In 2007, Gartner published Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises. This analytical study compares different cloud core financial management suite vendors. It is therefore a useful source of information for managers and executives who wish to move to cloud computing.
A Cloud Management Solutions’ Magic Quadrant
Cloud services have revolutionized core financial management suites’ market. Traditionally hosted on premises, those suites are now transitioning to cloud services within most organizations. Generally, this service includes the following elements:
- Remotely managed;
- Pay-for-use basis;
- One-to-many model consumption.
Gartner uses two criteria as a basis for this assessment; the vendors’ completeness of vision, and the ability to execute. It divides them into the following four categories, according to this matrix:
Leaders
- Large companies having a large customer base in mature markets;
- Very good vision, which enables them to keep their dominant position in the market;
- Interesting to watch to understand market developments.
Challengers
- Excellent capacity to compete;
- Ability to become leaders if their vision evolves;
- Large vendors in mature markets;
Visionaries
- Aware of how the market will evolve, but are scoring low on ability to execute;
- Small businesses trying to stay competitive in mature markets;
- Large businesses trying to escape a rut.
Niche Players
- Good in only one segment of the market;
- Not very innovative;
- Newcomers on the market in some cases.
Keep in mind that only Oracle ERP and Workday have succeeded to become leaders. However, NetSuite is the only challenger in the Magic Quadrant.
NetSuite : An Emerging Leader
NetSuite Financial Management is a comprehensive suite which includes billing and revenue management capabilities. Delivered by NetSuite SuiteCloud Platform, it is part of a broader ERP suite that offers CRM, as well as commerce capabilities. The centralization of business processes offered by this modern solution can thus help businesses to improve their growth potential.
According to Gartner, NetSuite encompasses the following benefits:
- Proven and established provider of cloud services;
- Broad range of partners;
- Positive feedback from customers regarding the solutions’ capabilities;
- Potential to expand its customer base in EMEA countries (Europe, Middle East and Africa);
- Ease of use.
NetSuite According to Gartner
We can say that NetSuite is a challenger, because of its strong cloud service record. NetSuite’s services are also open and extensible. Moreover, its financial management solution provides useful capabilities with a remarkable ability to execute. Despite the suite’s scalability and functional capabilities that could be suitable for large and global businesses, its customers are mostly midsize organizations. It doesn’t seem that NetSuite wants to move away from its current strategy. Does the company lack vision? Furthermore, most of its customers are in the manufacturing, wholesale, and high-technology fields. Still, NetSuite can offer services in a wide range of industries, yet only has a very small part of other sectors’ market.
Which Cloud Solution should you choose?
Businesses displayed in the Magic Quadrant all offer viable solutions that have an equal value under this assessment, however you must choose your system based on your organization’s specific needs. Indeed, the leaders do not necessarily provide the “best” solutions that consistently suit all businesses.
Gartner is a world leading research and advisory company in the IT field. This American reference is highly trusted by more than 12 000 enterprises. It provides renowned experts certified insights regarding market trends in the form of detailed comparative analyses, case studies, statistical reports, and much more. Its mission is to help business leaders make informed decisions.
Wish to learn more about NetSuite? Contact the Createch team!
