Insight into Prophix
August 11, 2017
Insight into Prophix
Score 9 out of 10
Vetted Review
Verified User
Overall Satisfaction with Prophix
The main users of Prophix are in the Financial Planning & Analysis department with little to no access from across the business. We mainly use Prophix to publish our month end reports for actual results as well as use it for forecasting and budgeting on a driver / KPI basis, up to a certain extent.
- Almost no IT interference is needed except for the initial setup.
- Ease of use with drop down menus
- Great customer support.
- Product constantly improving.
- The Excel add-on could be improved to be able to pull multiple views into one tab as currently, it can only pull one view to one tab.
- There could be more flexibility with the formulas in the accounts dimension to be able to only point to specific members in another dimension instead of all the members.,
- Introduced consistency in the numbers by having one version of the truth
- Switched to more of a driver based budgeting to decrease the turnaround time for our budget changes
- Revisited
- Streamlines our budget business processes
We pull data from our GL system's data warehouse and we also import files directly into Prophx. It seems like Prophix can pull data from literally any data source.
It is important due to the fact that with cloud services, we will always be using the most updated version and we will not have to maintain a physical server on-premise. But due to our company IT principles, we are not yet allowed to go to the cloud for financial tools, so on-premise allows us to still use the system.
Prophix is easier to use with drop down menus but has less flexibility on the basis of the changes that we are allowed to make to the calculations. IBM is faster as it uses the RAM to do the calculations whereas Prophix requires fewer resources to run, Prophix is less expensive to buy and to maintain.