Overall Satisfaction with Prophix
We use Prophix for Financial Reporting and Forecasting. Within Financial Forecasting it is used to do Personnel Planning, Capex Planning, and planning all or Leases, Loan Liabilities, and Loan Assets.
- DPM Planning helps us plan at an object-level which makes the numbers more accurate.
- Dashboards help the Leadership team get a snapshot of the Financial Performance and are well appreciated.
- We have started using it as Retirement Planning Model as well which helps us plan our Hiring Strategy
- When posting values from DPM into Finance Cube it would be nice to see have the flexibility to post to only a few accounts and not all without having to change the target accounts in the Calculations tab.
- The Publishing and Posting Process could be made more faster.
- The Design Studio for Reports can have more Excel like features.
- There should be an easier way to export Line Item Details.
- Quicker turnover in monthly close with Distribution of reports to the Leadership team with the help of Report Binders
- Reduced the room for error as we move from Excel based Forecasting.
- Managers are excited to view their Dashboards and their KPI's which motivates them.
We have not completely moved away from Excel-based Forecasting, the only reason being that our Revenue Cube is still under construction. We use DPM to plan our Personnel and CAPEX Planning and that has helped us considerably. We use Generic cubes to Forecast our Lease Expenses, Loan Liabilities, and Loan Assets. However, as soon as our Revenue Cube is built we can say that we have completely moved out from the Excel-based Budgeting.
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?
I wasn't involved with the implementation phase
Would you buy Prophix again?
Based on my experience DPM is a great tool to do bottom-up Planning which makes Forecasting so much more accurate and helps the Executive team make better decisions. Having separate Cubes to plan Different Financial Assets and Liabilities and consolidate all in the main Financial Cube gives you the flexibility to see the data in a consolidated and detailed way based on how you want to see it. The Drawback is that Report Studio can be sometimes frustrating to use if you have used Excel before. The Charts created in Dashboard Studio are little more than basic and no way compared to Charts you can create in Excel.