Prophix - a single solution for budgeting, forecasting, financial consolidation and financial reporting
Updated September 30, 2015
Prophix - a single solution for budgeting, forecasting, financial consolidation and financial reporting
Score 10 out of 10
Vetted Review
Verified User
Software Version
11.2.309
Modules Used
- Consolidations
- G/L Reporter
- Budgeting and Forecasting
Overall Satisfaction with Prophix
Prophix is used at Myriad Genetics for budgeting, forecasting, international consolidation and financial reporting. The solution is primarily used by the finance function but is also used across various functional departments for annual budgeting and periodic forecasting. The solution has provided more accurate and efficient processes related to budgeting, forecasting, consolidation and financial reporting.
- Prophix is scalable and can easily be tailored to the user's organization for entity specific needs.
- The solution's flexible ad hoc reporting capabilities make data analysis efficient and powerful.
- Prophix is managed and administered by the house of finance.
- Sample monthly financial reports could be very useful.
- Advanced Excel formula functionality and enhanced hot keys in the solution's template studio tool could be useful.
- I would love to see a sample KPI dashboard included in the solution.
- Prophix has enhanced our corporate forecasting process providing more timely information to guide operational decisions.
- The solution has reduced international consolidation time and improved accuracy.
- Prophix has increased budgeting efficiency resulting in shorter turn around times and more informed resource allocation decisions.
Prior to implementing Prophix, Myriad used Hyperion for financial reporting and Excel for budgeting, forecasting and international consolidation. As our organization grew and our processes became more complicated we were interested in a single tool that could balance our growing needs and the cost of a new solution. Prophix provided significant cost savings to Hyperion and offered a more user friendly interface. When evaluating which solution to transition to from Hyperion, we felt that Prophix would be more scalable and could be customized to our specific and changing needs, more so than the other solutions we evaluated. We have not been disappointed in selecting Prophix. Upon implementation, Prophix was successfully tailored to our specifications. Furthermore, our organization has grown domestically and internationally since we have implemented Prophix and we have been able to easily adjust the solution to our changing needs.