Cloud Core Financial Management (CCFM) Suites have become a catalyst for financial enterprises as they adopt cloud solutions to realize faster time to value. More so, because these solutions come with financial transformation and modernization with new technologies, simplification, and best practices adoption. However, cloud solutions require new skills, especially with AI technologies, to capitalize on third-party support and released innovations.
As the ERP market is undergoing a generational technology shift, driven by the advent of cloud computing, the core financial management market is going through a corresponding repositioning. As a result, the interest in CCFM suites is increasing rapidly.
Focused Areas of CCFM Suites in Gartner’s Magic Quadrant
This Magic Quadrant has focused on Cloud core financial management suites that are stand-alone or delivered as cloud services. The focus has also been on financial planning and analysis capabilities, as FP&A can be a key differentiator. CCFM suites under review included those that provide visibility through automation and process support for activities that have a financial impact, such as AI/ ML use cases that highlights their ability to execute and completeness of vision. Apart from that, the core functional areas evaluated include:
- General ledger (GL)
- Accounts payable (AP)
- Accounts receivable (AR)
- Subscription billing and revenue recognition
- Fixed assets (FA)
- Treasury and cash management
- Financial reporting and analytics
- Financial planning and analysis (FP&A)
- Financial accounting hub
- Project accounting
Oracle Fusion Cloud ERP as a Magic Quadrant Leader
Oracle has emerged as a leader for the 5th consecutive year because of its market-defining vision of core financial management systems and processes and how they can be improved by moving to the Cloud, along with a clear ability to execute with products, services, and strategies.
Oracle has garnered this position in the market with its consistent ability to handle enterprises of varying sizes and a depth of functionality across all areas of core financial management. System integrator partners frequently use Oracle’s offerings to support their financial transformation initiatives.
With Oracle’s software-as-a-service (SaaS) delivery model, customers can take advantage of innovation updates in AI, ML, digital assistants, and analytics to enable enterprises to grow smarter every quarter, without disruptions or downtime.
Oracle continues to lead, for the fifth year, with the Oracle Fusion Cloud ERP. This solution has significant adoption across Midsize, Large, and Global Enterprises and comes with a steady flow of new features to enhance its functional capabilities. With many of its customers in various industries and across different geographies, Oracle Fusion Cloud ERP solution is a comprehensive, mature enterprise solution to address even the most complex workstreams.
Enabling competitive differentiation with Oracle
- A mature enterprise solution with advanced features: Oracle offers a mature cloud financial management solution combined with an AI/ ML roadmap. Its AI capabilities provide hyper-automation towards touchless operations, a continuous close capability, and a conversational experience. In addition, it has a set of financial close and FP&A capabilities in the EPM suite and can be integrated into the core financial management suite.
- Accounting hub and AI/ML: Oracle is the first to bring a cloud accounting hub to the market beyond the financial services sector, as it provides data integration, data enrichment standardization, and decision support for high-volume requirements. AI/ML provides foundation technology for touchless operations in finance vision – with intelligent document recognition, intelligent account combination defaulting and continuous cash forecasting, and process automation.
- Client satisfaction: Oracle has seen a significant increase in client satisfaction from previous years.
Other factors to keep in mind
Long-term projects come with implementation complexity. It requires a high level of expertise that also comes with high costs. Enterprises would need to ensure that the project plan factors this from the get-go.
Oracle Fusion Cloud ERP is a configurable solution, feature-rich, and has many updates planned in the roadmap. While Oracle provides regular updates each year, enterprises must plan for post-go-live phases with new feature implementation, regression testing, and related activities.
Customers seek expertise and availability as adoption to Oracle Fusion Cloud ERP. Therefore, enterprises will need to ensure that the implementation partners are knowledgeable, well-trained, and have experience in executing the latest solution updates.
5 Ways Modern ERP Systems Can Benefit CFOs
7 Steps to Evaluate Your ERP Cloud Solution
Top 10 Features of Oracle Fusion Cloud
- Why real-time analytics represent a wave of change in CFO reporting - November 16, 2021
- What is your Cloud Migration Strategy? - October 18, 2021
- Why Oracle Fusion Cloud ERP is a Gartner Magic Quadrant leader for Cloud Core Financial Management Suites - October 4, 2021