While the Gartner Magic Quadrants are known as the “go to” resource for evaluators of enterprise software vendors, the companion Critical Capabilities reports that Gartner publishes also play an important role. Written by the same analysts and research process as for the MQs, the Critical Capabilities reports provide numeric scoring of vendors across specific capabilities and customer use cases. What does this mean? It means that evaluators can understand Gartner’s point of view on which vendors are best suited to address the needs of organizations based on their size and geography – which the MQ’s do not provide. It’s like the “dancing with the stars” of enterprise software.
These reports, in conjunction with the Gartner Magic Quadrants and Gartner Peer Insights ratings, are recommended by Gartner as the path to identifying the key vendors that are best suited to addressing the specific requirements of a client.
Gartner Critical Capabilities for Cloud Financial Close Solutions
Following on the release of the Gartner Magic Quadrant for Cloud Financial Close solutions1, Gartner recently published the companion 2019 Critical Capabilities report for Cloud Financial Close solutions2. To be included in the Cloud Financial Close MQ and CC reports, vendors must support at least two of the following processes:
- Financial consolidation
- Financial reporting
- Reconciliation management
- Close management
- Disclosure management
- Intercompany transactions
For this report, the 10 critical capabilities evaluated are:
- Medium Financial Close Processes Support
- Complex Financial Close Processes Support
- Ease of Implementation
- Ease of Maintenance/Upgrade
- Ease of Use
- Support and Vendor Satisfaction
- EMEA/Regulatory Support
These critical capabilities were then weighted across six use cases and the vendors are scored based on this rating and weighting system. The vendor scores are determined by the analysts based on customer surveys, combined with the analysts own knowledge and view of the vendors.
The six use cases by which cloud financial close solutions were rated in the report include:
- Lower midsize organization — Small public or private organizations with between $50 million and $250 million in annual revenue
- Upper midsize organization — Midsize public or private organizations with $250 million to $1 billion in annual revenue
- Large organization — Large public or private organizations with $1 billion to $5 billion in annual revenue
- Global organization — Large public or private organizations with more than $5 billion in annual revenue
- Business unit — Individual business units within large organizations
- EMEA-based organization — Organizations operating in the EMEA region
You can see how this methodology makes sense, given that customer requirements vary based on the size and complexity of the organization, and the region(s) of the world in which they operate.
OneStream Earns Highest Scores in 3 out of 6 Use Cases
So how did OneStream Software fare in the Gartner Critical Capabilities Report for Cloud Financial Close solutions? The answer is – quite well! Out of the 10 vendors evaluated in the report, OneStream received the highest scores in 3 out of 6 use cases and top 2 or 3 scores in several others.
Here’s how OneStream was scored:
- Top Score in Upper Midsize Organization Use case
- Top Score in Large Organization Use Case (tied with Blackline)
- Top Score in Global Organization Use Case (tied with Blackline)
- Top Two in Business Units of Large Organizations Use Case
- Top Three in EMEA-Based Organizations Use Case
These results come on the heels of OneStream being recognized as a Leader in the Gartner Magic Quadrant for Cloud Financial Close Solutions. We believe our scores and rankings in Gartner’s Critical Capabilities for Cloud Financial Close Solutions validate our ability to address the needs of a wide variety of organizations, especially large and global organizations with more sophisticated financial reporting requirements.
One note about this report, and the related Magic Quadrant report. There are several vendors included in the report that don’t support financial consolidation and reporting – namely Blackline, Workiva, Trintech and FloQast. These vendors are included in the report based on their support for other financial close processes including reconciliation management, close management, and disclosure management.
So if an organization is looking for a software vendor and unified solution that supports a broad range of requirements - financial consolidation, reporting, close management, account reconciliations, and intercompany transactions – OneStream is one of the only vendors that can support all of these capabilities.
As evidenced by our rapid growth, a growing number of enterprises worldwide are leveraging OneStream’s SmartCPMTM platform for financial close, consolidation and reporting – typically replacing legacy applications . But more importantly, by unifying financial consolidation, planning, reporting & analysis, account reconciliations and other processes in a single platform, OneStream customers are eliminating multiple point solutions and realizing significant savings in time and cost.
So as you create your organization’s short list for cloud financial close solutions, read the Gartner Magic Quadrant and Critical Capabilities reports, and check out Gartner Peer Insights to see how OneStream stacks up against your requirements. Then contact OneStream and we’ll be happy to demonstrate how we can streamline your financial processes, reduce total cost of ownership, and simplify your financial IT landscape so users can spend less time maintaining systems and integrating data – and more time getting back to business!
1 Gartner Magic Quadrants for Cloud Financial Close Solutions, Robert Anderson, John Van Decker and Greg Leiter, 21 October 2019
2 Gartner Critical Capabilities for Cloud Financial Close Solutions, Robert Anderson, John Van Decker and Greg Leiter, 11 November 2019
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.