Forecast the future: Prophix.
January 10, 2024

Forecast the future: Prophix.

Anonymous | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User

Overall Satisfaction with Prophix

We use Prophix for some month-end close processes, releasing monthly internal financial binders to senior leaders, quarterly re-forecasting of all business units, and completing our annual budgeting process.

Pros

  • Ad hoc analysis is a useful tool to quickly look things up.
  • Info flexing information between forecast versions is a great tool.
  • Microsoft 365 integration has been a great addition as well.

Cons

  • Report Binders - more filtering options.
  • Making dashboard building simpler.
  • More flexibility in template building (less rigid).
  • Allowed us to develop a robust rolling forecast/budget model.
  • Internal statement reviews with Prophix have helped us shave a day off month-end close.
  • Focus in and analyze underperforming business units.
Prophix has allowed the finance team to spend more time analyzing data, locating trends, and populating meaningful budgets and less time rolling forward Excel schedules, validating formulas, and checking historical numbers.

Do you think Prophix delivers good value for the price?

Yes

Are you happy with Prophix's feature set?

Yes

Did Prophix live up to sales and marketing promises?

Yes

Did implementation of Prophix go as expected?

Yes

Would you buy Prophix again?

Yes

Prophix is well-suited for organizations wanting to build forecast models beyond one year. The ability to also have multiple forecast iterations within a year to compare against has proved to be valuable. We have found that "preliminary" internal statement reviews each month have sped up using Prophix. We load in all supporting data/financials and review the preliminary statements before closing our ERP for the month. Prophix would be less appropriate if you wanted a tool that encompassed all your month-end processes, including working papers (this may exist, but we haven't utilized it).

Prophix Feature Ratings

8.6
Long-term financial planning
9
Financial budgeting
9
Forecasting
9
Scenario modeling
8
Management reporting
8
8.0
Financial data consolidation
8
8.3
Financial Statement Reporting
8
Management Reporting
8
Excel-based Reporting
8
Automated board and financial reporting
9
6.7
Personalized dashboards
6
Color-coded scorecards
6
KPIs
8
7.5
Excel data integration
7
Direct links to 3rd-party data sources
8
BI Standard Reporting ()
Not Rated
7.3
Drill-down analysis
8
Formatting capabilities
7
Report sharing and collaboration
7
5.7
Publish to PDF
6
Report Versioning
6
Report Delivery Scheduling
5
Data Discovery and Visualization ()
Not Rated
8.5
Multi-User Support (named login)
9
Role-Based Security Model
9
Multiple Access Permission Levels (Create, Read, Delete)
8
Report-Level Access Control
8
Mobile Capabilities ()
Not Rated

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