Gartner, the world’s leading research and advisory company, has published the 2020 Magic Quadrant and Critical Capabilities report covering cloud core financial management suites for midsize, large, and global enterprises.
The 2020 Critical Capabilities report scored products and services along 15 capabilities. Gartner defines lower midsize enterprises as: “Organizations with annual revenue of between $50 million to $500 million, and that have headquarters and the majority of their operations in a single country.”
The launch of the report provides decision makers driving digital transformation in medium and large industries, with a benchmark to choose which top tier financial management suite would be the best return on investment.
You can access the report here.
Here are the three critical areas where your financial management platform should score highly.
1. Lower midmarket scalability
One of the key areas of success that products like Sage has achieved since its launch, is the ability to help growing businesses achieve midmarket scalability. Modern CFOs are tasked with more responsibility when it comes to driving digital transformation in their organization and will also play a key role in scaling the business. To achieve these goals they require a financial management platform that is easy to integrate, anf flexible enough to work with other cloud-based systems.
This was an area where Gartner recognized Sage Intacct’s high achievement.
‘Sage Intacct offers a scalable core financial system with good flexibility and functionality in terms of GL and analytics. It is well-aligned with Gartner’s vision of postmodern ERP, with a wide range of APIs and a focus on financial management applications that can work in a loosely coupled manner with other cloud services. It is well-targeted at smaller midsize organizations, but has the capacity to scale upward when accounting processes are not overly complex.’
2. Customer satisfaction
One of the ways in which Gatner puts together its overall product score is by talking to the people that matter most, the customer. One of the aspects of Sage Intacct that impressed customers the most was fast deployment. When a business makes the decision to upgrade or switch their core financial suite, it’s critical that their is little friction or downtime, Sage Intacct allows businesses to start keeping track of their financials as soon as possible.
‘Sage Intacct excelled in its reference customer scores for overall satisfaction, placing it in the top quartile. It also scored in the upper half of vendors for its product meeting customer needs and delivering value for money spent. Sage Intacct’s client satisfaction is underpinned by its ability to be deployed and utilized quickly. It placed in the top quartile of vendors for fast deployment time, as well as for quality and availability of user training.’
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3. Product capability
With the likes of Microsoft, Oracle and SAP as competitors, it’s no surprise that the top scoring software providers in the product capability category need to drive a robust platform bursting with features that can satisfy the needs of organisations across a number of verticals. Among the standout features that were recognized were Sage intact’s tiered billing capabilities.
‘Sage Intacct scored above average with respect to overall product capabilities, meaning that it provides appropriately targeted functionality to the user base it is marketed to. Its subscription billing scored highly among reference customers, with capabilities that support linear and nonlinear schedules, usage-based billing, volume discounts, and tiered billing capabilities. Reference customer scores also placed Sage Intacct in the upper quartile for its treasury and cash management capabilities.’
Although any platforms will selectively highlight areas in industry reports where they score highly, Sage Intacct sits above the rest when it comes to product score.
In the 2020 Gartner report, Critical Capabilities for Cloud Core Financial Management Suites for Midsize, Large, and Global Enterprises1, Sage Intacct received the highest product score (4.61 out of five) for Core Financials for the Lower Midsize Enterprises use case. This is the fourth straight year Sage Intacct has scored highest for that use case.
By 2024, Gartner expects that 80% of new AI/ML projects in the finance domain will be deployed via out-of-the-box (versus in-house-developed) functionality. With this in mind, CFOS and financial decision makers should pay close attention to research reports such as the 2020 Critical Capabilities report to help them choose the best in market solution to drive their business forward.