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Gartner report

Financial Close and Consolidation Solutions Report

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Gartner’s most recent Magic Quadrant for Financial Close and Consolidation Solutions includes our partner, BlackLine. According to Gartner, “Financial close and consolidation solutions support automation, compliance and collaboration within an organization’s group close, consolidation and reporting processes.” 

Market Overview

This Gartner report includes a market overview, which states that “financial close and consolidation is a crucial priority in today’s controllership finance transformation efforts.” The research firm highlights some important trends in the market. These include:

  • Increasing investments in disclosure and regulatory reporting
  • Enhanced implementation and adoption support
  • Greater collaboration demands
  • Robust partnerships
  • Increase in AU use cases within product roadmaps

The report explains that the must-have capabilities of these solutions are:

  • Close management
  • Financial consolidation
  • Financial reporting

Additionally, these solutions should include the following standard capabilities:

  • Financial statement reconciliation
  • Journal entry processing

Gartner also lists optional capabilities, such as:

  • Financial reporting risk management
  • Disclosure management

This Magic Quadrant includes 14 market leaders – BlackLine, Board International, Fluence Technologies, IBM, Insightsoftware, Jedox, LucaNet, OneStream, Oracle, Planful, Prophix, Solver, Vena and Wolters Kluwer. 

According to Gartner, “An innovative solution is its [BlackLine’s] Financial Reporting Analytics, which provides consolidation, real-time visibility and drill-down capability from consolidated financials to transaction-level details… In 2024, BlackLine plans to introduce BlackLine Accounting Studio, a new orchestration layer providing transparency, control and automation across end-to-end accounting processes.”

Read this report to learn more about BlackLine and the market for Financial Close and Consolidation Solutions.

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Workday Adaptive Planning Recognized with the 2023 Gartner Peer Insights Customers’ Choice for Financial Planning Software

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One of the solutions in our best-of-breed portfolio of software for the Office of Finance, Workday Adaptive Planning, has been recognized by the 2023 Gartner Peer Insights Customers’ Choice for Financial Planning Software. Gartner Peer Insights Customers’ Choice distinctions recognize vendors and products that are highly rated by their customers. 

This is based on reviews and ratings from 84 leaders in the Office of Finance who rely on Workday Adaptive Planning for strategic business insight. The software has an overall rating of 4.8 out of 5 with 97% of users giving Workday Adaptive Planning 4 or 5 stars.

In just four short years, we’ve helped many clients transform their finance functions through using Workday Adaptive Planning. Here’s what some of Revelwood’s clients have to say about Workday Adaptive Planning:

“Workday Adaptive Planning allows me to step back and let the CFO do more with the data. With Excel, our CFO had to come back to me with questions and comments. Now she can make the changes she needs to directly in Workday Adaptive Planning. It is very powerful for her to do scenario planning in the model herself.” – Kris Gilbert, Controller, Nautel. 

“Workday Adaptive Planning is a very intuitive and flexible solution. Revelwood was very creative in how they implemented Workday Adaptive Planning for Texans Credit Union. We had weekly meetings with Revelwood where they would share their knowledge and even go through technical details with us.” – Ben Hart, CFO, Texans Credit Union

“[With Workday Adaptive Planning] We’ve changed the finance team’s value proposition. Our activities are no longer about building the reports, they are about analyzing the data.” – Ryan Garceau, head of operations and finance, Invaio Sciences. 

Workday Adaptive Planning is used by more than 6,000 customers in all industries across the globe.

More from our FP&A Done Right Series:

No, Artificial Intelligence Will Not Replace Finance Jobs

Annual Planning Versus Continuous Planning

Professional Services Firms Need Future-Ready Forecasting

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Understanding xP&A – Extended Planning & Analysis

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Extended Planning and Analysis (xP&A) is an enterprise planning strategy that combines and extends financial and operational planning. According to Gartner, “Taking the ‘F’ out of FP&A offers cross-organization leaders an ‘extended,’ holistic view of their company’s operations, so that they can pivot the business with greater agility and more rapidly model future business scenarios.”

The benefits of xP&A include:

  • Improved performance
  • Greater collaboration
  • Better workflow management
  • Enhanced analytics
  • Stronger governance; and more.

In a recent report, Gartner explains, “Financial planning and analysis (FP&A) efforts based on disconnected operational metrics and processes have impeded a broader approach to performance management … xP&A is a response to the challenges faced by enterprises seeking to exploit new digital business models and navigate current economic uncertainties.”

In essence, it goes that last mile from presenting a view just of finance to delivering a “holistic view of planning processes, results and progress toward fulfilling a strategy and meeting an organization’s goals.”

xP&A is building steam in leading organizations. In 2020 Gartner saw a “rapid increase in the number of client organizations seeking to integrate and link financial and operational planning processes wherever possible.” According to Gartner, more than half of the FP&A inquiries it received from January through October of that year have mentioned xP&A. The firm predicts that by 2024, 30% of FP&A implementations will be extended to support operational finance processes.

This report is a key resource for finance leaders and companies exploring xP&A. Download Innovation Insight for Extended Planning and Analysis (xP&A) to learn xP&A’s

  • Benefits and uses
  • Adoption rate
  • Risks
  • 10 major evaluation factors, and more.

xP&A can enable a view “of the current fluid, complex and highly dynamic business environment.” Companies of all sizes will benefit from xP&A solutions that keep fluctuating business plans aligned for more comprehensive and informed decision making.

FP&A Done Right: xP&A and Modern Finance Planning

FP&A Done Right: 5 Ways Dashboards Empower the Office of Finance

FP&A Done Right: What Type of CFO are you?

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IBM Planning Analytics Named Gartner Peer Insights Customer Choice for 2021

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IBM Planning Analytics was named a Gartner Peer Insights Customer Choice for Cloud Financial Planning and Analysis. The solution received an overall peer rating of 4.6 on a scale of 5, with 68% of votes giving the product 5 stars. 92% of customers are willing to recommend IBM Planning Analytics.

The report, which you can view here, provides IBM Planning Analytics’ customers assessments on a number of product capabilities, customer experience, and service and support. IBM Planning Analytics earned scores between 4.3 and 4.7.

It also includes quotes from current customers relying on IBM Planning Analytics for planning, forecasting and report. For example:

Great Experience with the Cloud-Based Version of a Product I Knew Before as TM1

“This product is not only good in analyzing and displaying data, [but] also to collect ad-hoc data … I like the cloud version of this product; [it] makes global deployment extremely easy … The analytical part that this product offers should not be underestimated.”

Outstanding and Resourceful Financial Planning Application

“The determination of what [the] future holds relies on the planning part of the organization … IBM Planning Analytics is a product that fully focuses on the way financial activities get done … IBM Planning Analytics is a well-connected tool.”

A Planning and Analytics Solution that Enhances Efficiency

“IBM Planning Analytics is a great tool that helps us to make the best decisions for our business. The outcomes we get after making such kind of decisions are incredible. IBM Planning Analytics has superior features and is accurate to use.”

Read the full report on IBM Planning Analytics at Gartner Peer Insights.

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