Flexible and cost effective mid market CPM solution
Anonymous | TrustRadius Reviewer
February 13, 2019

Flexible and cost effective mid market CPM solution

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 prem 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).
  • The Web Client is still being enhanced. There is certain functionality available in the on prem client that is not yet available on the web.
  • 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)
Integration is possible. We used a Prophix consultant to set up a links to the local systems our company uses. We currently have connections 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 as the Web client continues to be improved, our aim is to make the switch to cloud only (assuming the functionality follows).
Although you do need to log a ticket, support is timely and thorough. The support personnel are extremely knowledgeable and helpful.
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
Not Rated
Minority Ownership
Not Rated
Local and consolidated reporting
9
Detailed Audit Trails
Not Rated
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
Benchmarking with external data
Not Rated
Flat file integration
8
Excel data integration
8
Direct links to 3rd-party data sources
7