Unit4 named among leading vendors in Tambellini Finance and Human Capital Management market report
Unit4 is extremely pleased to announce that we were included as one of the leading vendors in The Tambellini Group’s 2020 Financial Management and Human Capital Management System US Higher Education Market Share, Trends, and Leaders Report, which examine the US higher education financial management and human capital management purchasing trends and details the types and sizes of institutions making selections. The report includes Unit4 as a leading financial management and human capital management system vendors among respectable competition. Tambellini pointed out several of our solutions’ strengths around multi-client, multi-currency, and advanced account rule setup. As well as our support for complex accounting and high transaction volumes.
Beyond this, the report reveals some interesting facts about the way the market is moving and how institutions are responding to challenges and changes in the landscape.
50% of institutions selecting a financial or HCM solution choose from just 3 providers.
Tambellini reported an increase in Finance and HCM selections in 2019 – up 19% and 17% respectively from the previous year. Over 80% of new adopters opted for cloud deployment.
Most interestingly, the report reveals that 50% of the institutions selecting new solutions this year chose a modern cloud solution. This tells us that institutions of all types are beginning to realize the advantages and value of adopting a truly modern system.
Tambellini research shows that an estimated 50 percent of institutions that made financial management and human capital management selections in 2019 chose modern solutions, such as those from Oracle, Unit4, and Workday.
But there’s still room for improvement
Even though half the institutions choosing a new solution this year chose a modern functionally complete offering, the market is still dominated by legacy solutions. To quote the report:
While modern cloud solutions are gaining momentum within higher education, legacy vendors will continue to lead market share into the foreseeable future due to the level of effort and the cost of migrating to a new finance, HCM, or student platform.
This assessment of the market’s maturity means we have quite a way to go before the industry will really begin to feel the impact a truly modern solution can bring. But with that said, there are signs that institutions are starting to realize the need for capabilities that legacy software simply can’t provide.
Selection processes shift from features-based to strategy based
We’re very happy to hear that higher education institutions are modernizing their selection processes for these solutions. Moving away from long, detailed features lists and towards a more strategic and holistic approach that takes into account a much wider range of tangible and intangible qualities.
According to the report, these range across everything from the corporate culture fit of the vendor company, through to post sale support, the proposed solution roadmap, and the implementation plans and model (1st vs 3rd party, support offered, and so on).
We see this as a positive development for the sector. Not only because it helps institutions find a provider that’s really right for them and their long-term needs, but because it helps them to form a realistic picture of how a provider can integrate with the tools they’re currently using. Avoiding vendor lock in with a provider with an attractive feature list and poor implementation or long term support capabilities.
To learn more about what Unit4 can do to take your institution’s financial and human capital management strategies to the next level, please click here to start a conversation or arrange a demo.
