Disconnected data and ongoing market challenges are creating revenue opportunities for Dynamics partners: 75% of Dynamics-driven finance teams plan on increasing budgets for software within the next year
RALEIGH, N.C., July 16, 2024 (GLOBE NEWSWIRE) — insightsoftware, the most comprehensive provider of solutions for the Office of the CFO, today announced its 2024 Research Report: Unlocking FP&A Success – Top Partner Priorities for Dynamics Users. The report highlights the modern trends and preferences of Microsoft Dynamics-driven financial planning and analysis (FP&A) teams who buy software through solutions partners. These insights will help Microsoft Dynamics solutions partners assess their FP&A product portfolio to determine which tools best align with modern customer requirements.
While Dynamics ERPs offer a robust foundation, the growing needs of modern finance teams often require multiple partners for specialized implementations. In fact, 87% of modern FP&A customers currently work with two or more Dynamics solutions partners and 81% use tools from two or more financial software development companies (vendors). This multi-partner, multi-vendor approach creates significant integration and maintenance challenges – 95% of respondents found disadvantages to purchasing through multiple partners.
Finance teams are juggling data security concerns, efficiency demands, and the need for informed decision-making. This presents a clear need for Dynamics solution partners that offer a comprehensive set of features within their product offerings. insightsoftware research finds Dynamics-driven finance teams are looking to consolidate point solutions into a unified platform to streamline workflows, improve data visibility, and deliver strategic insights.
“Today’s FP&A teams, powered by Microsoft Dynamics, are seeking a unified approach to financial planning and analysis. This report provides Microsoft Dynamics partners with invaluable customer insights to make informed decisions about their FP&A product offerings,” said Lee An Schommer, Chief Product Officer and General Manager, FP&A at insightsoftware. “To stay ahead of the competition, Microsoft Dynamics solutions partners must constantly evaluate and optimize their vendor relationships. By understanding the growing demand for consolidated platforms and the challenges of managing multiple vendors, partners can strategically position themselves to deliver the solutions that finance teams need to streamline workflows, gain deeper visibility, and make data-driven decisions.”
Key findings from the report include:
- Data quality is a top concern with nearly all (99%) respondents integrating data from a non-ERP source, which causes 40% of organizations to experience data integrity and accuracy challenges. In addition, 37% experience Microsoft Dynamic compatibility issues with third-party finance tools.
- When it comes to selecting a solutions partner, 75% of organizations say versatility in addressing various business needs is a top attribute. Customizable automation tools for efficiency
- Customizable automation tools for efficiency are listed as a highly desired FP&A product feature by 44% of respondents.
- Moving to the cloud impacts purchasing decisions, with 77% of FP&A leaders citing cloud migration as a key challenge affecting their software purchasing behavior. Security and compliance measures (83%) and portability of reports (79%) were listed as the most important product features to support a cloud migration.
- Security is critical with 78% of respondents prioritizing robust security measures to protect sensitive data when evaluating their partners’ available products.
Download the full 2024 Research Report: Unlocking FP&A Success – Top Partner Priorities for Dynamics Users here.
insightsoftware solutions are designed to help existing Microsoft Dynamics customers accelerate processes within the ERP while increasing the quality, accuracy, and access to their data. Through its partner program, insightsoftware supports a wide audience of Dynamics users across the globe, enabling partners to meet the data needs of their current customers and support them as they expand their business to find new customers.
To learn more about insightsoftware’s partner program click here.
Research Methodology
To better understand the challenges and priorities of Dynamics-driven FP&A teams and what they seek in a solutions partner, insightsoftware partnered with Hanover Research to survey 350 finance decision-makers across North America. All respondents use Microsoft Dynamics, have previously purchased FP&A software from a solutions partner, and are considering buying new FP&A software in the next 24 months.
About insightsoftware
insightsoftware is a global provider of comprehensive solutions for the Office of the CFO. We believe an actionable business strategy begins and ends with accessible financial data. With solutions across financial planning and analysis (FP&A), accounting, and operations, we transform how teams operate, empowering leaders to make timely and informed decisions. With data at the heart of everything we do, insightsoftware enables automated processes, delivers trusted insights, boosts predictability, and increases productivity. Learn more at insightsoftware.com.
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