Prophix is a leading platform for automating financial processes such as budgeting and forecasting, offering substantial improvements for finance departments.
| Product | Mindshare (%) |
|---|---|
| Prophix | 2.6% |
| Anaplan | 6.5% |
| Adaptive Insights | 4.9% |
| Other | 86.0% |
| Company Size | Count |
|---|---|
| Small Business | 3 |
| Midsize Enterprise | 3 |
| Large Enterprise | 3 |
| Company Size | Count |
|---|---|
| Small Business | 48 |
| Midsize Enterprise | 15 |
| Large Enterprise | 29 |
Prophix streamlines complex financial operations, allowing users to efficiently handle budgeting, planning, reporting, and analytics. By reducing manual work and enhancing data accuracy, it supports informed decision-making and strategic growth within organizations. The integration capabilities ensure seamless access to critical financial data, making it a versatile tool for finance professionals.
What are Prophix's most important features?In manufacturing, Prophix can be utilized to align financial goals with production targets, improving cost management. In healthcare, it supports the efficient allocation of resources by combining financial data with patient-care metrics, leading to improved services and cost control. In retail, it aligns financial strategies with market demands, helping businesses stay competitive.
Solarcentury, Swan Mill Paper Company, Interstates Companies, First Medical Health Plan, Community Physician Network, AAA Southern New England
| Author info | Rating | Review Summary |
|---|---|---|
| Managing Director at a tech services company | 4.0 | No summary available |
| Manager - Commercial Credit at a retailer with 1,001-5,000 employees | 3.5 | I valued individual budgeting, but found the payroll module difficult, and the system lagged with multiple users. Insufficient discovery caused deployment issues and support problems. I advise forcing a deeper dive into your company's needs. |
| Consulting Manager of Corporate Finance and Strateg at a financial services firm with 51-200 employees | 3.5 | I find Prophix excellent for budgeting, praising its variable-driven features and flexible hierarchies. Although I've noted slower OLAP exports and occasional crashes, its overall value and cost-effectiveness make it a top solution for me. |
| Senior Financial Analyst at a tech services company with 1,001-5,000 employees | 4.0 | I use this for budgeting and financial reporting, finding support excellent. While it offers good value and improved setup, I encountered scalability issues with product combinations, and integration speed could be better. |
| Finance Manager with 501-1,000 employees | 4.5 | I value the software's easy in-house setup, saving consultant costs. Workflow and consolidation are key features. It eliminated spreadsheets, smoothed monthly closes, and gave me much better control over finances. |
| Chief Financial Officer at a construction company with 501-1,000 employees | 4.5 | I found this very good product cut our budgeting time by 50%, making budgets more accurate. While report writing needs work, customer service is excellent, and initial setup was complex but supported. |
| CFO at a construction company with 51-200 employees | 4.0 | I recommend this solution; its OLAP and SAP integration improved my analysis dramatically, saving $80k annually. While the CapEx and Excel add-in need work, it's worth the initial $98k, despite early implementation issues. |
| Sr. FP&A Analyst & Financial System Administrator at a consultancy with 1,001-5,000 employees | 4.5 | I found this product excellent for data infoflex and budgeting, with great support and cost-effectiveness. While the UI could improve, deployment was straightforward, and I recommend it for simplifying processes. |
| Business Intelligence Consultant at a tech services company with 51-200 employees | 4.0 | I find Prophix offers flexible budgeting, reporting, and secure data management, improving organizational efficiency through automation. However, its strong dependency on Microsoft multidimensional cubes negatively impacts performance and scalability. Setup is simple, and customer support is excellent, despite time zone challenges. |
| Senior Financial Analyst at a insurance company with 501-1,000 employees | 4.0 | Prophix revitalized my company's reporting, saving hours and boosting efficiency through its budget templates and ad hoc features. Setup was straightforward, and support good. I found mobile capabilities needed improvement, but Prophix fundamentally enhanced our financial analysis. |
Increased margin on products.
All of them allow me to manage my business.
No issues with stability.
No issues with scalability.
10 out of 10.
Excel. Nightmare.
Very straightforward. Easy to build business model.
Very low cost for license, implementation, and maintenance.
The ability to budget on individual levels, i.e. by person for payroll, by vehicle for transportation, etc.
The payroll module is powerful, but not user friendly.
One budgeting season before I left the company.
Discovery was not in depth enough for our deployment to be successful – we had a lot of problems and had to take short-cuts due to a lack of planning.
No issues encountered.
When a number of users were on the system at once it seemed to lag somewhat.
It was OK when we had to call the help desk, but again, discovery in the beginning was lacking.
Technical Support:We had specific needs and I don’t feel we had the experience we needed to build our model.
We were using Excel for budgeting and FRx for reporting. The excel was getting to the point of being hard to manage as we grew and FRx was an obsolete product without further support.
It was complex as there wasn't enough discovery.
A combination of vendor and internal team. With the complex budgeting and reporting model we needed – I don’t feel like we had the person with the best experience level.
It really depends on your needs.
Others were evaluated, but I wasn’t the one that did the research.
Make sure you force them to do a very deep dive into your company’s needs first and plan accordingly.
I’ve used more budgeting systems than I can count and Prophix has always been the bar I’ve compared the others to. The ability to streamline dynamic variable-driven budgets in addition to different hierarchies has always been imperative to the budgeting process.
I've used it for four years.
At times, Prophix would crash if too many files were open.
I’ve used M3, MoveX, MAX, SAP, Essbase, Cognos, and M3. I prefer Essbase and Prophix to the others.
The time saved by building variables to drive accounts inside the budgeting system, along with balancing accounts to spread increases or decreases based on different accounts or versions, more than makes up for the pricing of the software. As long as Prophix stays low-cost compared to other software, they will remain a viable option for my consulting clients.
The process speed/integration with sources of transaction detail needs work.
I've used it for three years.
The template design was awkward but it improved significantly with a later release.
No issues encountered.
There was an issue with handling the number of customer/product combinations and had to use an alternative, less integrated, application.
It's excellent.
Technical Support:It's excellent.
We used Oracle's General Ledger Financial Statement Generator. The budget and forecast was imported to a general ledger for financial reporting and analysis.
It was straightforward, with the exception of the template design for financial reporting. Again, this improved significantly with a later release.
We used a vendor team, and their level of expertise was excellent.
No monetary amount is available, but ultimately it is considered to be half of the cost of Oracle Business Intelligence/Planning solution.
Integration with the transaction detail from other sources will be up to the expertise and effort of the customer. Processing speed may be understandably slow with the online manipulation of millions of dimensional member combinations.
The biggest pro of the software is that users can do the setup after one week of training. This also means that you do not have to pay astronomical fees for consultants whenever you want to change a report or a process.
Besides from the usual reporting and budgeting functions the two most valuable features are workflows and consolidation. The software has an easy to use workflow feature which allows you to set a whole workflow of monthly reporting or budgeting for you and then it prompts people to do their tasks, handles the approvals, etc. The other feature is a part which actually allows you to do the consolidation as a normal accounting package, where you can make your double entries. Obviously, this latter feature is useful for mid size companies only.
A fantastic development method Prophix is using, is the improvement site they have set up, where the users can log ideas for improvement, and others can vote for them. Then they investigate those ideas that have received the most votes, and generally they build these into the product in later versions.
We've been using it since 2009, starting with v9 and upgrading as the product got further developments and enhancements.
No issues encountered.
There were problems in a certain version with the speed, but they have fixed this in later versions.
No issues encountered.
Actually they are using dedicated dealers. Unfortunately, in Central/Eastern Europe there are only two to three available. We are working with a Polish agent, and I am not 100% satisfied with them, but they are not bad enough to make me look at another one either.
The vendor team has just did the initial setup, afterwards our in-house team did all the setup and we are constantly improve our system. This is the part I most like in this software.
Yes we have evaluated a few other products like Microstrategy and Oracle. They were not flexible, but rather so robust that it was extremely costly to purchase and manage the software.
It has enabled us to cut the budgeting process by 50% as well as making the budgets more acute.
Report writing needs work,
I've used it for two years.
Just minor issues.
With the report writing there are some issues.
No issues encountered.
Very good.
Technical Support:Very good.
We used Excel worksheets.
It was somewhat complex but their people helped us through it.
In-house with some people from Prophix.
We figured it would pay us back in a year.
Yes, we also looked at Budget Maestro, and a couple of others.
This is a very good product.
I've used it for six years.
Yes many issues at the beginning.
No issues encountered.
No issues encountered.
6/10.
Technical Support:8/10.
We previously used Hyperion, and we switched because Prophix was much cheaper to implement.
It was complex as we had to setup different types of businesses into our consolidation model.
We did it through a vendor team who were very good.
I would say US$80K/year as it has automated the process and saved us from hiring a new analyst.
US$98k.
Yes, we looked at several and Adaptive Planning was one, among others.
I recommend it. It's worth the money you spend on the software.
The ability to info flex the data.
Budget processes can be done in the system by using the system to schedule tasks. Additionally, using Prophix for Excel to build these the templates.
The user interface could be improved as it is not an intuitive product for every type of user.
I've used it for roughly one year.
I didn’t encounter many issues during deployment.
There is a system performance limitation based on the users, but I’ve seen that in other systems.
I’ve not encountered any scalability issues.
I would rate customer service as excellent because they really are there to help along the way.
Technical Support:I would rate technical service as excellent as they really drive solutions.
In my current role I’ve not used any other solution.
It was very straightforward from the requirement gathering to the solution completing deployment.
Used both a vendor team and the in-house IT support. The level of expertise meets all the standards.
This product is not very expense to maintain compared to the reporting systems.
The cost is a one year subscription and it has very limited other costs.
Definitely take a look at this product and its offerings as it has a lot of useful features and could be used to simplify processes and day to day activities. Also, it's cost effective!
When implemented in customers' environments we see budget and economic reporting is greatly improved because of automation and naturally more interest in key performance indicators.
Being able to work on Microsoft tabular cubes or perhaps your own technology. The Microsoft multidimensional cubes does have several disadvantages in write back solutions which results in poor performance.
I've used it for four years.
Deployment is fairly simple. A few steps are needed before the main installation, but the wizard that follows the software is easy to use. As mentioned before, Prophix uses SQL Server databases to store its metadata and also Cube data which makes it really flexible.
The software itself runs without issues, though Prophix is highly dependent on Microsoft multidimensional cube structure which can lead to critical errors. Overall Prophix does handle this fairly well and error handling is bearable.
Again Prophix is dependent upon Microsoft multidimensional cubes which creates several problems with scalability. Prophix itself doesn't have any issues with this from what I'm aware of.
9/10 - Prophix is a Canadian company and doesn't have customer support in Denmark. The timezone difference makes live support difficult at times, but that's the only issue as the support is really good.
Technical Support:10/10.
I haven't used a previous solution.
As mentioned under deployment, Prophix is fairly simple to set up. The client gets installed by a web service which makes client installation and updating really easy.
We sell the solution to customers.
With the proper consulting and deployment customers get a ROI that is medium to high. Though Prophix does require administrators who take care of workflows, updating reports and so on, from what we experience customers are, overall, satisfied with the performance improvement of their budget management.
As a company who deliver Prophix as a solution, we don't have these kind of numbers.
We only work with solutions that use Microsoft solutions and Prophix is the only complete solution in it's category.
Make sure your data quality is decent. Don't fill dimensions with over 1000 members. Keep your model simple and think it through before implementing it as you can't edit cubes when they first are made.
From a planning perspective, the budget templates were the most valuable. From a data analytics perspective, the ad hoc reporting features, the Prophix for Excel enhancements, and the ability to link data within different cubes were the most valuable features.
It completely revitalized the way my company did its reporting and analysis. Before Prophix, we completed all of our annual budgets using Excel templates. We struggled with version control issues and lacked a central place for our most accurate data to be housed. After implementing Prophix, we could automatically refresh all budget templates with current information.
I think the mobile capabilities could be improved. This was the one area that still needed enhancement.
I used this product for two years.
No issues encountered.
No issues encountered.
No issues encountered.
We got timely responses to our help tickets and questions. Reps were usually happy to take control of our screen and really dive into the problems in real time.
Technical Support:9/10.
No previous solution used.
It was straightforward. We were told upfront what they would need from us (Chart of Account Mapping, Department Structure, IT Requirements, etc.) and within six weeks we were up and running.
We used a vendor team. Our vendor team was very reliable and knowledgeable, it was a good team.
Words can’t express how much our company benefited from using this product.
And I’m sure that these all resulted in numerous dollars saved.
Original setup costs were around $70K. Outside of regular maintenance, our day-to-day cost was almost zero.
Yes, we also looked at Budget Maestro and Adaptive Planning. We liked the presentation and sales pitch from Prophix the most.
If you are still using Excel for budgeting and reporting, this product will change your life and that of your company. Prophix is great software that is constantly improving. The company really seems to value customer feedback when deciding on enhancements for future versions as well.
