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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Vena
Score 8.1 out of 10
Mid-Size Companies (51-1,000 employees)
Vena Solutions provides a financial process automation solution to automate Corporate Performance Management, accounting and budgeting, Regulatory & Compliance, and other finance-related processes. It is scaled for medium to large-sized organizations.
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Pricing
Prophix
Vena
Editions & Modules
No answers on this topic
Professional
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Complete
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Offerings
Pricing Offerings
Prophix
Vena
Free Trial
Yes
No
Free/Freemium Version
No
No
Premium Consulting/Integration Services
No
No
Entry-level Setup Fee
Optional
Optional
Additional Details
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The Professional Plan is the most flexible way to get started quickly and can be added onto as a company grows. The plan includes: Vena Platform, Customer Success Manager, Standard Support and Customer Portal.
Complete Plan includes everything in Professional, plus: Vena Insights, Premium Support, Sandbox Environment, and Expert Managed Services.
For a limited time, new customers who use Microsoft Dynamics 365 Business Central (Online) as their primary ERP can get a free year of Vena and 40% off implementation costs.
Vena also offers special pricing for not for profit organizations. To learn more, speak to an expert.
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.
Prior to using Vena, I have worked with Excel-based budgeting and reporting processes, as well as other property management and financial reporting systems such as Yardi and Entrata. These tools provided access to financial data, but Vena has been more focused on streamlining …
We went with Vena as the alternatives felt like everything was contained in the box, and would have required more IT department assistance than we had bandwidth for.
Vena is much better for customization and data representation. It gives us much more flexibility in how we show our information to stakeholders. We need our information to be digestible for non-financial employees, and with that flexibility to show things how we want, we are …
we did our diligence when selecting Vena. I do not want to disparage other products so I will not list them. However, we were extremely thorough and gauged all offerings on multiple criteria. Big players and small players. We are very happy with our Decision to go with Vena.
we liked that Vena was fully integrated into Excel and we were already doing all our manual work within excel and creating all our reports and templates so we thought that only made sense to use Vena as it was most comfortable for us
I think from the finance perspective specifically, Vena is more clear and easy to read. Besides, the report that Vena generates is more reliable and realistic in our case. But we do integrate the data from Workday to Vena every month. So we use the both platforms for our …
We selected Vena because the product worked in Excel, so there was less of a training curve for people, because all of other people work with cell users and we also chose it better because of the people, the sales reps, and the implementation teams. You know, the processes that …
Vena is Excel-based, which is what our users wanted. Pigment was web-based, like Adaptive, but our users did not fully trust or adopt it. Adoption drives success for any software. Amy's software, which is not adopted, has a negative ROI by definition. Vena was the right choice …
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.
It’s great for achieving flexible outcomes amid ever-changing desires among its user base. We have not implemented AI into our finances quite yet, but this seems very promising for working more efficiently in analysis and narrative prep. It works great for constant real-time data and allows us to make decisions on the fly.
The Admin function of Vena, being able to set up the users in the user categories and the different groups and assigning the groups and the task bindings, is particularly easy and very helpful because as we have so many different departments and disciplines in our organization, we do need to establish pretty specific user access so this process works really well for us.
Running reports in Vena is fairly easy, and we do enjoy being able to just push a button and get some budget versus actuals.
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.
Have another license between power user and contributor that allows building reports that aren't ad hoc, but don't have all the admin rights of a power user.
Have a session on best in class Workforce Planning prior to implementation.
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
Vena has become an integral part of finance and our daily process. Without it we would take longer to prepare results and decisions will be delayed. Vena has given the whole organization more visibility of results and budgets so that all departments participate more actively in managing their budgets rather than it being the sole responsibility of finance.
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.
I would rate Vena's overall usability as an 8 out of 10. Vena offers a user-friendly interface, especially for those familiar with Excel, making it relatively easy to use. Most features are intuitive. However, some advanced functionalities may require more training or time to master, so it's not a perfect score. Overall, Vena provides a solid user experience that supports efficient financial planning.
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.
Vena is seemingly always available. They plan maintenance windows well in advance and always off hours (typically over a weekend) and communicate clearly throughout maintenance about what will be affected. Over 5 years of using the product, I can only remember one time when the platform was unavailable (I believe due to an underlying server hosting issue from their provider), and they resolved the issue and had everything up and running again within 8 hours.
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.
The performance is dependent on how much data and calculations are involved and how complex the security settings are. A simple template or report loads in seconds. A complex template or report can take a while. If there are many users with complex security settings, that will be a factor in the load time.
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.
Their general support is pretty responsive (max 24 hours) but when you work directly through one of their CSMs then the response time can be much faster. If you purchase coaching hours then you can get things sorted out pretty quick. Over time you learn the software and need support less, but it's always helpful to have it ready when you need it
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.
This is the best way to learn and buy-in. The in person effect gives students both a hands on approach but an instruction to be there to customize assistance and understanding. In person also builds greater buy in with your future team on creators. However if your audience is better at on line learning this is another good option.
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.
The training was structured as a group training to learn the basics of creating a data model and mapping a template. While we had nearly 10 participants, I was the only actual implementer so we probably didn't actually need the training and could have just learned the initial skills from the implementation consultant. Two years later, when we hired a new team member, they completed several modules in Vena Academy (a self paced learning course) which allowed them to get up to speed on the basics with just a bit of supplemental guidance from me as our existing admin.
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
The Vena consultant had great knowledge of both the Vena solution and Excel and Excel functions. He was able to help suggest ways to build our templates that met our requirements using Excel functions we had not previously considered using. And we have been able to use the Excel information he provided in other ways outside of Vena. He was very patient and flexible as we learned the Vena tool and created templates
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
Prior to using Vena, I have worked with Excel-based budgeting and reporting processes, as well as other property management and financial reporting systems such as Yardi and Entrata. These tools provided access to financial data, but Vena has been more focused on streamlining budgeting, forecasting, and variance analysis by centralizing information and improving collaboration.
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
Vena solutios is a software that provides robust tools that help different departments in their statistics and we can visualize a lot of promising and visually attractive data. Vena Solutions' level of scalability is high and sustainable over time thanks to the fabulous technical support that is ready to help us at all times
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.
Automated monthly financial statements saves us 3 hours a month.
Moving reporting away from IT has begun to save hours of IT involvement, which will only grow as we shift more reports to Vena. This frees up IT to work on more important IT initiatives.
Using budget templates saved hours of copy and paste time when gathering inputs from each department.
