Flexible and cost effective mid market CPM solution
Updated September 22, 2021

Flexible and cost effective mid market CPM solution

Anonymous | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Review Source

Overall Satisfaction with Prophix

We primarily use Prophix as a tool to consolidate and present out our global financials. It is managed by our finance team with minimal involvement from IT. Our users are located throughout the globe in our network of agencies. We also use Prophix for global forecasting and budgeting. We use both on premise and cloud interfaces. Prophix has enabled us to use a single platform for our global planning activities and consolidated financial reporting.
  • The Web Client is great for a distributed user base.
  • The user interface is relatively intuitive and easy to work in.
  • Once implemented, the system is easy to administer so IT assistance is minimal. Potentially not needed at all in Web version (depending on config/design/business needs).
  • Processes sometimes slow down the server (on prem).
  • Creating, updating and formatting templates can be tedious.
  • Excel based interface is good but can be quirky when using formulas.
  • Streamlined budgeting and planning
  • Unified CPM platform (instead of just Excel files!)
  • One single system of record for all financials (global ledger)
We were able to move from spending an inordinate amount of time collecting and consolidating Excel files to a single unified platform for ledger consolidation, reporting and analysis. It greatly increased the quality of our data, time to turn around budgets and forecasts and streamlined our annual financial statement preparation.
Integration is possible. We used a Prophix consultant to set up a links to the local systems our company uses. We have connected to 3 different systems which we import ledger data daily. It is also possible to import data files if a direct connection is not possible. Once established, the process runs smooth. We did however have to purchase a 3rd party license for systems that didn't have a compatible driver.
Cloud is very important based on how our organization is structured. We also use on-premise (hybrid solution) due the functionality we require but our aim is to make the switch to cloud only at some point. We are currently on prem and system locks and performance can be an issue but we expect that these issues will go away if we move to the cloud version.

Do you think Prophix delivers good value for the price?

Yes

Are you happy with Prophix's feature set?

Yes

Did Prophix live up to sales and marketing promises?

Yes

Did implementation of Prophix go as expected?

Yes

Would you buy Prophix again?

Yes

Way less expensive with sufficient functionality. Prophix doesn't have all the bells and whistles but you also don't need a dedicated IT resource or developer to run Prophix. For a mid tier organization, in my opinion, Hyperion could be overpowered. Prophix can be easily administered by a functional Finance / Accounting team.
Consolidating financials and forecasting and Budgeting. The input templates are relatively easy to create and maintain. With good design (template and process), it can be a seamless tool to gather forecast and budgeting data from end-users and summarize for top-level reporting. Works well for multi-location/country organization (handles fx well). Versioning works well as long as you don't need too many versions (20+ especially if using calculated versions). Good functionality and excellent value for mid-market solution.

Prophix Feature Ratings

Long-term financial planning
8
Financial budgeting
8
Forecasting
8
Scenario modeling
8
Management reporting
8
Financial data consolidation
9
Journal entries and reports
Not Rated
Multi-currency management
8
Intercompany Eliminations
6
Minority Ownership
8
Local and consolidated reporting
9
Detailed Audit Trails
6
Financial Statement Reporting
9
Management Reporting
9
Excel-based Reporting
9
Automated board and financial reporting
7
Personalized dashboards
7
Color-coded scorecards
7
KPIs
7
Cost and profitability analysis
8
Key Performance Indicator setting
8
Flat file integration
8
Excel data integration
8
Direct links to 3rd-party data sources
7
Drill-down analysis
9
Formatting capabilities
7
Report sharing and collaboration
8
Publish to PDF
7
Report Versioning
7
Report Delivery Scheduling
8
Predictive Analytics
Not Rated
Multi-User Support (named login)
9
Role-Based Security Model
9
Multiple Access Permission Levels (Create, Read, Delete)
9
Responsive Design for Web Access
Not Rated

Growing with Prophix

It helped us with our consolidation, forecasting and budgeting process. Prior to Prophix it was Excel based.
It has been a good experience.

Using Prophix

We use line item details to provide context to numbers which saves time from having to reach out of the details. Cell commentary use has been limited. We are not using workflow commentary at the moment.
We have not used these features to date.
75 - Primarily finance, some operations for workforce planning.
4 - Finance administers the application. Good tech and process skills needed as well as a 'data' oriented mindset.

Integrating Prophix

Integration is always somewhat tricky from my experience. I didn't find this process any better or worse with Prophix compared to other applications.
  • Salesforce
We did some minor integration with Salesforce and it did involve some effort.
  • File import/export
  • ETL tools
no
If not familiar with it, engage Prophix partners to assist.

Using Prophix

ProsCons
Like to use
Relatively simple
Easy to use
Technical support not required
Well integrated
Quick to learn
Convenient
Feel confident using
Familiar
None
  • ETL
  • Report generation
  • Template design
  • Ad-hoc views
Ease of use.

Prophix Reliability

Easy to scale.
Very little downtime.
Process (on prem) can slow or lock the system at times. Multiple users can also put a load on the system. If we were fully on the cloud version I don't believe we would experience this issues.

Relationship with Prophix Software

Very easy to work with
Good customer success program and annual conference.

Prophix Support

ProsCons
Quick Resolution
Good followup
Knowledgeable team
Problems get solved
Kept well informed
No escalation required
Support understands my problem
Support cares about my success
Quick Initial Response
None
No. When we implemented it was not offered. By the time it was offered, our process was well established with minimal issues so we didn't see the need for it at that point. Had it been offered when we implemented, we probably would have purchased it.
Yes - Any bugs we have come across had already been identified and fixes/patches planned for future updates.
We have always been very happy with their support. On average, we probably submit approximately 5 tickets per year.
Although you do need to log a ticket, support is timely and thorough. The support personnel are extremely knowledgeable and helpful.

Prophix Training

  • in-person training
Well paced and thorough
Large library of content
Yes, as soon as you have the basics, you can easily explore and learn on you own.

Upgrading Prophix

Yes - It went fine. No unexpected issues.
  • Bug fixes
  • More functionality

Evaluating Prophix and Competitors

Prophix Implementation

Change management was a minor issue with the implementation - None. Implementation went well.
  • Establishing connections

Configuring Prophix

No - we have not done any customization to the interface
No - we have not done any custom code