Phocas Software has distinguished itself in ‘BARC The Planning Survey 24', solidifying its presence in the financial planning and analysis (FP&A) market through its cloud-based planning software for manufacturers, distributors, and retailers.
Software selection and strategy experts BARC, conducted The Planning Survey 24 from November 2023 to February 2024, which secured participation from 1,272 users and involved the assessment of 21 different products. The survey also evaluated user feedback based on 33 key performance indicators (KPIs), which include metrics related to Business Benefits, such as increased planning frequency and better introduction of planning with BI/analytics.
Phocas secured the first position in several key performance indicators (KPIs), with 8 top rankings and 26 leading positions across three peer groups, thereby outperforming established competitors in the FP&A software sector.
Phocas showcased its strong BI capabilities by earning a perfect customer score in the 'Reporting/Analysis' category and securing top rankings for Innovation within two peer groups. These achievements underscore the importance of integrating consolidated data within FP&A software for SAP Business One users. Such integration enables the creation of dynamic budgets and forecasts and supports real-time comparison of budget figures with actual results. This ensures that budgets serve as active, operational tools rather than static documents because financials, planning and analytics are all connected in Phocas.
A consistent highlight for Phocas in BARC surveys is its user-friendliness, earning itself a leader position for ‘Ease of Use’ in the 'Integrated Products for Planning and BI & Analytics' peer group. This was further reinforced within the survey results which emphasized Phocas's high adoption rate within organizations, noting that it surpasses many of its competitors. On average, 27% of employees utilize Phocas's FP&A tools, significantly higher than the survey's overall competitor average of 10%. This broad adoption underscores Phocas's effectiveness and accessibility across different organizational levels.
Phocas differentiates itself from other FP&A software providers in the market through its robust BI foundation, which underpins its Financial Statements and Budgets & Forecasts modules. In contrast to competitors who require the addition of a BI solution—necessitating multiple integrations and incurring additional expenses for customers—Phocas has established a single source of truth, a foundation that not only facilitates comprehensive performance understanding but also enhances collaboration across various business segments.
The Phocas platform is designed for mid-market organizations in sectors like manufacturing, wholesale distribution, and retail and offers a suite of integrated products, including Analytics, Budgets & Forecasts, Financial Statements, and Rebates, aimed at enhancing BI and analytics, budgeting and forecasting, and financial reporting and analysis for SAP users.
Phocas Analytics serves as the core and foundational layer of the platform, providing extensive capabilities for ad hoc querying, reporting, and dashboard creation. The Budgets & Forecasts module, launched in 2020 and utilized by about 15 percent of Phocas customers, offers tools for comprehensive planning, budgeting, and forecasting, facilitating the creation of both financial and operational plans such as sales, demand, and headcount planning. Phocas Financial Statements assists finance teams in preparing detailed financial reports, while the Rebates module is designed to streamline and optimize rebate management. All these products are tightly integrated and can be deployed in various combinations to meet specific business needs.
Download Phocas' highlights report for BARC The Planning Survey 24.
Further information can be found at: barc.com/reviews and barc.com/reviews/data-tools
Premium
