Enterprises are increasingly turning to modern Order-to-Cash (O2C) products in response to growing cost pressures, tighter regulations, and the need for improved agility. Once viewed as a back-office finance function, O2C is becoming a strategic enabler of cash optimization, risk management, and customer experience. This shift is driving demand for O2C solutions that combine visibility, automation, and intelligence through integrated platforms and modular deployments. In parallel, the provider landscape is evolving. Two distinct provider archetypes, receivables-focused specialists and billing-led platforms, are expanding their portfolios to offer more comprehensive O2C capabilities. Meanwhile, enterprise platforms are entering the space, intensifying competition and accelerating innovation. Providers are embedding technologies such as generative AI, embedded analytics, and orchestration capabilities to support more accurate forecasting, enhanced control, and streamlined end-to-end O2C processes. In this research, we assess 16 leading O2C products, analyzing their strengths, limitations, and market positioning to guide CFOs and finance leaders in selecting best-fit technology partners that align with their strategic and operational goals.

In 2024, Finance and Accounting Outsourcing (FAO) providers continued to pursue quick wins and digital enablement, while enhancing their capabilities by investing in AI-driven solutions, expanding delivery footprints, GCC services, and tailored offerings for private equity and mid-market clients. The growing focus on technology-led transformation and the need for tailored delivery models further accelerated the adoption of provider-supported hybrid delivery and GCC setups. However, the global multi-process FAO market experienced relatively slower-than-expected growth in 2024 due to economic and geopolitical uncertainties and delayed decision-making in the second half of 2024, especially in large-scale deals. As a result, while short-term growth may remain constrained due to inflation, recessionary concerns, and global instability, long-term market momentum is expected to persist, driven by steady demand for core F&A services and the need for ancillary services to support AI infrastructure readiness. In this research, we assess 34 FAO providers based on their vision and capabilities and impact on the FAO market and position them on the FAO PEAK Matrix® assessment.

The global multi-process Finance and Accounting Outsourcing (FAO) market experienced relatively slower growth in 2023 due to recessionary headwinds in early part of the year and consequential delays in enterprise decision-making, especially on large-scale deals. However, in the second half, as the market saw stabilization’s early signs in decision cycles, enterprises exhibited greater investment appetite for transformation. While focus on quick wins remained a primary objective, the enhanced focus on organizational transformation propelled greater IT-BPO integrated deals as compared to pre-COVID-19 times. Recent macroeconomic events – such as surging inflation, recession, geopolitical instability, and high interest rates – have made enterprises more receptive to leveraging third-party providers for their finance functions. In this research we assess 33 FAO service providers based on their vision and capabilities and impact on the FAO market and position them on two Everest Group PEAK Matrix® assessments for FAO and Order-to-Cash (O2C) services. Scope Geography: global Services: FAO Contents In this research, we focus on: Everest Group’s FAO services PEAK Matrix® evaluation, a comprehensive assessment of 33 FAO service providers 2024 FAO PEAK Matrix Leaders, Major Contenders, and Aspirants, as well as Star Performers 2024 O2C PEAK Matrix Leaders, Major Contenders, and Aspirants Service provider capability assessment FAO service provider landscape Each FAO service provider’s key strengths and limitations Membership(s) Finance and Accounting Sourcing and Vendor Management

The global multi-process Finance and Accounting Outsourcing (FAO) market continued to grow at a steady rate of 11-13% in 2022 and is expected to continue this growth trajectory for the next three years. Surging inflation, recessionary environment, geopolitical instability, coupled with the volatility that the pandemic left the enterprises in, has increased enterprises’ openness to leverage third-party service provider support for their finance functions. The strategic focus of service providers is becoming more elevated as they emphasize upstream F&A operations alongside routine tasks. This change underlines how corporations are realizing the strategic value of F&A. At the same time, there is a growing focus on non-traditional F&A areas including risk management, compliance, sustainability, and data & analytics. Notably, cognitive technologies have moved from pilot stages to widespread usage, denoting a considerable change in the approach to and execution of F&A activities. Advisory services are becoming prominent, with service providers supporting enterprises to successfully navigate through complex financial environments. These trends are driving incremental changes in the commercial construct of FAO deals, indicating an evolving and value-driven industry landscape. In this research we assess 28 FAO service providers based on their vision & capabilities and impact on the FAO market, and position them on two Everest Group PEAK Matrix® assessments for FAO and Order-to-Cash (O2C) services. Scope Geography: global Services: FAO Contents In this research, we focus on: Everest Group’s FAO services PEAK Matrix® evaluation, a comprehensive assessment of 28 FAO service providers 2023 FAO PEAK Matrix Leaders, Major Contenders, and Aspirants, as well as Star Performers 2023 O2C PEAK Matrix Leaders, Major Contenders, and Aspirants Service provider capability assessment FAO service provider landscape Key strengths and limitations of each FAO service provider Membership(s) Finance and Accounting Sourcing and Vendor Management

The global multi-process Finance and Accounting Outsourcing (FAO) market has continued to grow at a steady rate of approximately 10% in 2022. Surging inflation, a recessionary environment, and geopolitical instability, coupled with pandemic-induced volatility, are driving enterprises to leverage third-party provider support for their finance functions. The need for digital transformation, an increasing number of first-time outsourcers, and growing demand for next-generation technology and high-end Finance and Accounting (F&A) work from mature outsourcers will continue to drive market growth in the near-term. Some of the key means by which providers are differentiating themselves is by offering end-to-end transformation solutions, combined with domain and industry expertise and innovative Environmental, Social, and Governance (ESG) solutions, flexible pricing models, a design thinking-led approach, transformation frameworks, and next-generation offerings leveraging automation and analytics. In this research, we assess FAO service providers based on their vision & capabilities and market impact and position them on the Everest Group PEAK Matrix®. Scope Geography: global Services: FAO Contents In this research, we focus on: Everest Group’s Services PEAK Matrix® evaluation, a comprehensive assessment of 27 FAO service providers 2022 FAO PEAK Matrix® Leaders, Major Contenders, and Aspirants, as well as Star Performers Service provider capability assessment FAO service provider landscape Key strengths and limitations of each FAO service provider Membership(s) Finance and Accounting Sourcing and Vendor Management

Despite the pandemic, the global multi-process Finance and Accounting Outsourcing (FAO) market continued to grow at a steady rate of 5-7% in 2020. While transaction volumes and large-scale initiatives, especially in heavily impacted industries, shrank for about two quarters in 2020, huge demand for digitalization, cost takeout / cash unlock, and the need for Business Continuity Planning (BCP), agility, and resiliency drove growth in 2020, a trend which continues in 2021. Increased openness among organizations to engage with third-party Finance and Accounting (F&A) service providers, digital transformation efforts, an increasing number of first-time outsourcers (especially in the SMB and mid-market segment), and rising demand for next-generation technology and high-end F&A work from mature outsourcers is expected to continue to drive market growth in 2021. Some of the key means by which providers are differentiating themselves are end-to-end transformative solutions, combined with domain and industry expertise, a design-thinking approach, transformation frameworks, and next-generation innovative offerings leveraging automation and analytics. This research studies and assesses FAO service providers based on their vision and capabilities, and market impact, and categorizes them as Leaders, Major Contenders, Aspirants, and Star Performers based on their market performance. Scope Geography: global Services: FAO Contents In this research, we focus on: Everest Group’s Services PEAK Matrix® evaluation, a comprehensive assessment of 28 FAO service providers 2021 FAO PEAK Matrix and Star Performers Service provider capability assessment FAO service provider landscape Key strengths and limitations of each FAO service provider Membership(s) Finance and Accounting Sourcing and Vendor Management

The global multi-process FAO market, which grew steadily at 8-10% in 2019, is experiencing a disruption due to the COVID-19 pandemic. It is interesting to note that while on the one hand, the pandemic has impacted contract renewals, new large-scale initiatives, and transaction volumes, on the other hand, increasing demand for immediate cost takeout, cash unlock, and digitalization is accelerating new digital initiatives and driving growth. FAO service providers are differentiating themselves by offering end-to-end transformative solutions, combined with domain and industry expertise, a design thinking approach, transformation frameworks, and next-generation offerings leveraging automation and analytics. This research studies and assesses FAO service providers based on their vision and capabilities, and market impact, and categorizes them into Leaders, Major Contenders, Aspirants, and Star Performers based on their market performance. In this research, we focus on: Everest Group’s Services PEAK Matrix® evaluation, a comprehensive assessment of 25 FAO service providers 2020 FAO PEAK Matrix and Star Performers Service provider capability assessment FAO service provider landscape Remarks on key strengths and areas of improvement for each FAO service provider Scope Services: FAO Geography: global Service providers: We have studied 25 FAO service providers with multi-process capabilities, including Accenture, Capgemini, Cognizant, Concentrix, Conduent, Datamatics , DXC Technology, Exela Technologies, EXL, Genpact, HCL Technologies, Hexaware, IBM, Infosys, IQ BackOffice, NTT DATA, Quatrro, Startek, Sutherland Global Services, TCS, Tech Mahindra, Teleperformance, TMF Group, Wipro, and WNS Membership(s) Finance & Accounting Outsourcing

As the Finance & Accounting Outsourcing (FAO) industry shifts from an arbitrage-first to a digital-first model, buyers are increasingly trying to understand the digital ecosystem of service providers to minimize human effort, improve efficiencies, and drive better outcomes. Everest Group has developed the Digital Capability Platform (DCP) – a framework that helps understand the digital ecosystem with multiple levers, each addressing different buyer needs. While individual digital components such as RPA and analytics are important, the impact is much higher when they are integrated and implemented collectively as a suite. The purpose of this research is to understand and assess service providers based on their FAO solutions. In this research, we focus on: Everest Group Solutions PEAK Matrix™ evaluation, a comparative assessment of 19 FAO service providers’ DCP solutions, based on which the providers are segmented into three categories: Leaders: Accenture, Capgemini, Genpact, IBM, Infosys, and TCS Major Contenders:Cognizant, DXC Technology, Exela Technologies, EXL, HCL, NTT DATA, Sutherland Global Services, Wipro, and WNS Aspirants: Conduent, Datamatics, Hexaware, and IQ BackOffice Service provider digital capability assessment Key strengths and areas of improvement for each FAO service provider Scope Services: FAO Geography: global Service providers: 19 leading FAO service providers Membership(s) Finance & Accounting Outsourcing

The global multi-process FAO market witnessed a robust Year-on-Year (YOY) growth of 9-10% in 2018. The demand for FAO services remained strong from the United Kingdom, both the traditional markets of North America and Europe, as well as from the emerging Asia Pacific (APAC) and Latin American (LATAM) geographies. An increasing number of first-time outsourcers (especially in the SMB and mid-market segment) and an increasing demand for high-end F&A work from the second- and third-generation outsourcers are the key drivers for market growth. Mature buyers’ increasing willingness to adopt next-generation technology is also fueling growth. Some of the key means by which providers are differentiating themselves are by offering end-to-end transformative solutions, combined with domain and industry expertise; design thinking approach; transformation frameworks; process reengineering; and next-generation innovative offerings around advanced analytics and AI. The purpose of this research is to understand and assess FAO service providers based on their capabilities and impact in the FAO market. In this research, we focus on: Everest Group’s Services PEAK Matrix™ evaluation, a comprehensive assessment of 24 FAO service providers 2019 FAO PEAK Matrix and Star Performers Service provider delivery capability assessment Remarks on key strengths and areas of improvement for each FAO service provider Service provider landscape The scope and methodology of this report includes: Third-party multi-process FAO deals with a minimum of two F&A processes, over US$1 million in ACV, and a minimum contract term of three years Over 1,000 multi-process FAO deals signed as of 2018 Coverage across 24 FAO service providers with multi-process capability including Accenture, Aegis, Arvato, Capgemini, Cognizant, Concentrix, Conduent, Datamatics , DXC Technology, Exela Technologies, EXL, Genpact, HCL, Hexaware, IBM, Infosys, IQ BackOffice, NTT Data, Quatrro, Sutherland Global Services, TCS, TMF Group, Wipro, and WNS Membership(s) Finance & Accounting Outsourcing

As the FAO industry shifts from arbitrage-first to digital-first model, buyers are increasingly seeking to understand the digital capabilities of service providers to eliminate/reduce human effort, improve efficiency, and drive better outcomes. While individual digital components (such as Robotic Process Automation (RPA) and analytics) are important, the impact is much higher when they are integrated and implemented collectively as a suite. Such solutions are referred to as Digital Augmentation Suite (DAS). The purpose of this research is to understand and assess service providers based on DAS solutions offered by them in the FAO market. In this research, we focus on Everest Group Solutions PEAK Matrix™ evaluation, a comparative assessment of DAS solutions of 19 FAO service providers, based on which the providers are segmented into three categories Leaders: Accenture, Capgemini, Genpact, IBM, and TCS Major Contenders: Cognizant, Exela Technologies, EXL, HCL, Infosys, NTT Data, Sutherland Global Services, Wipro, and WNS Aspirants: Conduent, Datamatics, Hexaware, Intelenet, and IQ BackOffice Service provider digital capability assessment Remarks on key strengths and areas of improvement for each FAO service provider The scope and methodology of this report includes: Services: FAO Geography: Global Service providers: 19 leading FAO service providers Membership(s) Finance & Accounting Outsourcing