Prophix One Financial Performance Platform
Prophix SoftwareReviews from AWS customer
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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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