Prophix: An intuitive budgeting and forecasting tool for finance
September 23, 2020
Prophix: An intuitive budgeting and forecasting tool for finance
Score 9 out of 10
Vetted Review
Verified User
Overall Satisfaction with Prophix
Prophix is currently used by our Health Plan Finance departments for budgeting, forecasting, and financial reporting. Our use case began mainly with budgeting, allowing us to manage personnel and vendor-specific budgets for over 200 individual cost centers. Since then, we have expanded our use of Prophix to include short and long term projections, as well as reports and templates to display financial information.
- High degree of customization
- Intuitive data view building
- Options for cost allocation
- Customer service
- Report formatting is clunky and not as dynamic as it could be.
- Can be a bit buggy with process errors that do not answers.
- Fairly steep learning curve.
- Lack of centralized training resources.
- Streamlined budgeting.
- Instant full-year and rolling forecasts.
- Creation of driver-based customer profitability statement.
This is where Prophix has helped us the most. Many of our operational partners are comfortable processing a budget in Excel. With Prophix we are able to create a template that looks like an Excel spreadsheet, distribute, and have returned all within the application. We're able to budget at a vendor level for each cost center, then summarize and allocate the costs. Also, with Cloud backup, we have the comfort knowing that our data is safe and able to be restored if anything happens.
Our customer profitability process has been a huge success. We are now able to show customer specific income statements that help drive business decisions. It has also helped us develop pricing methodologies for a myriad of products. The most important thing to remember about Prophix is that you're only limited to our own ideas. The more you put into Prophix, the more you get out of it.
We are not currently using Prophix in any non-finance ways.
I haven't used Hyperion nearly as much as Prophix, but the main difference I noticed right away is the intuitive nature by which you build ad-hoc data view reports in Prophix. With Hyperion, there is a syntax that you need to know in order to build a data view. With Prophix, all of your dimensions are cleanly laid out on screen and you simply drag and drop members to achieve your desired information.