirements.
Workday
Its future roadmap, which is built on a shared vision for the CFO's office, includes AI/ML, an accounting hub (Workday Accounting Center), financial planning and analysis (Workday Adaptive Planning), and analytics (Workday Prism Analytics). Organizations looking for integrated planning and analytics capabilities, as well as powerful financial management skills, can consider Workday as a financial management solution.
Explore more top trending software for 2022:
Explore more top trending software for 2022:
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