The 2024 ISG Provider Lens global Finance and Accounting Platforms report finds that the need for faster, more efficient financial reporting and decision-making is forcing companies to replace specialized, siloed tools with software-as-a-service (SaaS) platforms that handle multiple functions and can be integrated with complementary applications. AI and machine learning features have brought powerful new capabilities to these platforms, while vendors are investing in generative AI (GenAI) in search of the next big breakthroughs.
'The finance and accounting SaaS sector is investing in next-generation technologies to solve age-old business problems,' said
Organizations are more likely to benefit from GenAI in strategic functions, such as record-to-report (R2R) and financial planning and analysis (FP&A), than in transactional applications such as procure-to-pay (P2P) or invoice-to-cash (I2C), ISG says. By processing large volumes of data and quickly recognizing patterns, GenAI might lead to better predictive models and let companies generate more personalized financial insights with less human intervention.
Modern enterprises have complex, interrelated finance and accounting requirements, including the growing need to quickly understand and report on a wide range of financial metrics, the report says. Different functions, including I2C, P2P, R2R and FP&A, need to work together by tapping into large, shared data sets in real time. Through mergers, acquisitions, and partnerships, providers that once focused on specific functions are now expanding their capabilities to deliver more comprehensive solutions.
A growing recognition that each company's finance and accounting challenges are unique has led providers to adopt a more client-centric approach, the report says. Enterprises and providers are collaborating to craft solutions that can become long-term assets with tangible business benefits.
'In finance and accounting, one size doesn't fit all,' said
The report also explores other trends affecting finance and accounting platforms, including providers' investments in global expansion and efforts to streamline implementation processes for faster ROI.
For more insights into current challenges for enterprise finance and accounting organizations, including outdated systems and poor data accuracy, plus ISG's advice for addressing these issues, see the ISG Provider Lens Focal Points briefing here.
The 2024 ISG Provider Lens global Finance and Accounting Platforms report evaluates the capabilities of 22 providers across two quadrants: Invoice to Cash (I2C) and Record to Report (R2R).
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The 2024 ISG Provider Lens global Finance and Accounting Platforms report is available to subscribers or for one-time purchase on this webpage.
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The ISG Provider Lens Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across
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