The 3 Major Players in Cloud Core Financial Management Suites

Source: Gartner

Part of our ongoing coverage of the overarching Enterprise Resource Planning (ERP) marketplace involves covering the various solution providers that make up the space. Vendors that offer ERP software come in many different forms, shapes and sizes, and it’s common for the eye to focus on the shiny new toy; the providers offering something we’ve never seen before. While those trends are certainly worth keeping tabs on, we recognize that reporting on the pillars of the market may be even more beneficial given the ease with which they are recognized.

The following providers have recently been named Leaders and Challengers in Gartner’s latest Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises. As this is the first magic quadrant for cloud core financial management suites, the report does not cover vendors that only sell cloud core financial management applications as part of a broader ERP suite (financial applications are always sold with operational ERP capabilities).

While each company’s market share differs, these tools shape the foundation of this software market. Emerging providers can only hope to replicate the kind of success that these giants have earned over a period of time. These providers stand out as rock-solid cornerstones that offer tools for a wide variety of use cases, making them the most trustworthy of the bunch.

Oracle  has locations in over 50 countries and support for 25 languages. The company offers a number of ERP solutions, all of which include core financial management capabilities. Oracle ERP Cloud solution includes revenue management, project management, procurement and risk management as well as core financial management. Oracle was named Leader in the Magic Quadrant report due to its broad and deep financial management capabilities and its international capabilities.

Workday is one of the new generation of cloud-only ERP vendors. Unveiled in 2008, Workday Financial Management covers all core financial management capabilities and include revenue management, expenses and inventory. According to the Magic Quadrant report, it is frequently sold as an administrative ERP suite together with Workday Human Capital Management (HCM). Workday was placed as a Leader in the Magic Quadrant due to its proven and robust cloud service, strong financial functionality and innovative use of technologies to support finance transformation.

Oracle (NetSuite) In November 2016, NetSuite was acquired by Oracle as an independent business unit. NetSuite Financial Management is a comprehensive financial management suite that also includes billing and revenue management along with financial planning. NetSuite Financials is part of a broader ERP suite and delivered with the NetSuite SuiteCloud Platform. It allows partners/users to extend, customize and integrate applications. Rated as a Challenger, NetSuite has a strong cloud service record, good financial functionality and cloud services that are extensible.

Looking for more? Download our ERP Buyer’s Guide for free to compare the top 24 ERP software vendors head to head! The guide also includes 4 key capabilities to consider while selecting a new ERP solution and 10 questions to ask yourself and the software vendor before purchasing.

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Elizabeth Quirk
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