TrustRadius
Why we are confident in Prophix and will expand our use of Prophix
https://www.trustradius.com/corporate-performance-management-cpmProphixUnspecified9.4159101
Michael Littman profile photo
August 15, 2017

Why we are confident in Prophix and will expand our use of Prophix

Score 10 out of 101
Vetted Review
Verified User
Review Source

Overall Satisfaction with Prophix

Compared to other providers they are very easy to work with, quick turn around, and very knowledgeable about their product. It reinforces our belief that Prophix was the right solution. In addition, the online training has been very helpful in getting people up and running on Prophix. The amount and detailed level information has enabled our financial analyst to become a Prophix expert in a very short time.
We are currently using Prophix at the department level but will be migrating to an enterprise level by the end of the year. The current use of Prophix is for the calculation of a detailed cash flow forecast monthly. This is based on data from our accounting system combined with data from sales forecast that resides in our CRM system. In addition we have two new implementations of Prophix currently going on. The first is for budgeting and will budget with Prophix this year. The second is for the calculation a P&L at a closed project level.
  • Prophix is very flexible and easy to use. To do the cash flow projections, we needed to combine templates, with actual cost information and projected sales. The actual cost information is taking accrual information and converting it into cash. Projected sales are based on our order to cash cycle. All this comes together into an easy to review report. Best of all most of it is automated!
  • Prophix is also very good for power users to catch on to and learn very quickly. My Financial Analyst has started to take my reports and convert them into automated reports freeing up my time to focus on more pressing business issues.
  • I think Prophix could improve on auto formatting with recommendation of preprogramed in. For example, all budget numbers are converting into currency instead of raw numbers.
  • In reporting I think they can improve on the graphing presentation. There are a lot on premise software programs with cutting edge graphing capabilities. Prophix looks just like a spreadsheet. Nothing is wrong with this but more capability would be welcomed!
  • Reduces time needed to generate reports
  • Reduce manual errors since things are automated
  • Allows better review of data since you are looking at the reports not producing them
We established a cloud hosted replica data base of our other systems. As of right now that includes our accounting system and our CRM system. It will shortly also include time keeping, project management, and EMS. Pulling the data and dropping it into a data cube was relatively easy and fast. The information is set to be updated at a min. of daily base. The disadvantage is this limits the drill in to the replica database but reduces the risk of accidental changing live data.
It's critically important to us. We are in the process of migrating from on -premise servers to the use of cloud base servers. We want the ability to have on-premise with our cloud service provider. This was a very easy to do. Our internal IT people were able to get this accomplished within a few minutes.
I had previous experience using Prophix so deciding to use them was an easy choice. In addition we confirmed the decision based on Gartner Magic Quadrant.
Prophix is fantastic for:
  • Budgeting with multiple departments and determining how the information will be calculated. You can do manual input, or base it off of trailing twelve-month historical information.
  • Pulling in data from different sources. For example accounting system, CRM system, EMS, time keeping, and project management.
Prophix doesn’t seem appropriate for:
  • Data analysis of non-structured data. To use data you need to have very structured data for their data cube.

Prophix Feature Ratings

Long-term financial planning
9
Financial budgeting
10
Forecasting
10
Scenario modeling
10
Management reporting
9
Financial data consolidation
10
Journal entries and reports
Not Rated
Multi-currency management
Not Rated
Intercompany Eliminations
Not Rated
Minority Ownership
Not Rated
Local and consolidated reporting
Not Rated
Detailed Audit Trails
Not Rated
Financial Statement Reporting
10
Management Reporting
8
Excel-based Reporting
8
Automated board and financial reporting
9
Personalized dashboards
9
Color-coded scorecards
9
KPIs
10
Cost and profitability analysis
9
Key Performance Indicator setting
9
Benchmarking with external data
10
Flat file integration
10
Excel data integration
9
Direct links to 3rd-party data sources
9