Prophix is being used for our financial reporting, planning/forecasting and hopefully on down the road for dashboards, detail sales reporting, etc.
The finance department is the main user of prophix, however, line departments are asked to input plan and forecast data for review and consolidation.
Prophix allows us to maintain current and historical data that was previously being handled by excel spreadsheets. Monthly consolidation of multiple entities, planning and forecasting are now done more quickly with detail and commentary that can be made part of the record.
- Financial reporting and consolidations - flexible!
- Planning and Forecasting - detail planning for headcount, capex, fixed assets, etc. and department mgrs. can input data.
- Ad Hoc Analysis - ability to slice and dice data and drill down to transaction level.
- prophix needs to have a better interface with Excel for downloading, uploading, and analysis of data.
- Report writing with smart client has a long learning curve, web client may be better but we are just getting started with web client.
- Due to its complexity and flexibility Prophix requires dedicated training and use of consultants for implementation.
- Provides a plethora of options for analyzing data, either numerically or graphically.
- Allows the user to get as granular as you like in creating budgets, and in creating mathematical relationships between related gl accounts.
- Can be applied & used across a wide range of departments. Useful for any type of data analysis whether numerical or other.
- It would be nice if it had better integration with Quickbooks. As it currently stands, you have to use a third party program to "translate" the database from QB to SQL for Prophix to import the data. I spend more time than I like validating data, but this has more to do with the limitations and shortcomings of QB than Prophix.
- The process of updating the software is rather cumbersome and involved.
Prophix is used by all our managers and sales people. It really has helped reduced the time with the budget / sales forecast cycle. No more, putting 100 files together and making sure the links have been updated. It really has saved us a lot of time. We use Prophix to do expense forecasting, revenue forecasting, month-end process. It really has taken over our department.
With the latest upgrade, we are using the name sets for the time dimension. This has saved me 8 hours per month. I no longer have to go into 33 templates and update the time frame. The name set has fixed this for me. Thank you Prophix for me giving me the idea!
- Lots of online training to get you started
- Great Help Desk support
- Lots of webinars to keep updated with all the new additions that they add to Prophix
- Great feedback website. I can see that the feedback that I give to Prophix actually gets their attention. A couple of my ideas have helped Prophix improved its performance.
- A lot of upgrades to new versions. Although, each upgrade gives additional functionality, it is hard to keep up with the latest version.
- Graphing is not ideal in Prophix. This is supposed to be additional graphing functionality coming out later this year.
- Speed. I wish template studio was faster to open and the data entry portion.
- Overseas. My sales people struggle with the speed even more when they are in Europe and Asia.
- Personnel planning and budgeting - enables more accurate personnel budgeting by using rates and rules to drive out detailed benefit costs.
- Managing hierarchies such as accounts, cost centers and companies easily and in one spot.
- Ad Hoc Reporting - slice and dice data by accounts, cost centers, companies, etc., with the easy to use ad hoc tool.
- Would like an easier way for a budget manager to budget to a new account.
- Would like a way to set up rounding factors when entering/loading budgets.
- Would like the building of report templates to be easier.
- Headcount and payroll forecasting is a bright spot for Prophix. Definitely beats managing payroll budgets in Excel.
- The use of Workflow Manager for the annual budget helps move the process along smoothly.
- The ability to develop and run ad hoc reports on the fly.
- Continue to drive Template Studio more in the direction of Excel, continue to build out Excel-like functionality. I still use Prophix 11, I always want to highlight a row of numbers and have it sum in my report like Excel, but it doesn't.
- DPM should have more standard calculations without requiring the use of a consultant to build out calculations that are pretty standard and shared among most companies (FICA, FUTA, 401K Match...etc.)
- The ability to drill to detail in calculated fields. I have some custom time perspectives that I can never drill to the detail.
We have multiple systems that need to be consolidated in our reporting. Prophix allows us to make a single report from these diverse sources so that we present a uniform appearance and see the total numbers for the whole company rather than bits and pieces that don't take the whole into account.
- We have four sources of data. Prophix allows us to consolidate our data and create reports that present a uniform appearance.
- Prophix makes it easy to import data and automates the process so that once set up you can let it run on schedule.
- You can create new reports using the same data. This ensures that you have uniform numbers in all reports (that can be tough with spreadsheets).
- Training and help resources are fabulous. Customer support is important to Prophix and they work very hard at it. They want you to learn to the level you want to learn. They guide you to be independent of them with your in house development (although if you prefer to pay them to set everything up they'll do that too).
- I can't think of room for improvement. They seem to come out with upgrades before I've really thought of needing that function.
Your budget process can be set up in a workflow allowing for easy updating and tracking. Let's face it, our managers aren't always getting their budgets done on time. With Prophix, you can set up the workflow and track their progress. You can set up the review process and have each level of review receive and approve the budget. All of this is automatic and saves you time. Sorry, you'll still have to do a little babysitting since some people are a little slow to submit their budgets but Prophix makes it a little easier.
There are some planning tools that I want to look into as we complete our other projects.
I feel that Prophix continues to develop new ways to use their product. I love the workflow capability. Report dissemination is very automatic also. Your more savvy users can also dive a little deeper into the data and create their own views.
I think that if you are a small company that has a single source of data then you likely can't justify using a tool like this. Larger companies, even with a single source will be able to automate communication and budgeting so the expense may be worthwhile.
- Ad-hoc analysis is a strength for Prophix. The ability to slice and dice information is a huge benefit.
- The ability to enter line item details or attach spreadsheets through cell comments is helpful to department budget preparers and those analyzing budgets.
- Having the ability to automatically schedule or run manually the process manager to pull in actual data from the accounting tables is another strength of Prophix.
- Ability to choose select members from a dimension when using InfoFlex. For example, I would like to copy over line item details from a prior year budget for select departments rather than all.
- Ability to copy over descriptions only, no dollar amounts, with InfoFlex.
- In Line Item Details, keep the time range static when switching between accounts.
- Prophix allows managers to review in detail their department expenses.
- Managers can write comments and line item details during budgeting that allows for detailed descriptions.
- Detailed Planning Manager is awesome.
- Prophix customer service is some of the best I have experienced.
- Slow performance with complicated formulas and lots of data.
- Sometimes does not save to cube but does not let the user know and why.
- Difficult sometimes to debug templates and processes
- Wish you could set up default page members for templates.
- Would like to see ability to use template calculation process for templates with annual time periods.
- Prophix software is a unified solution for our financial reporting needs. It is relatively easy solution to implement, cost effective and requires little upkeep maintenance.
- Prophix has an excellent detailed planning management tool that allows us to easily account for our personnel budget and forecasting needs, fixed assets, and other balance sheet items.
- Prophix has a line item detail feature that enables us to analyze down to the lowest detail level for our ease of financial and account reporting.
- We are able to easily create multiple templates for financial reporting and answer the needs for our many individual business units.
- Excellent tool to manage the workflow for the budget process.
- Prophix has done an excellent job of continuous improvement of their product. They have addressed almost all of our concerns and issues over the 6+ years we have been on the product. Prophix can still improve performance when using large sets of data dimensions and multiple shared dimensions.
- Enhancement to system to manage the complete accounting close workflow process.
Currently being used in Finance and Sales areas. Used in both areas to develop forecast and report plan to actual results.
Automatically (or semi-automatically) loads and distributes sales reports on a daily basis. Generates in-month sales forecast to inform management of plan achievement and prior year comparisons.
Creates alternate financial reports for bank financing proposals and ongoing board, management, and bank reporting.
- Regular automated reporting - Easy to set up and schedule the processes needed to load, combine, and calculate data for reports, and then distribute the reports according to flexible schedules
- Easy to set up the data uploads from various sources, then automate the uploads - Prophix can read .txt, .csv, and Excel formats, set up mapping to correct or consolidate overly detailed (or wrong) source data. (Most systems do this; Prophix is just much easier than most others.)
- Clean interface to manage data models - Again, all CPM systems do this, but the Model Manager in Prophix makes this easy. If it is easy, then it is more likely we will make real-time changes in the structures to keep up with the business changes, making our reporting more relevant and timely.
- Generation of Excel based planning and reporting templates. Everyone still like to work in Excel, and this is just real easy in Prophix.
- Scenario management is awkward in that related scenarios need to be at the same levels.
- Calculated scenarios need to be exported and imported since they really do not exist within the data.
- In the early versions of their latest 12 release, the charts are limited. (This is being enhanced with the current release which we do not yet have.)
- When restoring a damaged data model, all changes to reports or templates since the last backup is lost. You can export prior to the restore, then import after the restore, but this is awkward and often hard to manage of there are lots of impacted reports.
- Very limited direct Excel data access via Excel plugin.
Most of these comments deal with the limitations of OLAP (Prophix) databases as compared to SQL (Oracle/SAP) databases. OLAP does a great job in driving management to prioritize those metrics and data they need to run and measure their business. This education leads to a much better understanding of the data being provided. A transaction level database is better suited to detailed analysis, but management (in my experience) does a poor job at trying to manage individual transactions instead of understanding what the aggregated numbers are saying. Also, management can not plan at a highly detailed level because the business is moving too fast. That is where Prophix (OLAP) allows management to create a plan at the right level of detail which can be reported and managed.
More well suited:
- Multiple scenario reporting
- Excel template generation
- Finance ownership and management - takes some training but well worth the flexibility
- Finance, Sales, Operations
Less well suited:
- Highly detailed reporting outside of Detailed Planning Manager
- Direct Excel - SSAS data retrieval
- HR employee management
- Transaction level detail analysis
- Engage with their customers and take user feedback into consideration
- Present a more meaningful visualization of budget detail that can't be recreated in Excel
- Manages workflows in an organization
- Comments need to be integrated into the reporting
- Fewer separate windows for line item details
- A way to compare budgeted vs. actually spend throughout the year
Prophix: "Flexible solution to financial reporting, budgeting, and corporate performance management."
- Listens to customers. They are continuously building onto the product based on what customers are saying (such as User Conference, CAB, and Feedback forum).
- The solution adapts to the organization, not the organization having the adapt to the software.
- Excellent customer service department. When problems happen (rarely) or I need to consult with someone at Prophix, their response time is quick, and with the answer I need.
- Senior Management Team are visible. They don't hide behind the curtain. I can call up any VP to discuss any issue.
- The product works!
- Overall, the product is excellent. Where they are currently working on is their web-based solution. What they have done so far is great, but can't wait to see more modules rolled out.
Its core scenario is with financial reporting and budgeting. If you're doing many what-if scenarios or your Excel worksheet goes beyond a half dozen worksheets, then you need Prophix. If you're drowning in Excel, you must give Prophix a good look.
After your top-level financial and budgeting is running efficiently under Prophix, you can then move onto more detailed corporate performance analysis. For us, we did deep dives with Prophix on cashflow, revenue, and compensation.
Take a look at some of their customer videos and white papers. I've talked with several of these companies - they are real. What you can do with Prophix is endless.
- Reporting can be as detailed or as high level as desired
- Flexibility in analyzing data, setting up reports and setting up models
- Integrate different models and easily transfer data between models
- Flexibility of data entry and calculations
- Ability to drill across to easily access General ledger data
- Error messages are fairly useful, but some improvement would be nice to indicate when data is not written back to the database and why
- In the analytics aspect, the ad-hoc analysis allows us to drill down and really allows for specific general ledger budgeting.
- The template designer/template studio is very helpful when doing monthly reports.
- It takes a really long time to switch versions within the ad-hoc analysis, the time it takes is extremely annoying. Sometimes it can be 10-15 minutes to open different parts, depending on how large the version is.
- The "help" tab is not the most user-friendly when trying to learn the different commands.
- The ability to quickly change the layout of the data in either Ad-hoc view or Template view is extremely powerful. As easy to use a pivot tables, easier management of the data.
- The ability to use MDX for formula creation in dimension setup works very well for us as some of the KPIs we report on can be complex.
- The navigation throughout the system is intuitive and makes learning the system easier. This is great because new users can get up to speed quickly.
- The report design within Template Studio in the Smart Client is very cumbersome. It has an Excel-like feel however it is not quite as smooth as Excel, especially border management.
- Report distribution is only available to licensed users, would be nice to be able to enter any email address as most of the viewers of the report are looking at a static Excel file or pdf report and do not need Prophix access
- Multiple reports require individual distribution or they get merged into one Excel file. This is fine if the report only has a couple of pages, but a monthly report (of which there are 2) with 31 pages becomes a very cumbersome Excel file.
We are still relatively new and have a long list of reports and projects we plan to do in Propix so I cannot comment on what cannot be done as we just have not gotten there yet.
- Prophix is very flexible and easy to use. To do the cash flow projections, we needed to combine templates, with actual cost information and projected sales. The actual cost information is taking accrual information and converting it into cash. Projected sales are based on our order to cash cycle. All this comes together into an easy to review report. Best of all most of it is automated!
- Prophix is also very good for power users to catch on to and learn very quickly. My Financial Analyst has started to take my reports and convert them into automated reports freeing up my time to focus on more pressing business issues.
- I think Prophix could improve on auto formatting with recommendation of preprogramed in. For example, all budget numbers are converting into currency instead of raw numbers.
- In reporting I think they can improve on the graphing presentation. There are a lot on premise software programs with cutting edge graphing capabilities. Prophix looks just like a spreadsheet. Nothing is wrong with this but more capability would be welcomed!
- Budgeting with multiple departments and determining how the information will be calculated. You can do manual input, or base it off of trailing twelve-month historical information.
- Pulling in data from different sources. For example accounting system, CRM system, EMS, time keeping, and project management.
- Data analysis of non-structured data. To use data you need to have very structured data for their data cube.
- Make it easier to make quick analysis with information from our GL package which is load daily.
- Having 4 years of history within the program makes comparison easier and much quicker.
- Changing the budget over a 4 month budgeting process is far better than before. Many different versions.
- The biggest positive is the flexibility to make changes.
- Running updates to move information into your overall financial statements. Take time and end user complain about it.
- Seeing the whole budget at one time for our end users without running process in the background. Example: moving information from personnel cube to our financial cube or from our revenues cubes having over 30 of this to financial budget statements
- Printing of the budgets exporting to Excel or a PDF for better results instead within Prophix.
- Designing a way to have comment and assumptions or the budgets in a easy to use and printable form. Currently done in Word.
- Making template studio even more like Excel Designing takes more time and not as flexible.
- Producing monthly financial reports, i.e. expense reports.
- Software used for company's budgeting process.
- Storing and reporting operational data.
- Metrics and dash boarding.
- Automation, e.g. it does not publish to SharePoint in the Cloud.
- Financial Reporting - reports are easy to set up, and can easily can also create very complex report involving report-based calculations or multiple dimensions. Reports are very consistent and reliable.
- One-off reporting or analyses are easily supported using the Ad-Hoc tool. Easy to manipulate data across the various dimensions to get to the slice of data that best illustrates the business question.
- Process Manager allows user to streamline actions and processed required for data loading/maintenance/report generation.
- Ability to use Excel as the front end to an ad-hoc query would be helpful so that the query would be saved in excel and user could link to cells to provide dimensional inputs.
- Ability to have alternative hierarchies in all dimensions.
- The various dimensions allow you to "slice and dice" your data with great efficiency.
- The modeling functions are very helpful, whether planning for personnel or CAPEX.
- The Ad hoc reporting has been especially useful for quick reports.
- Part of the reason I am not currently using Prophix is the process to import the data from my ERP.
- Mastering the functionality of the software takes time.
- For me, I need to be in Prophix almost daily to build proficiency.
- Financial reporting and consolidating information from various sources to one reporting piece
- Easy on boarding and enhancements for new uses. Including training new employees on the system and allowing them to create their own reports.
- Analytics on profitability.
- Graphing capabilities and visiual affects
- Additional tool development and training to help us think beyond what we are doing now.
- Base dashboards set-ups.
- schedule creating for budgeting.
- Data loading
- Adhoc reporting
- offline templates
- Needs compliance reporting for SOX audits. We had to build this ourselves.
- Report and offline template performance is slow.
- Can only run one process at a time. Even on different cubes.
- Financial Reporting
- What-if sceanrios
- It performs complex allocations very well
- It manages workflow planning very well when trying to complete budgets
- It is extremely flexible and scalable to our business
- It is an extremely stable software
- More graphical or charting capabilities
- Better ways to manage alternative hierarchies within the dimensions
- Better Excel interaction
Prophix Scorecard Summary
Feature Scorecard Summary
Prophix’s innovative Corporate Performance Management (CPM) software promises to help you achieve your goals more successfully.
Key capabilities and benefits include:
- Improve profitability and minimize risk when you automate repetitive tasks and focus on what matters.
- Budget, plan, consolidate and report automatically.
Whether in the cloud or on-premise, Prophix promises to support your future with a platform that flexes to suit your strategic realities, today and tomorrow. For more information, visit www.prophix.com.
Prophix Videos (4)
Prophix Customer Size Distribution
|Small Businesses (1-50 employees)||0%|
|Mid-Size Companies (51-500 employees)||25%|
|Enterprises (> 500 employees)||75%|
Prophix Support Options
|Video Tutorials / Webinar|
Prophix Technical Details
|Deployment Types:||On-premise, SaaS|
|Operating Systems:||Windows, Mac|
|Mobile Application:||Mobile Web|
|Supported Countries:||Denmark, United Kingdom, Germany, Brazil|