Prophix One Financial Performance Platform
Prophix SoftwareReviews from AWS customer
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Flexible CPM tool for the everyday user
What do you like best about the product?
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 about the product?
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.
What problems is the product solving and how is that benefiting you?
Budgeting, reporting, consolidation, waterfall analysis and some ad hoc analysis of our financials
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
Prophix Software Review of a New Customer
What do you like best about the product?
The drill down and drill across features of the software. A user is able to do a lot of their own analysis.
What do you dislike about the product?
Because it is a powerful product with a lot of capability, a person does need to spend time in the product to learn it and to start to get the big benefits of the product.
What problems is the product solving and how is that benefiting you?
We are currently using it for budgeting and forecast from a "bottoms up" approach. We are more easily able to give supporting detail to the actual results to the department managers.
Recommendations to others considering the product:
If you are looking for a reporting tool that can do so much more, and you are willing to spend the time and resources to dedicate and support it, you definitely need to look at Prophix.
Great product, if you're dedicated
What do you like best about the product?
My favorite part of the program is the Ad Hoc function. Having all of our financial and statistical data available to pull in any format at any given time is extremely helpful.
What do you dislike about the product?
It takes a long time to master all of the functions and quirks of the program. It can be complex and you really need a dedicated administrator/team to learn everything that can be done and how to manage it.
What problems is the product solving and how is that benefiting you?
We have used it to streamline our budget process and to build reports for better analysis of our performance. We also use it for monthly financial reporting.
We are primarily using the software for consolidation and reporting. Very flexible and easy to use.
What do you like best about the product?
Very easy to use - don't need to be an IT employee to be an administrator. Ad Hoc is a very powerful tool. The ability and ease of creating alternate hierarchies is a huge benefit.
What do you dislike about the product?
Setting up and maintaining security is somewhat cumbersome. The use of name sets is very powerful but there is no way to trace where they are used so maintenance can be challenging.
What problems is the product solving and how is that benefiting you?
We are using Prophix to consolidate our TB and Job cost data across many companies on 4 different ERPs. We are also using if for currency conversion as we currently have companies in 3 currencies. We also have some complex reporting requirements to our parent company and Prophix has provided a solution for these reporting needs.
Recommendations to others considering the product:
Implementation was definitely our biggest challenge. Prophix was our implementation partner and they grossly underestimated the complexity of our implementation. Unfortunately our data was not clean and consistent across platforms. We also felt that the project management was not as robust as we expected. We subsequently used another implementation partner to finish up our connections to our ERP's and they also underestimated this project.
Prophix finanical reporting
What do you like best about the product?
Flexibility, ability to send department reports with many sorting options. Real time data review from financial reporting system. Reporting is setup the way we need it and with templates makes consistent across all reports.
What do you dislike about the product?
The learning curve, as with any new system. Once staff understands they can run on their own. It is a complicated robust program and you need to take the time to fully learn.
What problems is the product solving and how is that benefiting you?
We have very limited reporting from our ERP system, Prophix is filling that gap. We are in a labor intensive industry and we do all our labor reporting from Prophix. Also all financial reporting and moving into sales reporting. Visibility is the key and they have brought us that. We are able to see financials at a glance in the first day after month end, previously would take 7-10 days.
Recommendations to others considering the product:
This is a solid system if you need flexible reporting and analysis. Service is exceptional.
Fantastic product, slow implementation
What do you like best about the product?
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 about the product?
Implementation was over-promised and under-delivered. EDIT: this is now my second implementation of Prophix and while this statement still stands true, this second implementation did go better than the first. We still went way over our planned implementation time and needed to purchase several extra blocks of support hours, though.
What problems is the product solving and how is that benefiting you?
Streamlined our planning process. We use Prophix as our 'one source of the truth' for financial reporting, which has been great. It has reduced our CFO's forecasting time from several hours a month to less than an hour.
Steep learning curve, but worthwhile
What do you like best about the product?
The ability to customize reports through template studio.
What do you dislike about the product?
The time needed to setup the entire program is a huge investment.
What problems is the product solving and how is that benefiting you?
Budgeting and projection have become easier with this tool given our complex environment.
Very scalable and affordable system
What do you like best about the product?
Prophix is straight-forward to deploy and their team ensures you are up and running quickly. This system is significantly easier to use than the previous one, and we had a quick and wide adoption. Prophix can be run by your Finance team eliminating the need for multiple IT staff to maintain it.
What do you dislike about the product?
The previous version did not have a good web client. This meant we had to deploy the client for international staff via Citrix.
What problems is the product solving and how is that benefiting you?
Providing real-time information to business units and the ability to drill-across to see backup images of transactions.
Recommendations to others considering the product:
Get references of other customers in your market. Do phone calls without the Prophix sales rep on the line. Be specific asking for a reference of someone that switched from the product you are currently using.
I would recommend Prophix
What do you like best about the product?
Currently I am an end user of Prophix. What I use prophix for is a consolidated output of our company's financials.
What do you dislike about the product?
Some of the reports we use do not have modifications available. I'm not too sure if this is on our end or Prophix end but it would be nice to have consistent modifications through all our reports.
What problems is the product solving and how is that benefiting you?
Currently the problem Prophix solves for me is the consolidation of our financial statements for end of month analysis.
Recommendations to others considering the product:
With any software analysis process knowing your absolute needs and asking the harder questions is vital to setting realistic expectations of how this software might benefit your company.
Extremely versatile and helps me to look good in front of my boss and board
What do you like best about the product?
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 about the product?
Wish there was a true cloud version but they're actively working on it.
What problems is the product solving and how is that benefiting you?
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.
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.
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