Enterprises are embracing integrated finance and accounting software platforms to enhance automation, precision, and insight as AI and other technological advancements reshape the landscape, according to a recent report by Information Services Group (ISG).
The 2024 ISG Provider Lens™ global Finance and Accounting Platforms report highlights the shift towards software-as-a-service (SaaS) platforms that offer comprehensive solutions and can be seamlessly integrated with other applications. AI and machine learning features are revolutionizing these platforms, with vendors exploring generative AI (GenAI) for potential breakthroughs.
Robert Stapleton, ISG partner, Business Outsourcing Services, noted, “The finance and accounting SaaS sector is investing in next-generation technologies to address longstanding business challenges, including the exploration of GenAI, despite uncertainties about its operational effectiveness.”
The report emphasizes the importance of GenAI in strategic functions like record-to-report (R2R) and financial planning and analysis (FP&A), where it can enhance predictive modeling and provide personalized financial insights with minimal human intervention.
As organizations navigate complex finance and accounting requirements, providers are expanding their capabilities to deliver more holistic solutions. The report also underscores the trend of providers adopting a client-centric approach to tailor solutions to meet unique business needs.
Furthermore, the report delves into other trends impacting finance and accounting platforms, such as global expansion efforts by providers and streamlined implementation processes for faster return on investment.
The 2024 ISG Provider Lens™ global Finance and Accounting Platforms report evaluates 22 providers across two quadrants, recognizing BlackLine as a Leader in both quadrants. The report is available for subscribers or one-time purchase on the ISG website.
Overall, the report highlights the evolving landscape of finance and accounting software, driven by the demand for integrated, AI-powered platforms that can meet the dynamic needs of modern enterprises.