Why Spend Millions on a Product When You Can Get Prophix?
Tim McCarthy | TrustRadius Reviewer
Updated March 18, 2015

Why Spend Millions on a Product When You Can Get Prophix?

Score 10 out of 10
Vetted Review
Verified User
Review Source

Software Version

Prophix 10

Modules Used

  • Financial Reporting
  • Budgeting & Forecasting
  • Donor/Revenue Reporting
  • Financial Allocations

Overall Satisfaction with Prophix

At Feeding America, Prophix is being used for financial reporting, budgeting/forecasting, donor/revenue reporting, and other ad hoc reporting needs. It is heavily used by the Finance staff, but all departments utilize the system for entering budgets/forecasts, as well as monitoring their actual progress compared to plan. Prophix provided data integrity with a single source of truth, process efficiency improvements, and, management responsible for preparing plans, a sense of ownership in the numbers.
  • Easy to learn with a very intuitive look and feel.
  • Very flexible and robust. Nearly any type of reporting model you need could be built within Prophix.
  • Prophix listens to customers, and continuously improves their system based on customer feedback, which is very transparent through their feedback forums.
  • Single source of truth/data.
  • Easily links to SQL, Excel, text files, etc...
  • Reports are not canned, and can be formatted the way you choose. You can also quickly and easily access data without the need to create formal, professional looking reports for your ad hoc needs.
  • Data/Reports can be easily accessible by anyone in the organization with security dictating what each individual can view.
  • While no software is bug free, it can take Prophix a few upgrade releases to address identified bugs.
  • At times their customer support is great, and at other times they seem to be stretched thin, but they will address critical issues ASAP.
  • The audit log is not as robust as some systems. After years of using the system, this has become less and less of an issue, as we rarely if ever need a very detailed audit log outlining when any number was adjusted in a budget/forecast, and by whom.
  • Significantly improved short term and long term planning decision making.
  • Significantly decreased the amount of time preparing reports, and allowed for more analysis of the reports. Roughly 1 weeks worth of work was cut down to 1-2 days. We were also able to shorten the annual planning and forecasting processes.
  • Improved organization satisfaction with the planning processes, and financial reporting packages.
  • The time saved in report preparation allowed us to provide additional analytics and insight into the numbers than in the past.
  • adaptive planning,budget maestro,Host Analytics,clarity
Prophix was more intuitive and flexible than the other products we evaluated during the system selection phase. While we did not look at Adaptive Planning at that time, I recently worked in a consulting role for CPM system implementations, and Prophix was more impressive than Adaptive Planning. The ability to maintain and further develop Prophix with no technology background was a huge selling point to us as a Finance department. Our original implementation with Prophix was fairly basic, but we've been able to expand our use of the system by building additional models and reports without external support. I can't say the same would be true if we went with a different product.
Prophix is a definite winner for a lot of organizations' planning and reporting needs. Since each client dictates how their reporting models are built, you can achieve nearly all your reporting and planning needs. Even if your planning needs are heavily based on calculations, you get the freedom and flexibility to define those, and continually maintain, adjust, or add more over time. And the best part, if you take the time to learn the system, you will not need to hire Prophix or another firm, to build out additional models or reports, you can do it internally...again, assuming you have the available time.

The most typical scenario I've seen where it was not appropriate for a business, is when their data and/or chart of accounts is not setup in a fashion to automate reporting. In these cases though, no system will fix the problem, and they need to take a step back, address the data/chart of accounts issues, then pursue a CPM solution.

For the price point and system flexibility, I haven't seen a better tool.

Using Prophix

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.

Using Prophix