Overall Satisfaction with Prophix
Prophix is our planning and reporting tool utilized by both Accounting and Department leaders. This tool has streamlined the monthly financials reporting and allowed for more analytics to be carried out. Furthermore, it has consolidated the budget and forecast process allowing for a "one-stop-shop". In the past we utilized excel, which lended itself to version control issues, errors, and miscommunication between departments and accounting.
- Report Consolidation
- Data Slicing and Dicing - How to view your information
- Automization of processes
- I've found only the administrator receives the full training -In my opinion, tool seems difficult and cumbersome to new users and those who only access once every few months
- In my opinion, Detail drill-down capabilities feel limited - Users may still have to rely on other systems to get more details
- Streamlined monthly reporting
Small supporting excel sheets are still utilized as users get familiar with the system. However, the final consolidated files, are all housed within Prophix. We are on a path to get away from Excel, but for the main bulk of budgeting, all inputs were entered in the system. Some amounts were automatically entered, whilst others required manual adjustments.
Do you think Prophix delivers good value for the price?
Not sure
Are you happy with Prophix's feature set?
Yes
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?
Yes
Would you buy Prophix again?
Yes
Prophix Feature Ratings
Growing with Prophix
-Maintaining one source of truth related to budget and forecast
-Utilizing workflows to ensure timely submission of requests from departments
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-Utilizing workflows to ensure timely submission of requests from departments
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One way which we plan on using this in a non-finance way is to begin maintaining qualitative data related to our events within this tool. This way, we can look back at historical events to determine how well the locations performed (IE: Registrants, location expenses, hotel, etc...)
The sales team was very engaged, implementation team was very engaged and knowledgable, and post-implementation we have been contacted by the CSP team to help increase user adoption, expand use cases and offer additional support. The resources are always available, you just have to make yourself use them and be proactive in asking for help.
Using Prophix
We are embarking on a journey now to enhance end-user capabilities and will begin one-on-one training as time permits. There has been push from some departments around the company that have resisted change in a way. The users who truly have embraced the tool, have allowed for there to be great collaboration by using tools such a cell comments, and other comment boxes, and utilizing drill across to get further detail of the YTD actuals. Once more users are familiar and comfortable with Prophix, I anticipate the tool to deliver so much more value.
Workflows have worked fantastically to automate distribution and enforcing deadlines. Template pre-population tends to work very well, but your users have to be mindful of the timing of when actuals post vs when they were budgeted for. For example, if I expect an invoice to post in January, but it did not post and now I am forecasting, I have to make sure to add that invoice that did not post. Some people find it a hassle to have to research between months to determine what has or has not posted in your actuals. Realistically, this is more so of an internal training/procedural change, than it is a Prophix change.
20 - Sales, Marketing, IT, Governance, Accounting
2 - Accounting - no specific skills needed. You have to be technically savvy enough to understand the way Prophix is organized and the organizational skills to manage a tool administratively