Prophix One Financial Performance Platform
Prophix SoftwareReviews from AWS customer
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IT Financial Analyst.
What do you like best about the product?
I like that is a big database to store financials. It is better than a ton of spreadsheets. I love setting up tasks to be pushed out.
What do you dislike about the product?
The limitations of if I want to see the total of financials in a department forecast/budget then the option of Line Item details goes away unless I select Unspecified.
inconsistency in how to do the same functions. To submit is in a different location on template vs dpm is one example. If I am designing a template, formatting or options are accessed different if I am doing an Ad Hoc or a Dataview.
There is too much flipping between tabs to compare. It seem like there isn't a "one-stop-shop" to see what is needed. Setting up a report to pull that is a lot!
You can have more than one Ad-Hoc open at a time
inconsistency in how to do the same functions. To submit is in a different location on template vs dpm is one example. If I am designing a template, formatting or options are accessed different if I am doing an Ad Hoc or a Dataview.
There is too much flipping between tabs to compare. It seem like there isn't a "one-stop-shop" to see what is needed. Setting up a report to pull that is a lot!
You can have more than one Ad-Hoc open at a time
What problems is the product solving and how is that benefiting you?
I am the primary analyst for IT financials. We have been using Prophix for 2 years of budgeting. I just rolled out forecasting last month. It is great to gather forecasted financials, but the steps and details aligning with actuals is a huge road block for myself and users. A big challenge is seeing there total forecasted amount while being able to update the financials at the same time. You can't do this when project and product are on Total (not that I know of).
Prophix Review
What do you like best about the product?
I like the easy of the tool and the adhoc abilities. It's easy to use and build reports off of. It's also very convenient for budgeting proposes.
What do you dislike about the product?
The tool itself has some bugs that I need to work out and doesn't run as smoothly as it should.
What problems is the product solving and how is that benefiting you?
Variance analysis and budgeting.
A configurable product easily maintained by the business users
What do you like best about the product?
The product doesn't require IT intervention except for the initial setup, backup, and the version upgrades. The tool used for designing reports is spreadsheet based and have some of the Excel functionalities built in. Setting up a process doesn't require any script knowledge and only drop down menus are used which makes it easy to setup and maintain. The helpdesk is quick to respond and the analysts are very knowledgeable. The product is constantly being improved.
What do you dislike about the product?
It would be better if the product was a little bit faster in running processes/reports.
What problems is the product solving and how is that benefiting you?
We are using Prophix for our actual month end management reporting purposes, as well as for our annual budget and rolling forecasts.
Prophix
What do you like best about the product?
I like the flexibility of the ad hoc reporting area and I also like the workflow control that is available for data entry templates and their distribution. The system can do almost anything you can imagine doing with it and solve many different business problems.
What do you dislike about the product?
When doing mass amounts of processing, it can sometimes take a bit of time to churn through the calculations. To help this, their consultants are always helping by providing guidance on how to structure things for optimal performance.
What problems is the product solving and how is that benefiting you?
Budgeting, customer level profitability, creating comprehensive reporting. Benefits include centralized control, using data from different sources in mass quantities, and consistent distribution to many different end users.
Recommendations to others considering the product:
The software offers great flexibility to be set up how you need it.
Very flexible system, wish performance was better
What do you like best about the product?
Flexible system that I can make changes to without needing to go to IT. Also sits on Microsoft solution stack, which is what we use, so it makes it easy to access not only via Prophix, but directly via other means such as SQL/MDX queries or Excel pivot tables and CUBE functions
What do you dislike about the product?
Performance is still a problem for me - there seems to be a lot of overhead. Also, when doing heavy duty MDX calculations, it seems that processors aren't fully utilized (seems like only one processor gets used, so if you have 4 processors, you will only get about 25% utilization - this might be a Microsoft problem with Analysis Services though, not sure). Also, if they can't find a solution to a problem quickly, support seems to take FOREVER to fix things - I have several open tickets now that are YEARS old.
What problems is the product solving and how is that benefiting you?
Primarily using Prophix for budgeting process. Prophix allows us to get away from spreadsheets and the related data integrity problems. Also allows for workflows and the ability to gain visibility into the status of the budgeting process.
Prophix Review
What do you like best about the product?
Good Personnel Budget and estimating Tool.
What do you dislike about the product?
It doesn't have a cloud version yet. Maybe in 2018
What problems is the product solving and how is that benefiting you?
Budgeting
Cut my time in budget by 2 weeks
Cut my time in budget by 2 weeks
Recommendations to others considering the product:
week training may not be enough time
Generally favorable with a few quirks
What do you like best about the product?
The ad hoc function is by far the best. Love the ability to slice and dice satay easily and quickly and accurately.
What do you dislike about the product?
Software comes with some quirks like inability to function accurately with alternate hierarchies and speed/performance with calculations.
What problems is the product solving and how is that benefiting you?
Immediate and on the fly analysis during budgeting season. All our data is readily accessible.
Strong for financial budgeting, reporting and consolidation
What do you like best about the product?
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.
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 about the product?
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
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
What problems is the product solving and how is that benefiting you?
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.
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.
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.
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