By Steve Cox, Group Vice President, Oracle ERP and EPM Cloud Business Group
Gartner Magic Quadrants are always among the most anticipated analyst reports of the season. There’s particular excitement this month around Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises, since it marks the first Magic Quadrant in this new category.
We’re thrilled to announce that Oracle ERP Cloud has been named a leader, positioned highest for ability to execute and furthest for completeness of vision. The full report is available to readers with our compliments.
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According to Gartner, “Leaders demonstrate a market-defining vision of how core financial management systems and processes can be supported and improved by moving them to the cloud. They couple this with a clear ability to execute this vision through products, services and go-to-market strategies.”
Our vision for finance is one in which most of us, here at Oracle, take great pride. We work closely with finance industry groups such as the American Institute of CPAs (AICPA), the Association for Financial Professionals (AFP), and thousands of finance customers to understand the challenges they face in an age of digital disruption.
A joint AICPA/Oracle survey indicates that CFOs and their teams are under pressure to move from being “operationally efficient”— focusing on costs, control and transactions—to being operationally agile: collaborative, adaptive, analytical, focused on speed and growth. This is especially true for small to midsize businesses, who want to grow quickly but have limited staff and resources.
In one of the most important outcomes of the research, we found that businesses with agile finance teams were significantly more likely to achieve positive revenue growth—indicating that finance can not only make an accounting of a company’s wealth, but actually drive it.
Asking “What happened?” and “Why?” is no longer enough. In the not-too-distant future, the answers to these questions will be largely automated, using ERP cloud applications with built-in capabilities for reporting, analytics, adaptive intelligence and the Internet of Things.
Instead of looking back, finance teams must develop the skills to focus on forward-looking questions: “What are the implications? Where do we go from here?”
To offer true guidance to the business, finance professionals must spend less time on routine transactions, data gathering and spreadsheet reports, so that they can spend more time on analyzing the data and making future recommendations.
This is Oracle’s vision for the future of finance—and it’s shared by many of our SMB customers, such as BloomThat, Wiggle and many others. Small and medium businesses such as these are seeking to automate as much work as possible, so that their finance leadership can focus on the next growth opportunity.
I invite you to read the Gartner Magic Quadrant for yourself, and take the first steps on this exciting finance journey.