Ramco Systems, a global enterprise software company focusing on enterprise cloud platforms, products and services, today announced that it has been positioned by Gartner, Inc. as a Niche Player in its 2018 Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises.
Gartner defines core Financial Management Suites (FMS) as applications addressing core functional areas of general ledger (GL), accounts payable (AP), accounts receivable (AR), fixed assets (FA), and project accounting, project costing and project billing. Vendors are assessed on their suites and their ability to market, sell and support these solutions.
For the second year in a row, Ramco is the only Asia Pacific-headquartered cloud financial applications vendor to return to the Magic Quadrant. Ramco has been classified as a ‘Niche Player’ in the report, for its functionality across all areas of financial management, an established presence in its native region, and its support in enabling on-premises customers’ transition to cloud platforms. Reference customers scored Ramco Financials functionality above average in most areas, including deployment capabilities and ease of use. Ramco Finance application addresses a variety of industries with Manufacturing and Services-centric organizations being the largest segments.
Acknowledging Ramco ERP Financials second magic quadrant entry, Virender Aggarwal, CEO, Ramco Systems, said, “Businesses are moving towards an API economy where systems interact and seamlessly integrate with the ecosystem around to offer a complete experience. We at Ramco have built a ‘new generation’ F&A solution that brings the best of functionality with the advantages of Cloud, Mobile and Bots in it.”
“We believe our second entry into the Gartner Magic Quadrant is a testament to our focused efforts on delivering next-gen, self-running financials, helping companies boost their bottom-line. Moving forward, we will continue to invest in new technologies such as dimensions, API, chatbots and Google Assistant and Alexa based voice assistants, aiding organizations embrace the frictionless era. The future holds immense potential for fast-moving and adaptable enterprise vendors to ride the wave” added Aggarwal.
Gartner has predicted that by 2020, nearly 60% of large enterprises with systems up for replacement will switch from traditional on-premises licenses to software-as-a-service (SaaS) or subscription licences. And, they expect that by 2025, demand for financial management application deployments delivered as cloud services will equate to over 65% of total spending in the financials market.
Offered both on cloud as well as on premises, Ramco Finance & Accounting (F&A) caters to medium- to large-sized organisations both as an integrated solution under full-suite ERP, as well as a stand-alone application. Ramco distinguishes itself by focusing on building deep domain-integrated financials and offering next-gen features which bring automation, simplification and cognitive capabilities to the application.