Prophix Software

Prophix Software

(42)
4.2 out of 5 stars

Prophix develops Corporate Performance Management (CPM) software that automates important financial and operational processes, making companies more profitable and reducing their risks. Business leaders use this software to empower their organizations and gain valuable insight into their companies’ performance.

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Showing 42 Prophix Software reviews
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Prophix Software review by <span>Joe S.</span>
Joe S.
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Fantastic product, slow implementation

What do you like best?

The experienced Prophix consultants are a pleasure to work with and very knowledgeable. The product itself is powerful and provides valuable insights, reports, analytics and process improvements.

What do you dislike?

Implementation was over-promised and under-delivered. We lost our project manager due to them being scheduled on another project too soon after our project was underway. We worked with 10+ subsequent consultants to get our implementation done. It took nearly 10 months when it should have been 2 or 3. Some of that is our fault but also poor planning on Prophix's part. Our senior consultant that worked with us to finish the implementation was fantastic, it was just difficult to get other resources assigned to us sometimes. It should be said that we are now very happy with Prophix and the value it is providing our company.

What business problems are you solving with the product? What benefits have you realized?

Streamlined our planning process. We use Prophix as our 'one source of the truth' for sales reporting and financial reporting, which has been great

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Prophix Software review by <span>Erik T.</span>
Erik T.
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Verified Current User
Invitation from G2 Crowd on behalf of the vendor
Reviewed On

Flexible CPM tool for the everyday user

What do you like best?

Flexibility and ease for ad hoc data views, The user can quickly get at the data they want and pull it into tools like Excel. Prophix being privately held does lend to a better long term focus vs the sub optimized view that many private equity companies take on their portfolio. As a rule of thumb Prophix has been responsive in addressing issues within their SLA. The one incident that where this did break down, Prophix took ownership once the issue was highlighted; Prophix spent time with us to understand how we wanted to move forward and showed a real commitment towards taking corrective action.

What do you dislike?

User rights administration, shutting down a user is straight forward, properly removing them and all of their associated work and processes is far from intuitive and quite tedious. Performance has been a challenge due to our large entity structure (200+). Prophix has worked closely with me to get the performance into an acceptable levels. As one of the user of their consolidation module we had to move to their Enterprise edition. As a company on a single server installation and of medium size this seemed to be an over kill unnecessary cost for one module. But given the importance of consolidation within our business, we bit the bullet and took on the addition one time license fee.

Recommendations to others considering the product

Be realistic during the installation, build what you need vs trying to build every scenario you may have. Once you start using the product you will see what make sense and adding on is easier than trying to back out work that was never taken advantage of which built unnecessary complexities upon your dimension structure, which impacts performance of any cube. In our case there were a complex stat accounts built that never saw light of day and removing these accounts became quite cumbersome due to upstream associations. Some are still in the system. IF you can attend the user conference early on to get customer feedback and the attend the instructional presentations

What business problems are you solving with the product? What benefits have you realized?

Budgeting, reporting, consolidation, waterfall analysis and some ad hoc analysis of our financials

What Corporate Performance Management (CPM) solution do you use?

Thanks for letting us know!
Prophix Software review by <span>Denise F.</span>
Denise F.
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Invitation from G2 Crowd on behalf of the vendor
Reviewed On

Very flexible tool

What do you like best?

Very flexible tool for analyzing, managing, flexing, and reporting data, both financial and non-financial. I have developed multiple models that has greatly improved our business goal of "one version of the truth". Business processes are able to be applied simply across multiple data sets to analyze financial and non-financial information alike in a common platform.

What do you dislike?

There are not enough hours in the day to use the application to it's fullest extent. Really don't have anything that I don't like about the application. It has helped me be successful in my career by enabling me to provide timely, accurate, and relevant data in an efficient manner that is easily understandable at all levels of the organization.

Recommendations to others considering the product

Very flexible tool...the sky is the limit with this application.

What business problems are you solving with the product? What benefits have you realized?

Financial planning and consolidation, operational reporting and analysis, bringing the business together under one version of the truth. Additionally, personnel planning and foreign currency exchange for multiple currencies across our business.

Prophix Software review by Administrator
Administrator
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G2 Gives Campaign
Reviewed On

Dynamic budgeting - Limited Data Analysis

What do you like best?

The ability to drill across to the SQL server has saved our company a lot of time and hassle. The ability to move our budget process from excel documents to Prophix has reduced errors, shortened the timeline and increased transparency in our budgets. The ad hoc reporting has become much more dynamic and

What do you dislike?

There is very limited excel functionality, and there is also no ability to view actual expenses in comparison to the line item detail level that they are budgeted on. This makes it a lot harder and time consuming to analyze variances.

Recommendations to others considering the product

Ask specific questions about excel functionality, ability to print from the program and ability to view expense/budget details in the same location.

What business problems are you solving with the product? What benefits have you realized?

We were using excel in SharePoint before Prophix for budgeting and forecasting, so we saved on time, sanity, and put more responsibility on budget owners. Our budgets are much more manageable, accessible and detailed.

Prophix Software review by <span>Robert-Jan v.</span>
Robert-Jan v.
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Verified Current User
Invitation from G2 Crowd
Reviewed On

Strong for financial budgeting, reporting and consolidation

What do you like best?

The report builder called template studio, this is an Excel style report builder which is very easy and user friendly but allows you to create very powerful templates.

The workflow manager allows you to create for example a budget process, which consists of various steps, you can set dependency and monitor the progress.

Financial controller is a module for financial consolidation, you can set up various types of ownership, link it to specific accounts and Prophix will automatically generate the eliminations journal entries.

What do you dislike?

Prophix is based on Microsoft SSAS cubes, and for certain reports like top 20 customers you need to use MDX.

It is not possible to add more dimensions to your model once you created it. So you need to start over again if you want to add an extra dimension to your model.

You should try to limit the model to 6-7 dimensions otherwise it will cost you performance.

It doesn't not have the fancy interactive dashboards like PowerBI of Qlikview

Recommendations to others considering the product

I would strongly advise to take courses or onside training to get the maximise your investment. This allows you also to create own model and reports and be less dependant of consultants.

What business problems are you solving with the product? What benefits have you realized?

We use Prophix for consolidation and reporting at holding companies, we import data from all the entities, transform the data to the reporting chart of account structure and run an automatic consolidation. As a result of this we can now do a monthly close in only 2 days instead of 5 days.

We use Prophix for budgeting and forecasting, we automatically distribute input templates to the budget owners, the enter the data and add comments. All the data is automatically imported and management can review the aggregated results. We have much more control over the budget process, We can do a couple of budget rounds before we come to the final budget and with the same process we run the monthly forecast process.

Prophix Software review by <span>Paige B.</span>
Paige B.
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Invitation from G2 Crowd on behalf of the vendor
Reviewed On

Extremely versatile and helps me to look good in front of my boss and board

What do you like best?

Prophix can easily integrate data from disparate systems to create more meaningful analysis and reports. Each data set alone only tells part of the story. Powerful insights can be gained when combining the data. We've also become much more efficient in month end close, reporting and ad hoc analysis by moving from Excel to Prophix. I've used Prophix at two different companies for years.

What do you dislike?

Wish there was a true cloud version but they're actively working on it.

Recommendations to others considering the product

If all of your processes are driven by spreadsheets, you need to move to Prophix. The ease of doing complex analysis that would have taken me weeks in Excel took me a couple hours to set up and run in Prophix which completely impressed outside companies when we were in due diligence to sell the first company where I used Prophix. I can easily drill down into the detail or move to high level analysis on any aspect of our business. We can provide each of our clinicians with a personal P&L so they can see their true contribution to the company bottom line.

What business problems are you solving with the product? What benefits have you realized?

By integrating financial and operational data at micro and macro levels, management and staff can easily see their impact on the operations of the company. Huge efficiencies have been gained by moving month end allocations and consolidation processes from Excel to Prophix. Month end reporting is a breeze with beautiful and accurate reports at any level.

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