The need for software tools that enable finance and business leaders to navigate today’s challenging economic landscape and vast array of enterprise-level risks with predictive insights and agility couldn’t be greater. This is driving demand for modern, cloud-based financial planning software applications that can replace spreadsheets and legacy planning applications and enable more confident decision-making.
So it’s timely that the 2023 Gartner® Magic Quadrant™ for Financial Planning Software1 was recently published, in which OneStream was recognized as a leader for the second year in a row. Read on to hear the highlights of the report and why OneStream was named a leader.
In the 2023 MQ for Financial Planning Software, the Gartner analyst team evaluated 16 software vendors based on their ability to execute and completeness of vision, including market understanding, offering strategy, innovation and geographic strategy. Based on their evaluation, OneStream was recognized as a Leader for the 2nd year in a row in this report. This comes on the heels of OneStream recently being recognized as a Leader in the Gartner Magic Quadrant for Financial Close and Consolidation Solutions2.
Why was OneStream recognized as a Leader in the report? I suggest reading the entire report to get the full story, but a few strengths highlighted in the report are:
We believe this recognition underscores our continued momentum in the market, innovation we are driving with our AI/ML strategy, and the value that OneStream’s unified platform delivers to customers, enabling agile financial and operational planning and reporting processes.
Organizations that have adopted OneStream for FP&A are streamlining their budgeting, planning and forecasting processes by an average of 58%, aligning financial and operational planning across the enterprise, and are using our built-in Analytic Services to report and analyze daily and weekly financial and operational signals and trends by integrating large volumes of transactional data. A growing number of customers are leveraging our Sensible ML solution to deliver faster and more accurate demand and revenue forecasts to support more confident decision-making. Here are a few examples:
Polaris – leveraging Sensible ML, Polaris is reducing forecasting cycle times and improving the accuracy of their demand forecasts. The Finance team also has more insights into the key forecast drivers, helping drive more informed decision-making.
Autoliv – leveraging Sensible ML’s capabilities to produce detailed, granular forecasts at a daily level, Autoliv was able to create forecasts to match the granularity of their demand planning. In addition, Sensible ML can produce more accurate and more frequent forecasts at scale and at a fraction of the time and cost.
In the report, Gartner highlighted several key market trends that are driving rapid growth in the FP&A software market. This includes the following:
And as mentioned in prior reports, the transition from on-premises to cloud-based financial planning software reflects a broader trend toward SaaS offerings, facilitating faster implementation, improved ease of use and reduced dependence on IT staff for management. Additionally, these solutions provide adaptability and collaboration for tighter operational and financial performance feedback loops, extending their adoption across the enterprise.
To learn more about the key market trends, and how OneStream compares to the other vendors in the financial planning software market, download the Gartner MQ report and contact OneStream if your organization is ready to reduce reliance on spreadsheets and legacy applications and maximize business impact!Download the Report
1Gartner Magic Quadrant for Financial Planning Software, Regina Crowder, Matthew Mowrey, Vaughan Archer 5 December 2023
2Gartner Magic Quadrant for Financial Close and Consolidation Solutions, Nisha Bhandare, Permjeet Gale, Jeffrin Francis, Renata Viana, 27 November 2023
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