Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises
The market for core financial management suites is shifting from on-premises to cloud implementations. Application leaders in midsize, large and global enterprises should use this Magic Quadrant as an aid to identifying suitable vendors of cloud solutions.
Strategic Planning Assumptions
Through 2021, the majority of system integrators and resellers of core financial management suites will have insufficient knowledge of the functionality in current releases, due to the speed with which software vendors introduce new products.
By 2023, 50% of all new midsize core financial management application projects and 25% of large and global ones will be public cloud implementations.
Since 2017's "Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises," Gartner has seen a major increase in the number of end-user inquiries about cloud solutions, mainly of the public cloud variety. At the same time, the number of inquiries about on-premises and hosted solutions has fallen dramatically.
The major attractions of the cloud solutions are:
- The ability to keep up to date with new releases (customers are generally forced to stay within one or two releases of the current one)
- A more consumerlike interface
- Improved analytics
- Improved agility, gained through faster introduction of new functionality
- More emphasis on end users (in the office of finance) managing the applications, with less reliance on IT staff
The market for cloud suites will continue to evolve over the next five years. As yet, not every vendor has completed its industry coverage, plans for functionality and geographic coverage. And not all can sell effectively to all the sectors they target.
Download this Gartner report to learn more.