Tighter Budgets and Demand for Financial Accountability Creating Golden Opportunities for Vendors and End-Users, According to IDC
FRAMINGHAM, MA – JULY 15, 2002 – The worldwide financial/business performance management (BPM) software market is expected to increase from $921 million in 2001 to $1.5 billion in 2006, according to IDC. Widespread availability of algorithms that use data pulled from across the organization has led executives to expect that this knowledge can and should reach their desktops, creating a golden opportunity for both vendors and end- users.
"The economic slowdown, while tightening its grip on most companies' budgets for purchasing software, has had the effect of revaluing executives' knowledge of where the money goes," said Henry Morris, vice president for IDC's Applications and Information Access research. "In fact, this very tightening intensifies the demand for financial accountability and business performance management."
Vendors should look toward addressing the challenge of linking both financial and nonfinancial information for audiences that have historically been focused on only one of the two information types. It is not enough to have information; information must be actionable. Those who provide decision- making assistance will create the most dramatic success stories.
As more department-specific software seeks to provide more valuable decision-making assistance, it is likely that each locality will seek to expand into the portions of the financial/BPM space. Vendors should carefully consider how their software might link with, include, or be embedded in the more department-specific software.
IDC's recently released document, Worldwide Financial/Business Performance Management Software Forecast and Analysis, 2002-2006 (IDC #27346) examines the financial/BPM market and leading vendor performance throughout the forecast period. Characteristics of successful vendors are also identified.
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