We’re thrilled to announce that Gartner has positioned Oracle in the Leaders Quadrant of its 2022 Magic Quadrant for Financial Planning Software. Out of 14 vendors evaluated, Oracle is positioned furthest for Completeness of Vision. We’re happy to make this report available to readers with our compliments.
Magic Quadrant for Financial Planning Software
Published 14 December 2022 - ID G0076 3449
By Analyst(s): Regina Crowder, Matthew Mowrey, Farrah Watson
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We believe that the current global uncertainties have proven the value of Oracle Fusion Cloud EPM—especially for Financial Planning and Analysis. Businesses of every size have experienced extreme volatility in demand and supply environments over the past few years. This has made agility in financial planning processes a must-have competency.
Most organizations have also recognized that even the best financial plans become stale and inaccurate if they are not kept in sync with operational plans on an ongoing basis. Imagine a revenue plan that is disconnected from a sales forecast revision, or a P&L forecast that doesn’t account for the production mix changes driven by late-breaking supply chain issues.
Quickly adapting to ever-evolving market conditions requires a departure from a siloed, traditional planning approach toward connected and continuous planning across the enterprise. Gartner writes, “Financial planning software is at the forefront of finance modernization efforts. It has taken this prominent position as CFOs and FP&A leaders assume a leading role in driving more agile, accurate and continuous companywide planning, with the aspiration to become valued strategic business partners to the rest of the enterprise.” (Gartner, Magic Quadrant for Financial Planning Software, Regina Crowder, Matthew Mowrey, Farrah Watson, 14 December 2022.)
In our view, the ability to support and connect planning across the organization is a competitive differentiator. Oracle delivers purpose-built solutions to streamline and manage planning processes in sales, marketing, human resources, IT and supply chain functions. And our customers are realizing the value. Oracle Cloud EPM customers have experienced 61% improved forecast accuracy and are more likely to connect their financial plans with supply chain, sales, project, and workforce planning (Oracle, Value of EPM Survey, 2022). Oracle Cloud EPM brings together multiple EPM capabilities into a single suite: financial and operational planning, profitability and cost management, account reconciliation, consolidation and close, tax reporting, narrative reporting, and enterprise master data management (EDM). These capabilities, along with built-in best practices, help customers to gain value quickly.
Oracle Cloud EPM also has embedded machine learning to automate routine tasks and provide more predictive, intelligent planning and insights.
The result is less time spent on data gathering and reconciliation, and more time spent on business strategy. Indeed, more than 70% of Oracle Cloud EPM customers surveyed indicated they were using the solution’s prebuilt AI and ML capabilities to automate analysis and gain faster insight, reduce errors, and improve forecast, planning, and modeling accuracy (Oracle Value of EPM Survey, 2022).
As 2023 continues to unfold, finance departments will be under increased pressure to develop accurate forecasts and respond to constant market shifts. With the right technology in place, companies will be able to make better decisions—faster.
“To successfully plan and make data-driven decisions in a volatile business environment, organizations need fast and accurate insights, which requires connecting data across every area of the business,” said Hari Sankar, group vice president, Product Management at Oracle. “We feel that the recognition from Gartner is a testament to the success that our customers have achieved in automating analysis and connected planning across their organizations to be ready for what’s next.”
Oracle has garnered consistent industry recognition for its financial and performance management applications. In addition to being named a Leader in this report, Oracle was recently named a Leader in the 2022 Gartner® Magic Quadrant™ for Cloud ERP for Product-Centric Enterprises. This is the fourth consecutive time that Oracle Fusion Cloud ERP has been recognized as a Leader in this report. We were also named a Leader in the first Gartner® Magic Quadrant™ for Cloud ERP for Service-Centric Enterprises.
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