Research Finds Customer Demand for Cost
Reduction, Actionable Information and Agility Are Driving Vendor
Innovation, With AI a Clear Provider Focus to Leapfrog Productivity
and Insight
Today’s modern, cloud-based enterprise performance management
(EPM) software delivers dramatically greater value realization than
legacy solutions, according to new EPM Digital World Class Matrix™
research from The Hackett Group, Inc. (NASDAQ: HCKT). The research
found that customer requirements are one factor driving vendor
innovation, and integration of artificial intelligence (AI) is a
clear focus of leading software providers in their efforts to
deliver productivity improvements and greater insight.
The EPM Digital World Class Matrix research provides
comprehensive analysis of 12 leading EPM software providers and
their individual ability to deliver value. It also offers insights
on key benchmarking metrics and return on investment measures for
finance leaders looking to shape the future of the autonomous
enterprise.
The research from The Hackett Group® found that two of the
software providers – OneStream and Oracle – achieved Digital World
Class® status in all three areas that were analyzed – integrated
EPM and two subsets – close and external reporting, and planning
and forecasting. One additional vendor – Anaplan – achieved Digital
World Class status in the planning and forecasting ratings.
Other integrated EPM rankings were as follows. Four software
providers were classified as “Challengers”: Board International,
SAP, Vena and Workday. In addition, two software providers were
classified as “Emerging”: insightsoftware and Planful.
In the Digital World Class Matrix ranking of planning and
forecasting EPM software providers, six software providers were
classified as “Challengers”: Acterys, Board International, Planful,
SAP, Vena and Workday. Just one software provider was classified as
“Emerging” – insightsoftware.
Finally, in the Digital World Class Matrix ranking of close and
external reporting EPM software providers, six software providers
were classified as “Challengers”: BlackLine, Board International,
SAP, Trintech, Vena and Workday. Two software providers were
classified as “Emerging”: insightsoftware and Planful.
The research quantified the improved value realization for
Digital World Class software providers, including:
- 55% more time analyzing information versus compiling data
- 3X better forecast accuracy
- $48 million annual cost advantage (for a typical $10 billion
company)
- Far greater customer satisfaction, with 94% of companies
satisfied to extremely satisfied with their deployments
The Hackett Group research study was conducted over six months,
with evaluations focused on 28 key scoring criteria, business
process capabilities and value drivers. The key objective was to
provide organizations with an overview of the diverse solutions
landscape and empower them to make informed decisions tailored to
their unique business needs.
The EPM Digital World Class Matrix study found that requirements
vary significantly across organizations and recommends that
prospective buyers carefully consider their business process
framework, integration and data management complexities, partner
relationships, expected benefits, workforce maturity, investment
budget, and geographic reach as part of the selection process.
Functionality offered, ease of adoption and reporting/analytics
scored as the top three reasons for selection. Clearly defined
program scope plus process simplification/governance and resource
staffing were cited as the most crucial factors for successful
implementation delivery and user satisfaction/experience. Faster,
deeper insights; proactive capabilities; and modeling agility were
cited as the top three value drivers enabling better response to
dynamic market changes.
Customer survey participants expected Digital World Class EPM
software to transform processes and generate automation time
savings and capacity creation of more than 41% for planning and
forecasting, and 26% for close and external reporting. Setting
clear targets for cost reduction and productivity redeployment were
inconsistent, highlighting a key opportunity for organizations to
better understand and track realization of their business case
strategic objectives. The evolution from static financial reporting
to intelligent, collaborative and predictive optimization improves
operational decision making, controls costs, and accelerates
growth.
“Innovations in cloud EPM offerings, including artificial
intelligence and machine learning, are accelerating benefit
realization and driving significant capability enhancement in
predictive analytics, real-time decision making and decision
support,” stated The Hackett Group Principal, Finance
Transformation Jason Logman.
The Hackett Group Director Drew Johnson noted, “EPM software has
matured dramatically as organizations moved from legacy on-premises
platforms to modern cloud-based software. The ongoing pace of
technology advancement will enable EPM software to truly transform
accounting, financial planning and analysis roles over the next
decade; and investments in technology, training, and development
will be crucial for adaptation.”
The EPM Digital World Class Matrix and related research are
products of The Hackett Group’s Market Intelligence Service. This
practice is designed to evaluate software and service providers’
abilities to deliver quantifiable results from specialized,
differentiated capabilities. The Hackett Group defines Digital
World Class in the context of the Digital World Class Matrix as the
attainment of top-quartile performance for both depth/breadth of
features and functionality (capability breadth) and value
realization at multiple clients, and the ability to generate
similar performance levels for future clients.
The EPM Digital World Class Matrices are part of The Hackett
Group’s full 65-page research report. The EPM Digital World Class
Matrices should be read in the context of the entire report. A
20-page summary report is also available on a complimentary basis,
with registration, at
https://go.poweredbyhackett.com/dmepmsum2402nr. Inquiries regarding
purchase of the full research report can be made at
https://go.poweredbyhackett.com/dmepmful2402nr or by visiting the
web page for our Market Intelligence Service at
https://www.thehackettgroup.com/market-intelligence.
The Hackett Group does not endorse any participant, vendor,
product or service depicted in its research. This research should
not be considered as advice that a company considering EPM select
only those participants based on their ranking or position on the
Digital World Class Matrix. You should not rely upon any material
or information within this research as a basis for making any
business, legal, financial, or any other decisions. Any such
reliance shall be solely at buyer’s risk. The Hackett Group’s
research publications consist of the opinions of its research
organization and should not be interpreted as factual statements.
To the fullest extent permitted by law, the Hackett Group disclaims
all warranties, expressed or implied, with respect to this
research, including any warranties of merchantability, or fitness
for a particular purpose. The information contained in this
research is provided on an "as is" basis with no guarantees of
completeness, accuracy, usefulness, or timeliness. The Hackett
Group assumes no responsibility or liability for damages of any
kind arising from any information, data, content, materials, or
references within its research, including but not limited to
direct, indirect, incidental, consequential, special, and punitive
damages.
About The Hackett Group
The Hackett Group, Inc. (NASDAQ: HCKT) is an IP-based strategic
consulting and executive advisory firm that enables Digital World
Class® performance. Using AI XPLR™ – our AI assessment platform –
our experienced professionals guide organizations to harness the
power of Gen AI to digitally transform their operations and achieve
quantifiable, breakthrough results, allowing us to be key
architects of their Gen AI journey.
Our expertise is grounded in unparalleled best practices
insights from benchmarking the world’s leading businesses –
including 97% of the Dow Jones Industrials, 89% of the Fortune 100,
70% of the DAX 40 and 55% of the FTSE 100 – and are delivered
leveraging our Digital Transformation Platform, Hackett Connect™
and Quantum Leap®
For more information on The Hackett Group, visit:
https://www.thehackettgroup.com/; email info@thehackettgroup.com;
or call (770) 225-3600.
The Hackett Group, Hackett-Certified, Quantum Leap, and Digital
World Class are the registered marks of The Hackett Group.
Cautionary Statement Regarding “Forward-Looking”
Statements
This release contains “forward-looking” statements within the
meaning of Section 27A of the Securities Act of 1933 as amended and
Section 21E of the Securities Exchange Act of 1934, as amended.
Statements including without limitation, words such as “expects,”
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of The Hackett Group to effectively market its digital
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Gary Baker, Global Communications Director - (917) 796-2391 or
gbaker@thehackettgroup.com
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