Prophix 12 Review
William Van Hulzen | TrustRadius Reviewer
Updated July 25, 2018

Prophix 12 Review

Score 8 out of 10
Vetted Review
Verified User
Review Source

Overall Satisfaction with Prophix

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.
  • Cost effective solution for mid-sized companies when compared with Oracle/HFM and the like.
  • Time savings has allowed for less number crunching and more analysis of data.
  • Variance analysis has improved due to line item details in the plan or forecast which can be compared to actual results.

We actually set up a new chart of accounts in prophix, which is different from our legacy system due to how bad it was initially set-up. We have automated the mapping and integration of data from our main system and use flat file uploads from Excel templates for consolidated entities. Automating the import of data from our main system required an investment in time and resources on initial implementation. This is not a product you can have your IT team install and set-up! Things are running smoothly now that IT does understand how the staging of data occurs. Flat file uploads from consolidated entities is quick and simple.


We are using on-premise right now but the flexibility will be very important when we begin automating data integration from entities in foreign countries.
Availability of outstanding consultants and excellent support from the prophix help desk and other contacts within prophix has been top notch. They are an excellent company to work with and genuinely care about their clients.
Initial presentation was effective at showing how prophix could be used to solve our problems. It was also a cost effective solution.
I can speak for a mid-sized company, once prophix is implemented and users are trained (requires consultants and dedicated effort by users) it can be a very useful tool to eliminate the use of excel spreadsheets and standardize reporting, planning and forecasting. It is flexible enough for "super" users to take it into areas of analysis and reporting that may not be possible for many such products, such as human resources, capex, fixed assets, commissions, accrual analysis, etc.

Prophix Feature Ratings

Long-term financial planning
8
Financial budgeting
8
Forecasting
8
Scenario modeling
7
Management reporting
7
Financial data consolidation
8
Journal entries and reports
6
Multi-currency management
8
Intercompany Eliminations
8
Minority Ownership
8
Local and consolidated reporting
8
Detailed Audit Trails
5
Financial Statement Reporting
8
Management Reporting
7
Excel-based Reporting
5
Automated board and financial reporting
Not Rated
Personalized dashboards
8
Color-coded scorecards
7
KPIs
6
Cost and profitability analysis
8
Key Performance Indicator setting
Not Rated
Benchmarking with external data
Not Rated
Flat file integration
8
Excel data integration
5
Direct links to 3rd-party data sources
Not Rated

Using Prophix

It has taken a couple of budget cycles but we are now starting to benefit from Prophix features when completing an annual plan. Managers can now easily access prior year budget, current year actual and forecast data, etc. along with commentary and line item detail (by vendor) when planning for future periods. The workflow process within Prophix allows us to roll-out, prepare, review and approve our budgets and forecasts in a timely manner.
Our organization uses workflow in the annual planning process. We are also starting to use dashboards that are tailored to the user for pertinent information. We are not currently using automated report distribution but will be in the near future, it is easy to set up report binders that are emailed to recipients manually or automatically.
20 - Accounting, finance, manufacturing, sales, marketing, engineering and management.
2 - Prophix is available in-house or as a service (cloud based). We are currently using the smart client in-house but trend is towards the cloud and web-client application. Our IT department has SQL skills and those required to maintain the server, etc. Our legacy system data is mapped to Prophix through a staging area on the server that is maintained by IT. Prophix staff is also available to assist with technical issues that may arise.

Using Prophix

Prophix is necessarily complex because it is a very flexible tool that can be used to solve just about any data analysis or reporting need. There is always a disconnect between the initial presentation of a software product and actual implementation and use. Be sure to allocate the necessary investment in time and money for consulting help and user training.
ProsCons
Like to use
Technical support not required
Well integrated
Consistent
Feel nervous using
Lots to learn
  • Ad Hoc reporting is a powerful tool and easy to experiment with and learn to use with minimal effort.
  • The document explorer is a recognizable and easy to use file management tool for organizing data views and reporting templates.
  • Security manager (administrator use) is easy to use and maintain.
  • Setting up new Cubes requires complete understanding of all requirements - dimensions cannot be changed once cube is established.
  • Detailed planning manager is used for personnel planning and capex, etc. when you have complex calculations for many items. This is very difficult to learn and set-up without training.
  • Template studio which is used for setting up reports requires a significant investment in time and training to become proficient in its use.

Prophix Implementation

Know your requirements. Make sure you are on the same page as your consultant with cost and expected return. Know how much training will be involved and plan for it both in time and $. The implementation will be the responsibility of management, don't expect the consultant to do everything!
  • Implemented in-house
  • Third-party professional services
RSM was used as the consultants for the implementation of Prophix. We also had an in-house project team of six individuals including IT that worked with RSM to get things up and rolling.
Yes - Analysis and design including a business process assessment and requirements.
Building and validating the Prophix model
Data Integration from our legacy system
Report template building
Training
Live operations
Change management was a minor issue with the implementation - We implemented Prophix as a budgeting and reporting tool. It is not a full ERP/CRM solution for us, therefore we continue to use the month end process and reporting we used before Prophix. Prophix has however, allowed us to improve dramatically the time it takes and the accuracy and confidence we have in our reporting.
  • Managing our expectations and consultant requirements and objectives so that we were on the same page was a challenge.
  • Staying within the implementation budget required pulling a few strings, Prophix was very helpful in this area.
  • User training was not factored into the implementation to the level it should have been.