Prophix One, a Financial Performance Platform, is used to improve the speed and accuracy of decision-making within a harmonized user experience. To reduce complexity and uncertainty, the software offers automated insights and planning, budgeting, forecasting, reporting, and consolidation functionalities.
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Techstreet
Score 9.0 out of 10
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Clarivate Analytics headquartered in Philadelphia offers Techstreet, web platform for searching and management of global standards for risk and compliance management.
We previously used Spreadsheet Server to get information out of our ERP (Vista/TC-1). In general, Prophix is faster and more reliable than Spreadsheet server, but the specific integration between Prophix and our ERP (and Project Management Software InEight) has caused us issues
Prophix stands out based on its capabilities for centralizing of financial data, automating workflows, reducing version controls, improving speed, more auditability and better collaboration.
Prophix is so much easier to use that other platforms or products. It can be customized so much easier than other larger, more expensive products. I work for a small university where we have a small finance team and Prophix allows us to tailor reporting to emerging needs in …
Prophix was already implemented when I joined the company, but in my previous job, we used OneStream, which seemed more complicated to set up and to update behind the scenes if the business changed.
Prophix is best suited if you have a very extensive budgeting process that currently relies on multiple Excel spreadsheets. It is also great if you have on-prem tools that may no longer be supported for reporting. It may not be appropriate if you require an unlimited number of mid-tier users, as it can be very expensive annually. It's definitely not a cheap tool, but the cost can at least be optimized based on users' use cases. In both organizations I've worked for that use it, cost has been mentioned.
Techstreet would be suitable for building companies, certification companies, testing laboratories, and manufacturers. With Techstreet, you can purchase current and previous versions of standards and manuals from different accreditation companies. This is quite helpful for businesses that need to stay up-to-date on industry standards and regulations.
Ability to filter report views for report binder without creating duplicate reports.
More extensive documentation and examples in the ProCalc library.
More ProCalc functions that deal with the time dimension and allow functions that can utilize the system date. So if it is day 8 of the month.
Ability to save company color scheme for use in reporting.
Would like to create a link between the account dimension and another dimension so I can easily report on account properties. For example, an account property could be columns in a report.
Would like to see the ability to have a report view on a dashboard. The tables are poorly formatted, and I’d like more formatting ability.
The system works well for us, and meets all of our needs. All of our future plans can and will be achieved within Prophix, so there is no need to pursue another product. Prophix has continuously proven to improve their product over the years, which provides an even higher level of confidence in this tool, and future developments
I don't rate anybody a 10 because I believe there's always room for improvement, so I'll go with an 8. And I'm giving 8 because it has helped us do more than we were doing before, and I believe there's still room for improvement.
The availability in Prophix is relatively good. We have occurred random outages in different versions that wipe out data, which can be brought back. Or we have ran into system wide slowness that impacts all users in the system, but we have been able to get more capacity to supply our performance.
Prophix has always performed consistently. We are using on-premise so many factors can contribute to slower than desired performance, most having nothing to do with Prophix itself. If we move to the web-client cloud based solution I believe performance will even be better.
We’ve gotten moved around a lot and so we don’t always know our pod people. Also when we book sessions with a random person it seems like we have to take the first 15-20 minutes explaining our system and process.
We worked with a consultant provided by the vendor for implementation. Training involved online and in person. The in person training was done throughout the implementation. It was very hands on training. As we worked through sections of the set-up, we were training on how to use various features within the product. It made learning the system very easy.
We used our system and created a test cube to work with our own data. We ran through the different functions of Prophix and covered alot of material. We did two sessions a week, with homework tasks assigned. We were able to ask questions and cover any questions during the followup sessions.
Since company's IT department was not part of the implementation and it was done only by an executive assistant who did not have extensive knowledge about finance and accounting it was done VERY Poorly and haphazardly. Nothing was done properly and it was not planned correctly. It worked for short term but after 2 years we had to re-do all the cubes and it was very hard to fix and correct things
Prophix is so much easier to use that other platforms or products. It can be customized so much easier than other larger, more expensive products. I work for a small university where we have a small finance team and Prophix allows us to tailor reporting to emerging needs in real time without having to reconfigure clunky systems with expensive modifications
I gave Prophix a 10 on scalability because we currently deploy the solution to department heads across our entire organization and never have any issues with those individuals using or accessing the system to look at their financial information within premade templates . They currently enter budgets and review reports within the system currently. The only issue is they cannot typically use the ad hoc functionality because that would require higher level licenses that cost more and it is not worth it to give them more costly licenses since they really aren't working in the system quite like the robust finance users
Reduced time to produce reports and compile budget leaving the team with more time to analyse the data, rather than concentrating on just compiling reports or budgets.
Improved visibility and variance reporting capability providing actionable insights to stakeholder.
The above points lead to greater buy-in into reporting and planning processes.
Before Techstreet, I had to go to multiple places to purchase the standards I needed. This was time-consuming and frustrating. But with Techstreet, I can find all the standards I need in one place, and their prices are really competitive.
I also appreciate that Techstreet is a full repository. This means that they have a huge selection of standards to choose from, including both current and previous versions. This is really helpful for me, because I often need to reference older versions of standards for reviewing test procedures or training purposes.
