Placing the power of financial planning back in the hands of Finance
Updated June 03, 2015
Placing the power of financial planning back in the hands of Finance
Score 10 out of 10
Vetted Review
Verified User
Software Version
Prophix 11 (11.3.137.0)
Overall Satisfaction with Prophix
Prophix currently has over 100 users around the world. It facilitates all of our budgeting, forecasting and SIOP processes as well as provides are users access to internal financial reporting and accounts receivable ledgers. It interacts with Oracle and other standalone platforms facilitating financial and sales data in more than 12 currencies. Prophix provides our users the necessary data to manage and make solid business decisions at a very low cost point. It is a very flexible tool that is administrated within the Finance department.
- Prophix is very competitive to ERP reporting solutions that are currently available on the market today at a fraction of the cost. The attraction to Prophix was also fueled by the ease of implementation, administration and maintenance costs compared to full on ERP reporting solutions.
- SonoSite has several planning activities and cycles that occur throughout the year that require several participants, the workflow manager is a valuable asset to the administrator when it comes to the organization and communication of these activities.
- There are several features within Prophix that add tremendous value to are users. Drill Across is one of them, our users benefit from having the ability to drill across when reviewing operating expense reports and view or export to Excel accounts payable data. The second feature that seems to be popular with our users is the ability to add detailed schedules or supporting documents while budgeting or forecasting.
- When SonoSite was acquired several years ago by FUJIFILM, Finance was tasked with providing both a calendar and fiscal year approach to planning and reporting. The solution was fairly simple and completely implemented by Finance, no consulting or IT required.
- The home run in my view for Prophix is the Detailed Planning Module (DPM), this additional functionality allows SonoSite to forecast fully burdened compensation for over 900 employees in multiple countries and currencies.
- If I was asked to provide areas where I think Prophix could improve I would focus on dashboard and charting.
- The ease of use and flexibility of Prophix has allowed our organization to react to a changing business model and environment. Finance can provide executive management short and long term forecasts in a very short period of time. It expedites our close process and provides the necessary reporting requirements to our parent company.
- As a global organization having the ability to report and forecast currency impact is critical to the business.
Several years ago our organization evaluated Hyperion and another competitor to Prophix. After several months of due diligence we came to the following conclusions.
1) The implementation and administrative costs of Hyperion were off the charts and much to excessive for an origination our size. In working personally with Hyperion in the past the cost and time to implement a change was not acceptable and became a hindrance to the business.
2) Given the cost and our personal experience with Prophix over the years the decision was fairly straight forward. Having an application that can be designed, implemented and administrated with a planning department (no IT or consulting costs) is very powerful combination in providing the business with the necessary tools and data to make sound and solid business decisions.
1) The implementation and administrative costs of Hyperion were off the charts and much to excessive for an origination our size. In working personally with Hyperion in the past the cost and time to implement a change was not acceptable and became a hindrance to the business.
2) Given the cost and our personal experience with Prophix over the years the decision was fairly straight forward. Having an application that can be designed, implemented and administrated with a planning department (no IT or consulting costs) is very powerful combination in providing the business with the necessary tools and data to make sound and solid business decisions.
Using Prophix
2 - I have found that individuals who have a database/accounting/finance background are most successful and productive in developing Prophix. That said Prophix is a very teachable platform and is very easy to adapt to.
Prophix Implementation
- Vendor implemented
Prophix provided project management over the entire process and through extensive review installed foundation of our platform and trained SonoSite employees and remaining tasks such as building reports, workflow etc.
Vendor provided project estimate and delivered on time on budget.
Vendor provided project estimate and delivered on time on budget.