It is nice to see Gartner positioning Oracle’s offering at the top and clearly laying out Oracle’s strengths in the market.
Do you think Gartner got it right - please post your opinion below?
What is a Financial Close (FC) Solution?
Financial Close (FC) solutions as defined by Gartner include the following components: Financial consolidation, Financial reporting, Reconciliation management, Close management, Intercompany transactions and Disclosure management.
What does Gartner recommend for customers?
- Cloud FC solutions should be considered for almost all use cases and for new FC functionality a cloud solution should be the first choice
- Customers should transition from “point” FC solutions to suites to benefit from a common interface, common master data and common process management
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Scores well for both medium and complex FC process support
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Oracle reference customers were pleased with the range of standard features in Oracle FCCS and highlighted the ease of use and navigability of Oracle ARCS
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Oracle reference customers reported their top product selection criteria was the solution’s functional capabilities
What does Gartner say about Oracle’s FC offering?
Cloud FC offerings include Oracle Financial Consolidation and Close Service (Oracle FCCS), Oracle Account Reconciliation Cloud Service (Oracle ARCS) and Oracle Enterprise Performance Reporting Cloud Service (Oracle EPRCS) – a subset of Oracle EPM.
- Oracle remains a leader due to its market traction with Oracle FCCS, supporting both midsize and large organizations
- Scores well for both medium and complex FC process support
- Oracle reference customers were pleased with the range of standard features in Oracle FCCS and highlighted the ease of use and navigability of Oracle ARCS
- Oracle reference customers reported their top product selection criteria was the solution’s functional capabilities
What other insights does Gartner have about the FC market?
- Users tend to value functionality and more are requesting cloud deployments
- Marketing of most cloud solutions are almost exclusively to the end user
- There is increased willingness to put critical financial data in the public cloud
- Cloud FC solutions have an increasing ability to integrate with cloud and on-premises solutions
- A typical organization has deep penetration by Microsoft Excel for executing, monitoring and tracking financial processes and hence has much room for improvement
- Sees a trend to improve financial management by automating manual processes and replacing customized solutions.
- Predict popular add-on FC projects – Implementation of Disclosure management, Implementation of Reconciliation and Close Management, Extension of Process Management, Use of Workflow, Implementation of a systems for Intercompany transactions
You can download the full Gartner report from Oracle here -> https://go.oracle.com/LP=86556?elqCampaignId=220388
I hope this analysis is useful, I would appreciate any feedback!