insightsoftware has been recognized as a Niche Player in the 2023 Gartner Magic Quadrant for Financial Planning Software. We are excited to be recognized for the first time in this highly competitive space.
What is the Gartner Magic Quadrant?
A Gartner Magic Quadrant is a culmination of research in a specific market, giving you a wide-angle view of the relative positions of the market’s competitors. Magic Quadrants provide a graphical comparative positioning of technology and service providers where market growth is high and provider differentiation is distinct. Magic Quadrants depict markets that are established, but not yet consolidated or in decline, by using a two-dimensional matrix that evaluates vendors based on their completeness of vision and ability to execute. The Magic Quadrant has 15 weighted criteria that are used to plot vendors on the graph based on their relative strengths in the market.
Understanding Financial Planning in the Magic Quadrant
To be eligible for Magic Quadrant inclusion, solution providers were required to fulfill certain criteria. According to Gartner the standard and must-have capabilities for this market include:
- End-to-end management of enterprise-wide financial planning, budgeting, and forecasting processes. This entails supporting flexible end-user-driven modeling capabilities, customizable planning dimensions, and consolidations at the enterprise and business functional level.
- Administration functionality necessary to support planning activities. This involves the creation and prepopulation of new planning cycles, modification of business rule logic, dimension maintenance, and security profile functionality.
- Configurable user-friendly reporting and dashboarding. This applies to the ability to generate financial statement reporting and gaining actionable insights into an organization’s performance through dashboarding visualizations that allow for a more cross-functional and inclusive approach to explaining trends and results.
- Built-in audit trails and versioning. This involves the ability to monitor events that occur within the system including data entry, data changes within the planning process, and versioning to help users track the evolution of their data and models.
Why we are Excited to be Included in a Magic Quadrant
This is the first time insightsoftware has been eligible for the Gartner Magic Quadrant for Financial Planning Software. Working with insightsoftware, you can expect to enjoy continuous improvement and innovation as we continue to improve our offering.
Customer-Driven Strategy, Innovation, and Improvement
We are continually striving to improve our products; looking ahead to 2024, we have several innovations planned that will benefit our customers. We are introducing AI capabilities into our products that will provide real value to our customers, enabling them to generate top-down forecasts automatically. In 2024, we will also support our users’ sustainability goals by adding ESG data capture, reporting, and filing capabilities.
A Quick Look at our Financial Planning Tools
insightsoftware offers a range of financial planning and budgeting solutions that will help you streamline your financial processes and make more informed decisions with automated budgeting, planning, and forecasting.
Our financial planning tools are highly flexible and can be fully customized to meet your organization’s specific planning and forecasting needs. Customers have access to robust, cloud-based solutions that provide automated reporting, planning, and budgeting in an easy-to-use Excel-like interface that gives decision-makers access to superior data, in-depth analysis, and an enhanced user experience. This modern, flexible technology supports extended planning and analysis, letting you handle any number of planning dimensions and easily integrate operational and financial models without sacrificing granularity. As your company grows, you can easily add to, modify, and expand your solution, managing new forms, dimensions, and users without the need for technical expertise.
We are excited to be recognized in the 2023 Gartner Financial Planning Magic Quadrant and look forward to continued innovation and enhancement of our solutions within this market. See how insightsoftware’s financial planning and analysis tools will modernize your planning processes – read the whitepaper.
Gartner, Magic Quadrant for Financial Planning Software, By Regina Crowder, Matthew Mowrey, Vaughan Archer, 5 December 2023
Gartner Research Methodologies Gartner Magic Quadrant, December 12, 2023, https://www.gartner.com/en/research/methodologies/magic-quadrants-research
Gartner, How Markets and Vendors Are Evaluated in Gartner Magic Quadrants, By Megan (Reinhart) Flewelling, Tim Weaver, David Black, 10 October 2022
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