Overall Satisfaction with Prophix
TMG Health uses Prophix to prepare the annual operating budget, monthly variance analysis, and monthly financial reporting. It is also used as a database for metrics and business drivers, headcount analysis, ad hoc reporting and analysis, etc.
All business areas within TMG Health have at least one Prophix user who uses Prophix to prepare the budget, analyze expenses, and for ad hoc reporting and analysis.
Prophix provides a single source of truth for revenue, expenses, budgets, headcount, metrics, etc., and it provides consistency and reliability where Excel falls short. It also eliminates the need to get data from multiple sources.
- Consolidating Budgets - We have 50 departments and each of those departments can have multiple budgets for different clients or different locations and Prophix manages and consolidates all of those budgets perfectly.
- Variance Analysis - Prophix works like a Rubik's cube, allowing you to slice and dice data, change rows to columns, add and delete data elements, with a couple clicks. We can quickly get to the drivers behind the variances using the Ad Hoc Analysis application within Prophix.
- Monthly Reporting - With a single click, we send the monthly report binder which includes financial statements, narratives, headcount, scorecard, etc. We send the report binder to all executives and directors and Prophix security only allows the report users to see data for which they have access to.
- A library of canned reports would be helpful and save time creating from scratch.
- Generic scorecards and KPI indicator formats would be helpful and save time creating from scratch.
- The Delta Analysis function looks very useful, but I have not seen much focus on this function either via webinars or at the user conferences.
- Updating Reports - adding a new department, account, client, etc. to any report is now very easy as the Prophix reports are dynamic and change when you add or delete data elements. Previous reports took lots of time to format for new data, formulas had to be updated, print rages had to be changed, etc.
- The time we save using the Ad Hoc Analysis function or the cube function is invaluable. We a few clicks and drags we can slice and dice the data, identify trends, and answer questions much more quickly and accurately than before.
- The Prophix users appreciate having a tool that is so powerful, quick and accurate.
I have used Hyperion Essbase and Oracle in the past and I feel Prophix performs on the same level.
I think Prophix is well suited for companies that want the most bang for their buck. Prophix, for me, is as good as Hyperion Essbase or Oracle.