OneStream Named a Leader in Financial Planning Software by Gartner

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.

Assessing the Planning Software Vendor Landscape

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 2^nd 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:

• Data volumes: OneStream was cited as having one of the fastest data transfer times and user concurrency levels among vendors.
• Innovation: OneStream’s Sensible ML solution was called out as a key innovation, along with our strong roadmap and plans for leveraging Generative AI within our platform.
• Solutions exchange: The OneStream Solution Exchange was highlighted providing customers with access to 75+ add-on productivity and business solutions developed by OneStream, partners and customers to quickly address new requirements.

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.

AI-Powered Planning Goes Mainstream

In the report, Gartner highlighted several key market trends that are driving rapid growth in the FP&A software market.  This includes the following:

• The market continues to invest in AI-powered Finance solutions, with new capabilities that are significantly enhancing adoption and operational efficiency.
• Greater transparency in AI/ML predictive results is accelerating adoption.
• Enhanced Integrated Business Planning (IBP) as vendors advance their ability to extend financial planning processes across the enterprise to align with operational planning.
• The evolution of Natural Language Processing (NLP) can help FP&A leaders make more informed decisions by automatically processing and summarizing textual information as well as providing context to the numerical data displayed in dashboards.
• Stronger cross-functional collaboration is increasingly a key priority for organizations, and important in driving more meaningful forecasting and planning efforts.

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.

Learn More

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!  

Sources:

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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