Gartner Magic Quadrant For Cloud Financial Close Solutions
Financial close is an important process for businesses, as it enables them to accurately report financial information to their stakeholders. However, this process can be time-consuming and error-prone when done manually. To address this, many businesses have started using cloud financial close solutions, which can automate and streamline the financial close process. In this article, we will discuss the Gartner Magic Quadrant for Cloud Financial Close Solutions and its significance.
What is the Gartner Magic Quadrant?
The Gartner Magic Quadrant is a research methodology and visual representation used to analyze and evaluate technology products and services. It provides a graphical representation of a market's direction, maturity, and participants, as well as its strengths and weaknesses. The Magic Quadrant is based on two criteria: "Ability to Execute" and "Completeness of Vision."
The "Ability to Execute" refers to the vendor's ability to deliver products and services that meet customer expectations, while the "Completeness of Vision" refers to the vendor's ability to anticipate market trends and respond to changing market needs. Based on these criteria, Gartner categorizes vendors into four quadrants: Leaders, Challengers, Visionaries, and Niche Players.
What is the Gartner Magic Quadrant for Cloud Financial Close Solutions?
The Gartner Magic Quadrant for Cloud Financial Close Solutions is a report that evaluates cloud-based financial close software solutions. This report is intended to help businesses identify and select the best vendor for their specific needs based on the vendors' capabilities and strengths. The Gartner Magic Quadrant is updated annually, and the most recent report was published in June 2021.
Who are the Leaders in the Gartner Magic Quadrant for Cloud Financial Close Solutions?
The Leaders quadrant in the Gartner Magic Quadrant for Cloud Financial Close Solutions includes vendors who have a strong market presence and market share, as well as a proven track record of delivering high-quality cloud financial close solutions. The Leaders quadrant in the 2021 report includes four vendors:
- Oracle
- SAP
- BlackLine
- Workiva
Who are the Challengers in the Gartner Magic Quadrant for Cloud Financial Close Solutions?
The Challengers quadrant in the Gartner Magic Quadrant for Cloud Financial Close Solutions includes vendors who have a solid market presence and market share, but lack some of the features or functions of the Leaders quadrant. The Challengers quadrant in the 2021 report includes one vendor:
- FloQast
Who are the Visionaries in the Gartner Magic Quadrant for Cloud Financial Close Solutions?
The Visionaries quadrant in the Gartner Magic Quadrant for Cloud Financial Close Solutions includes vendors who have a strong vision for the market and are investing heavily in innovation, but may lack the market presence or market share of the Leaders quadrant. The Visionaries quadrant in the 2021 report includes two vendors:
- Anaplan
- Planful
Who are the Niche Players in the Gartner Magic Quadrant for Cloud Financial Close Solutions?
The Niche Players quadrant in the Gartner Magic Quadrant for Cloud Financial Close Solutions includes vendors who have a small market presence or market share, and may lack some of the features or functions of the Leaders quadrant. The Niche Players quadrant in the 2021 report includes four vendors:
- Adra
- Axiom Software
- Longview
- Trintech
Conclusion
The Gartner Magic Quadrant for Cloud Financial Close Solutions is a valuable tool for businesses looking to invest in cloud-based financial close software solutions. By evaluating vendors based on their abilities to execute and their completeness of vision, businesses can identify the best vendor for their specific needs. As the market for cloud financial close solutions continues to grow, it is important for businesses to stay up-to-date on the latest trends and innovations in order to remain competitive.
