Report:

Magic Quadrant for Financial Planning Software

Top Vendor Products for Financial Planning Software in 2023

• Anaplan
• Board
• Jedox
• OneStream
• Oracle
• SAP
• Wolters Kluwer
• Workday

Financial Planning Software Vendor Product Comparisons 2023

• Anaplan - Leader
  

  Pros:

  • Implementation strategy: Anaplan's global professional services team works alongside its certified partner network to ensure efficient implementation with support based on industry best practices. The company's agile implementation method emphasizes transparency and flexibility, elevating deployment quality and enhancing customer satisfaction.
  • Integrated planning: Anaplan supports IBP. It connects the planning process and data across finance, supply chain, sales and marketing, and human resources, all within the same vendor solution and on a single platform.
  • Research and development: Anaplan's market research teams collaborate closely to gather feedback for product development. The teams consist of experts from finance, supply chain, sales and workforce planning who address emerging customer needs via advisory boards. Its recent findings drove the development of a new, comprehensive data management solution that supports the diverse datasets needed for planning.

  Cons:

  • Available license visibility: Anaplan's product does not natively report visibility into users and available license count in the administration portal, limiting an administrator's ability to ensure compliance with software licensing agreements. License management reporting, however, is part of its product roadmap.
  • Workflow capabilities: Anaplan's workflow capability lags other vendors who provide features such as charts, pivot filters and broadcasting capabilities. As it recently released a new visual workflow capability, prospective clients should thoroughly evaluate whether these new additions align with their specific needs and requirements.
  • Pricing: Customers needing extra workspace beyond Anaplan's current allocation may need to buy additional space. When comparing costs with other vendors, customers should scope and evaluate their current and future workspace and deployment requirements to comprehensively estimate expected costs.


• Board - Leader
  

  Pros:

  • Data integration: Board supports more than 270 API connections to source systems, 59 of which are certified. Certified APIs include ERP and non-ERP sources that are popular with Gartner clients, such as SAP, Oracle Cloud, Microsoft Dynamics 365, Salesforce and Workday.
  • Workflow automation: Board has a strong workflow capability with several notable features. In addition to graphical status reports providing a clear view of processes, issues, bottlenecks and delays, it offers integration with Microsoft Teams to orchestrate approval processes, which may be particularly attractive for organizations that use Microsoft products.
  • Market responsiveness: Board directly engages customers through community feedback and has effectively delivered on items outlined in its 2022 and 2023 roadmap. Fulfilling these commitments is essential to instill confidence in its roadmap, enhancing customer trust in its planned initiatives.

  Cons:

  • Pricing: Board offers ML capabilities enabled by Azure, which comes with an additional annual cost. While not unusual for advanced prediction engines, ML features among vendors vary, and customer evaluation teams should assess alignment with their current and expected use cases.
  • Product enhancements: Board's recent releases include functionalities that some Leaders already have, such as API development, integration with Azure Machine Learning, upgrades to the user interface and the multidimensional engine for greater capacity. Potential clients should assess the alignment of current and planned features to meet their evolving requirements.
  • Vertical strategy: Although Board has specific planned market share initiatives for the retail sector, its vertical strategy for other sectors is still evolving and currently only targets customers aligned with its ideal personas. Prospective clients should assess industry alignment to ensure their business needs are effectively met.


• IBM - Challenger
  

  Pros:

  • Capacity: IBM's TM1 server supports fast and sparse consolidation algorithms and ensures efficient performance across large models and high levels of concurrent users. This results in a large number of individual cube limits, supporting customers with detailed SKU-level planning needs and high-performance data handling.
  • AI/ML predictive analytics: IBM Planning Analytics provides direct integration with watsonx.ai and IBM Decision Optimization, useful for organizations with constraint-based planning needs. IBM's watsonx includes a data store and data science platform for GenAI and ML. Users have cited its capability in complex analytic modeling as a strength in Gartner Peer Insights.
  • Customization: IBM's product offers advanced out-of-the-box configuration and capacity, benefiting clients with unique requirements where standardized financial logic and templates do not work. It also offers blueprints with industry-specific model development best practices.

  Cons:

  • Model configuration: While IBM's product offers noteworthy flexibility and configurability, it requires more user expertise. Other vendors offer more low-code model development, Excel-like programming syntax, autodetect modeling capability and model development review programs to decrease the need for developer expertise.
  • API connectors: IBM does not have out-of-the-box API connections to ERP and non-ERP systems such as CRM and inventory management. Clients must ensure data is sourced via a relational database connection and assess whether extra resources are required to develop them.
  • Implementation strategy: IBM primarily depends on its partner network for solution implementation, while some vendors adopt a more direct approach, actively engaging in the implementation process. Prospects should consider their preference for vendor involvement in the implementation process.


• Jedox - Leader
  

  Pros:

  • Market understanding: Jedox demonstrates a strong understanding of current and potential future trends in automation and analytics across all areas of financial planning software. This includes data ingestion and refinement, predictive analytics, decision-making efficiency and planning contributor productivity.
  • Data integration: Jedox Integrator connects to any data source and can perform complex extract, transform and load operations. Jedox AIssisted Planning provides wizard-driven configuration of data cleansing, data refinement, driver identification and analysis, prediction and intelligent commenting of data. It also offers GenAI capabilities to transform unstructured data.
  • ESG planning capability: Jedox's configurable Best Practice Accelerator model for ESG provides templates for data collection, workflows, reporting and dashboards that meet ESR standards. Users can adjust relevant KPIs and set long-term targets bridging financial and nonfinancial data.

  Cons:

  • Offering strategy: Although Jedox's product development incorporates customer feedback, its process for evaluating and prioritizing that feedback is maturing. In contrast, some Leaders use more formal frameworks to ensure well-informed feature prioritization.
  • Integrated planning: Jedox provides generic logic to automatically link integrated planning elements to one another (e.g., balance sheet and cash flow), so configuration of individual cash flow statements is necessary. Some Leaders offer this natively and provide prebuilt, integrated planning configurations. Customers prioritizing this functionality should account for the extra time and effort this implementation will require.
  • Capacity: Jedox does not have specific algorithms to mitigate data sparsity. The lack of such mitigation can cause system performance issues with latency in data input and retrieval (life cycle reporting and queries), which has been reported through Gartner Peer Insights feedback.


• OneStream - Leader
  

  Pros:

  • Data volumes: OneStream has one of the fastest data transfer times and user concurrency levels among vendors. Relational blending and data sparsity algorithms are two back-end features that help stabilize system performance at high data volumes and user concurrency levels.
  • Innovation: OneStream has a strong roadmap, including items to enhance its current Sensible ML capabilities with better scenario modeling. It is also exploring tools to benefit customers with future functionality for AI-generated commentary and business rule optimization.
  • Solutions exchange: Through the OneStream Solution Exchange, customers have add-on productivity and business solutions developed by OneStream, partners and customers. Users can download, configure and deploy these offerings into their existing application to address functional and industry-specific requirements. It includes solutions such as people planning, manufacturing planning, capital expense planning and sales planning.

  Cons:

  • Proofs of concept: OneStream provides limited proofs of concept. If potential customers expect this demonstration of feasibility to be part of their evaluation process, they will need to take a different approach by being deliberate in defining use cases and seeking references that specifically address them.
  • Pricing: OneStream enables its Sensible ML solution through the AI services layer of the platform, which comes with an additional annual cost. While not unusual for advanced prediction engines, ML features among vendors vary. Customer evaluation teams should assess alignment with their current and expected use cases.
  • Vertical/industry tools: OneStream offers acceleration packages and templates for major industries through its partners. However, it does not offer templates for education, life sciences, professional services, and transportation and logistics. Customers in these industries should carefully assess the design and time to value of a proposed solution.


• Oracle - Leader
  

  Pros:

  • Scenario modeling: Oracle's scenario modeling offers built-in features such as goal seeking, sensitivity analysis and special functions, including grid pricing for complex pricing assumptions and M&A logic for complex acquisition scenarios. Users can create nested scenarios and Monte Carlo simulations to aid in risk assessment.
  • AI/ML predictive analytics: Oracle offers predictive capabilities in diverse use cases (e.g., cash flow, working capital and demand planning), while also providing users with AI confidence metrics and ensuring predictive forecasts are credible. The 'ML Model Import' feature allows clients to import an externally trained ML model so they can leverage their existing AI investment effectively.
  • Offering strategy: Oracle uses a comprehensive intake process, feedback loop, formal product development and data-driven prioritization. This customer-centric approach encourages the creation of features that align with user preferences and needs.

  Cons:

  • Pricing: While Oracle promotes a simple pricing model and offers user-type-specific discounts, user-type redistribution occurs during renewals or with a significant shift in usage, which can obstruct efforts to align future costs efficiently. Users seeking immediate and ongoing cost optimization and accurate competitor comparisons may have concerns about pricing transparency.
  • Implementation: Oracle clients experience longer implementation times for large and complex implementations in comparison to some vendors in the market. Users seeking faster implementation timelines may find this constraining and should factor this into their implementation planning process.
  • Planning process insights: Oracle provides detailed activity logs on all interactions that can be extracted into process mining software, making it challenging for users to extract process efficiency insights. Users who want to address planning process issues quickly may find this approach resource-intensive.


• SAP - Leader
  

  Pros:

  • Integration with SAP S/4HANA: Integration with SAP S/4HANA Cloud reduces the need to move data required for planning into separate solutions and provides one, real-time source for planning and actual data. Customers using SAP S/4HANA may see faster data integration and real-time data connectivity with this product.
  • Capacity: SAP ensures optimal system performance with workload management techniques to ensure fair resource distribution and safety measures to cancel unhealthy loads. It aids users by suggesting ways to reduce back-end load and enhance user concurrency, which may be important to users seeking fast responses and support for many concurrent users.
  • Market understanding: The company allocates diverse teams of industry and SAP experts internally, conducting market research to align product functionality with market demands and evolving user needs. Clients benefit from tailored solutions and improved efficiency through advanced technologies such as AI and IBP approaches.

  Cons:

  • Third-party connectors: While SAP invests in open APIs for import and export, some vendors offer a larger number of certified APIs. Some vendors also offer connectors for a wider array of ERP systems, including SAP's and others, and integrate advanced features such as notifications and AI-powered data validation and reconciliation.
  • Implementation: While SAP provides templates, starter kits and business content to help accelerate implementations, its implementation times are slower compared to other vendors'. Users seeking faster timelines should assess if these starter kits will meet their needs and align with accelerated implementation schedules.
  • Third-party reporting integration: The company does not offer direct query integration with external analytics and BI tools. Customers instead integrate SAP data into third-party BI solutions using the SAC Data Export API or by providing access to planning data through ODBC/JDBC connections and OData for third parties.


• Vena - Challenger
  

  Pros:

  • Workflow automation: Vena's workflow automation capability offers a low-code programming interface that automates any planning or reporting tasks for customers. It can also automate tasks to trigger data processing, multistep allocations and report distribution based on the workflow stage.
  • Integrated planning: Vena offers an integrated planning functionality that includes native offerings of balance sheet logic, indirect cash flow logic and project-level capital planning. The balance sheet and cash flow logic reduce configuration time, and out-of-the-box, project-level capital planning gives users management capability not offered in all financial planning software.
  • Implementation strategy: Vena works directly with clients to define goals and objectives, identify the project team, establish change management and user engagement, and prepare existing data for implementation. Implementations can benefit from this approach, which encompasses more direct involvement.

  Cons:

  • Product roadmap: Vena's roadmap focuses on integrating with Microsoft 365 applications and Azure Machine Learning, which are integrations other vendors already offer. Potential customers should inquire about specific roadmap items they view as critical during the vendor evaluation process.
  • Customer support: Vena's included customer support hours are limited to Monday through Friday. It offers 24/7 support at an additional cost. Customers should evaluate their potential need for support on the weekends to determine if the extra support is necessary.
  • API connectivity: For organizations planning to rely on data connections through APIs, Vena offers fewer APIs than other vendors. These APIs include connections such as Salesforce, QuickBooks, Microsoft Dynamics 365 Business Central, Sage Intacct and NetSuite. Vena has a roadmap for continued API development.


• Wolters Kluwer - Leader
  

  Pros:

  • Integrated planning: Wolters Kluwer natively supports direct cash flow, indirect cash flow, balance sheet and capital budgeting, including IBP with multilevel planning and cross-functional collaboration. Its capital budgeting features cover project proposal, evaluation, prioritization, approval, performance monitoring and ranking.
  • Market understanding: Wolters Kluwer demonstrates a strong understanding of existing and future trends such as ESG considerations, NLP-based planning, GenAI and AI/ML integration. This enhances planning agility, providing clients with innovations that help drive strategic advantages.
  • Implementation support: Wolters Kluwer provides clearly defined phases, resource allocation, driver-based estimates, a user-involved RACI matrix and partner selection support with its implementation process. It also offers ongoing design oversight, an implementation timeline, design validation and project management resources for partners.

  Cons:

  • Data connectors: Wolters Kluwer offers a general-purpose REST API for bidirectional integration with various systems and a certified real-time connector with SAP HANA. However, it has a below-average number of supported APIs and certified connectors compared to the market average.
  • Offering strategy: Although Wolters Kluwer's product prioritization relies on customer collaboration, its approach lacks customer voting for more informed product development. Prospective clients should review the vendor's product roadmap to ensure the vendor's critical elements are prioritized and aligned with their specific requirements.
  • Vertical strategy: Although Wolters Kluwer provides industry starter kits and vertical-specific solutions for manufacturing, retail and CPG, its vertical approach with partners is less comprehensive. Other leaders engage with global advisory partners for tailored vertical developments and incorporate partner-created solutions accessible through their marketplace.


• Workday - Leader
  

  Pros:

  • Implementation strategy: Workday uses certified partner resources across all phases, collaboratively mapping implementation activities with clients. Product implementation partners are required to recertify biannually, driving confidence in the quality of implementation services clients receive.
  • Offering strategy: Workday uses a user-centric approach to prioritize features, collaborating with advisory groups and individual customers. It gathers feedback from its community of industry experts, informing product development with customer satisfaction. Early feedback from design partner groups ensures alignment with customer needs.
  • Reporting tools: Workday enables report creation using Microsoft 365 with automated updates and unlimited view licenses for read-only dashboard access. Unlike some vendors who limit nonlicensed users to PDFs, this Excel interface supports data hierarchy and dimension manipulation, which are important for effective data insights and decision making.

  Cons:

  • Predictive analytics: Although Workday uses AI in scenario planning across the general ledger, it does not employ AI for cash flow, working capital, demand or driver-based models. Users currently do not have access to confidence metrics and validation techniques, but these are planned within the next year. Additionally, Workday provides users the option to bring their own AI algorithms or models, a feature for advanced AI use cases.
  • Scenario modeling: Workday's scenario creation process uses a model-driven configuration and duplication approach instead of preconfigured features. In 2024, it plans to deliver personal what-ifs, allowing users to branch from an existing version to create multiple scenarios, compare them and select which scenario to merge into the base version.
  • Data integration: Although Workday supports users with an embedded integration platform and a wide range of supported APIs, it offers fewer prebuilt connectors than some vendors in the market. Users should assess whether this product's existing connectors and integration platform cover their data integration needs.


• Acterys - Niche Player
  

  Pros:

  • Configurable data models: Acterys automatically generates models with its listed source system connectors or uses Power BI Sync to import any Power BI data model. This may benefit Azure and Power BI user companies that have already invested in developing in Microsoft 365 and the Power Platform ecosystem.
  • Reporting: Acterys offers graphics certified with International Business Communication Standards, profit and loss visuals, and a board reporting template. Users can access logic written with Data Analysis Expressions (DAX) in the product's matrix and user-friendly calculations on screen in the profit and loss visual.
  • Vertical/industry templates: Acterys' Rapid Results Packs are tailored solutions designed for sectors such as financial services, insurance, government, life sciences and others. These packs come preloaded with a suite of data models, templates, dashboards and analytical components that are ready to use out of the box.

  Cons:

  • Workflow capabilities: Acterys offers basic task management functionality and lags behind other vendors who offer out-of-the-box visual workflow planning capability, metrics to understand bottlenecks and features that help orchestrate the planning process. Clients looking for advanced workflow features might find this product falls short of their needs.
  • Administrative configuration: Due to Acterys' integration with Microsoft products, users should be aware that some security, data integration, data modeling and logic writing features can be configured in the Acterys Modeller or the Microsoft environment. To avoid a potential error and mitigate unnecessary risk, customers should clarify the governance approach through a documented framework.
  • Pricing: Some Acterys features, such as connection to Microsoft Fabric, require Power BI Pro or Premium licensing. Prospective customers requiring these features should assess whether this level of licensing is covered in their existing Microsoft 365 subscription when comparing pricing.


• insightsoftware - Niche Player
  

  Pros:

  • Workflow automation: insightsoftware's menu-driven workflow builder enables efficient development and execution of FP&A workflows and creation of data flows and dashboards, reducing manual FP&A inputs. Chat collaboration tools and email notifications further facilitate task automation and process timeline management.
  • Offering strategy: insightsoftware demonstrates a customer-driven approach to product strategy. It sources and acts on customer input from advisory boards, direct feedback and an innovation portal, which has resulted in new user-driven roadmap features such as workflow notifications.
  • Scenario modeling: insightsoftware provides an intuitive scenario-modeling interface where users can generate new scenarios, copy data between scenarios, seed scenarios from historical data and extrapolate forward to populate budgets and forecasts, which can reduce user process cycle times. It also supports unlimited simultaneous scenarios, as well as sandboxing and stacking.

  Cons:

  • Innovation: insightsoftware innovations have lagged behind some vendors with features such as ESG reporting, GenAI, predictive ML and Monte Carlo simulations. Potential customers may find this hinders their ability to deliver emerging planning, analysis and reporting requirements.
  • Vertical strategy: insightsoftware does not offer industry-specific starter kits or solutions, but it plans to develop vertical solutions via its content development team. Users should carefully assess whether their industry-specific needs can be comprehensively met.
  • Predictive transparency: Correlation statistics and tracking predictions are not typically shared with insightsoftware's users. This restricts users' ability to compare algorithms and establish buy-in for top-down forecasts. Some vendors complement predictive forecasts with a broader set of statistics, aiding top-down forecast adoption.


• Kepion - Niche Player
  

  Pros:

  • Master data management: Kepion's data hub provides comprehensive connector, extract, transform, validation and loading capabilities, empowering users to manage data from external sources and within the application module. Master data management is included in the product price.
  • Data integration: Kepion supports over 100 APIs, enabling data integration with popular ERP, CRM and SCM systems. It provides valuable benefits to customers looking for enhanced flexibility and integration options.
  • Market responsiveness: Kepion captures user needs through mechanisms such as surveys, an online community, an innovation hub and support teams. Customer feedback drove several recent product enhancements, including export to PDF, enabling users to use single sign-on (SSO) across web applications and out-of-the-box allocation functionality.

  Cons:

  • Innovation: Kepion's AI roadmap and planned predictive analysis features lag behind other vendors, and its AI innovations lack precision. Its intention to incorporate Microsoft Azure OpenAI for enhanced forecasting and automation lacks specific details until next year, whereas other vendors have a clear AI vision with defined features for their future AI offerings.
  • Vertical strategy: Kepion supports industry-specific starter kits or solutions only in the education, manufacturing and professional services sectors, while employing a partner-driven approach in other industries. Users not specifically in these industries should carefully assess whether their industry-specific needs can be comprehensively met.
  • Dashboard and report access: Kepion does not provide a direct means for nonlicensed users on the platform to distribute and access reports and dashboards. Some vendors provide options such as view-only users and contributor add-ins.


• Planful - Visionary
  

  Pros:

  • Workflow automation: Planful provides an intuitive wizard and drop-down options for creating and maintaining FP&A workflows. Process status can be visualized at any time, and automated notifications are sent via email and Microsoft Teams, mitigating the need for FP&A to manually monitor and govern process execution.
  • User adoption: Planful's persona-based customization provides users with a curated, function-specific experience supported by an embedded digital assistant. It optimizes users' homepages and navigation panes with the most relevant information, increasing adoption likelihood.
  • Customer experience: Planful's professional services, customer success, training and product architecture teams provide a comprehensive end-to-end customer experience, which users could find accelerates their learning curve. Support within normal licensing fees includes solution architect office hours.

  Cons:

  • Geographic reach: Although Planful includes global features such as currency conversion and global support, its market presence is primarily in North America, and it has limited language support. Prospective clients should carefully assess their global deployment needs.
  • Vertical strategy: Planful does not provide any industry-specific starter kits or solutions. While software configurability and flexibility enable its professional services team and partners to configure for various industry needs, users should consider potential configuration costs and extended implementation timelines for any industry-specific requirements.
  • AI/ML predictive analytics: The native AI/ML engine, Planful Predict, enables users to apply AI/ML to processes such as demand and cash flow forecasting. However, it only provides predefined external libraries of drivers via Python. Customers need to use Python or bring their own libraries into the application.


• Prophix - Niche Player
  

  Pros:

  • Scenario modeling: Prophix's patented InfoFlex data transformation tool enables users to model the impact of different scenarios on cross-functional business outcomes across large datasets in real time with no coding. Users can run an unlimited number of scenarios simultaneously with scenario stacking and sandboxing.
  • Data integration: Prophix includes specific prebuilt connectors to a range of popular and niche ERP solutions. Flexible APIs support various customer-specific APIs such as Sage, Ellucian and Acumatica. All data is stored in a centrally governed database, ensuring a unified and reliable source of information.
  • Pricing: Prophix structures pricing based on the number of users, data integration requirements and user-selected features. The flexibility and transparency enable it to work with prospective customers to configure a value proposition that balances system requirements with budget.

  Cons:

  • ML forecasting: Prophix uses Amazon Forecast for ML-based planning with use cases for demand, expense and driver-based planning, requiring users to engage with the services team to adjust ML-generated forecasts. Users could find this limits autonomy, flexibility and ability to make real-time adjustments to their ML-generated forecasts.
  • Version updates: Prophix schedules system updates for low-usage times and provides notification of updates, but customers must upgrade to new versions immediately. While a sandbox is provided to preview new versions, potential users should consider potential process disruption.
  • Vertical strategy: Prophix has recommended models for six vertical industries, but it only provides an industry-specific starter kit for the construction/manufacturing industry that includes prebuilt financial, project and personnel models. Potential customers outside of the construction/manufacturing industry might find configuration is required to meet their industry-specific needs.


• Syntellis - Niche Player
  

  Pros:

  • Implementation strategy: In-house healthcare, higher education and financial institution consultants with software delivery experience lead Syntellis' implementations. They initiate scoping meetings with clients collaboratively and develop a shared vision, mitigating risks and enhancing customer satisfaction and retention.
  • Peer benchmarking: Syntellis harvests and aggregates data from business systems to provide users with real-time industry benchmarks and KPIs. It incorporates benchmarking data into planning applications, facilitating informed decision making and providing users with valuable insights to enhance their strategies.
  • Insights and dashboards: Syntellis' visual insights enable data blending from disparate sources to develop interactive dashboards and reports. Features such as decomposition trees support users in identifying business challenges, while drag-and-drop features aid in building custom visuals. Its view-only reports allow interaction by anyone inside of the product.

  Cons:

  • Vertical strategy: Syntellis focuses mostly on healthcare, education and financial institutions. Potential customers outside of the healthcare, education and financial sectors might require configuration to meet their industry-specific needs.
  • Product roadmap: Syntellis' recently delivered and upcoming product enhancements, such as integrating loan and deposit detail with cash flow forecasting and higher education program profitability modeling, cater to specific industries. Some vendors offer more forward-thinking roadmaps that include more advanced AI/ML, such as time series modeling and GenAI.
  • Customer presence: The majority of Syntellis' customers are midsize to large enterprise companies, and its customer base is concentrated in North America. Also, the software currently supports only four languages. Users could find these factors restrictive for complex global deployments.

Reference

• Gartner, Magic Quadrant for Financial Planning Software, 5 December 2023, ID G00784792

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