Workday has been named a Leader for Workday Adaptive Planning in the 2023 Gartner® Magic Quadrant™ for Financial Planning Software. Gartner defines Leaders as those vendors “in the strongest position to influence the market’s growth and direction and are quick to provide mature offerings that meet market demand …They demonstrate a market-defining vision of how financial planning software can help FP&A leaders achieve their business objectives by providing oversight into financial and key operational data and enabling data-driven decisions, trend identification and essential insights for enterprise-wide planning.”
Workday was included in the Leader quadrant as a result of its implementation strategy, offering strategy and reporting tools.
According to Gartner, “The financial planning software market has shifted to meet the needs of FP&A leaders who are now seeking more agile processes to navigate the evolving landscape of enterprise-level risks, including the need for real-time predictive insights and flexibility in financial strategies … Additionally, these solutions provide adaptability and collaboration for tighter operational and financial performance feedback loops, extending their adoption across the enterprise.”
The annual report provides insight and analysis on vendors who deliver solutions that “facilitate FP&A transformation and covers planning, budgeting, forecasting, modelling, performance reporting and agile insights.” It also details five “noteworthy” trends in the market:
- Increasing investments in AI/ML predictive capabilities
- Greater transparency in AI/ML predictive results
- Enhanced IBP (integrated business planning) through extended financial processes
- Evolution of NLP (natural language processing)
- Increases in cross-functional collaboration
This year’s Magic Quadrant provides insight and analysis on the following vendors in the market:
- Acterys
- Anaplan
- Board
- IBM
- Insightsoftware
- Jedox
- Keplon
- OneStream
- Oracle
- Planful
- Prophix
- SAP
- Vena
- Wolters Kluwer
- Workday
