Updated September 21, 2021
Score 8 out of 10
Overall Satisfaction with Prophix
Prophix is being used in the insurance services division of our organization. It is being used by multiple products but only this division. We use it for reporting, forecasting, and budgeting. Additionally, our administrative department owners use Prophix for headcount budgeting and regular budget vs. actuals reporting.
- Allocation logic
- Template studio
- Drill accross
- Work Flow - allowing multiple users to submit forecast/budget information and roll-up to total
- Better integrated with Microsoft (excel)
- We had a difficult transition to the Cloud version and were less than thrilled with our customer support throughout the process. The entire process took over a year.
We're able to open processes to multiple users (finance owners of each of our multiple product lines) so that they are able to submit budgets and forecasts within Prophix. My team then consolidates all submissions within Prophix and works through high level adjustments/consolidating changes. It's easier than asking for excel templates from all areas and can all be done within Prophix. We can also save prior versions so that we can do detailed level comparisons of prior version vs. current version to be able to explain the changes from one month to the next.
Our data from our general ledger (PeopleSoft) sometimes runs into errors/issues when importing after month-end close. We often have to contact Prophix for assistance. We'd prefer to be able to troubleshoot ourselves, but sometimes are not given a thorough explanation as to what went wrong in the first place.
We've been utilizing the cloud for over a year now. We enjoy the cloud environment for the most part. The integration was difficult and time consuming for my team.
Do you think Prophix delivers good value for the price?
Are you happy with Prophix's feature set?
Did Prophix live up to sales and marketing promises?
I wasn't involved with the selection/purchase process
Did implementation of Prophix go as expected?
Would you buy Prophix again?
I've used other budgeting/reporting tools and I do think Prophix has been easy to learn, is dynamic, has multiple levels of details/drill across functions available, etc. We do not use Prophix for our month end close, but we do use it for all of our reporting, budgeting, and forecasting. My team collects budget and forecast data from multiple areas and Prophix makes it possible for these users to submit their product line forecasts/projections within Prophix, and then we can roll up the data into our totals and analyze at the system-wide level.
Prophix Feature Ratings
Growing with Prophix
We've had success automating our budgeting & forecasting process. We also use this as our main reporting tool and utilize the many drill across options so that we can dive into AP detail, T&B detail, journal line detail, etc. all in one system without having to run queries.
We've had positive and negative experiences. The consultants that assisted us in the cloud migration were not helpful and often condescending. It really felt like we were responsible for knowing everything about the back end of Prophix in order to have a successful migration - instead of Prophix being the experts and leading us to success.