Prophix One Financial Performance Platform
Prophix SoftwareReviews from AWS customer
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Prophix Depends on the size of the company
What do you like best about the product?
I would say that the version control and the amount of features are the biggest pros to this software. Prophix customer support is always available and helpful. The software is also used by managers to check the status of their budgets on their time.
What do you dislike about the product?
I don't believe that Prophix is the easiest software to use. The UI of this system could use some work. Implementation was a long process and I don't believe it was handled correctly with my team, as most team members were not involved in the implementation.
What problems is the product solving and how is that benefiting you?
The main issue that Prophix solved is allowing us to have better version control of our budgets and forecasts. This is allowing us to close quicker and have one source of the truth. We are also able to spend more time on other things because managers are able to see the transactions instead of asking the finance and accounting department for a listing of transactions.
Intuitive Financial Reporting and Planning Tool
What do you like best about the product?
An easy to use cloud based environment, that is very intuitive in the ability to aggregate and report data.
What do you dislike about the product?
There does pose some challenge in the overall setup and deployment to users, however once the models/cubes are setup the software remains pretty seamless.
What problems is the product solving and how is that benefiting you?
As we have various users and stakeholders the ability to aggregate user input was a key requirement, as using excel to consolidate the various data points generally is more error prone.
An excellent suite for financial control
What do you like best about the product?
The way its models are created, with great flexibility, and their attractive layout are certainly their strong points.
What do you dislike about the product?
The loading speed of some pages with a lot of data could be optimized, something around 40 thousand lines in a detailed planning can take minutes to load.
What problems is the product solving and how is that benefiting you?
It provided agility and security of information
Fast TTM and comprehensive platform for easing Fin Plan pain (Excel Hell) for complex organizations
What do you like best about the product?
My client had 7-10 different budget processes going on across the company, each with their own excel templates and timeframes. Melding them into a single forecast was impossible. Codes, objectives, times, and even the base entities were different from each other. Maintaining the templates was difficult, we were constrained in updating them to meet changing requirements if the original authors were no longer with the company, and many of them required manual data updates on a monthly basis from the client's 3 different ERPs.
Prophix has changed all of this for us. For those excel templates that were already meeting our needs but required manual updates, we converted them into Prophix templates based on it's centralized cube data structure. Multi-user updates, automated imports from our ERPs, and the ease of which we can pivot the data into alternate views has been a game-changer. The ability for Prophix to have different data sets for different planning needs, then being able to merge them into a consolidated data set using their Data Integration Studio, is another game changer. All excel formulas are supported in Prophix templates, so it was easy for our excel super-users to convert to Prophix; but the template structure is organized and defined enough that it's easy to pick up for even moderate or entry level users.
Since differnet deparments have their own planning schedules, we now have users in the system daily from different parts of the organization.
We use their workflow feature to alert parties of their outstanding planning and/or reporting tasks, track task completion, collect approvals, and publish "binders" as attachments to emails for executive distribution.
We don't need to use customer support very often, but when we do, they are always quick to reply and thorough in their help.
Prophix has changed all of this for us. For those excel templates that were already meeting our needs but required manual updates, we converted them into Prophix templates based on it's centralized cube data structure. Multi-user updates, automated imports from our ERPs, and the ease of which we can pivot the data into alternate views has been a game-changer. The ability for Prophix to have different data sets for different planning needs, then being able to merge them into a consolidated data set using their Data Integration Studio, is another game changer. All excel formulas are supported in Prophix templates, so it was easy for our excel super-users to convert to Prophix; but the template structure is organized and defined enough that it's easy to pick up for even moderate or entry level users.
Since differnet deparments have their own planning schedules, we now have users in the system daily from different parts of the organization.
We use their workflow feature to alert parties of their outstanding planning and/or reporting tasks, track task completion, collect approvals, and publish "binders" as attachments to emails for executive distribution.
We don't need to use customer support very often, but when we do, they are always quick to reply and thorough in their help.
What do you dislike about the product?
The biggest downside is not being able to change a cube's dimensional structure once it's establish. Members and hierarchies within the structure are easily modifed; it's the names and number of dimensions that remains static.
Second is that all "automation" in Prophix must be internal; prophix processes cannot be invoked by external orchestration. Automation does have some limitations.
Finally, the ad-hoc flxibility for end users working with data in templates is limited. For example, filtering or sorting is part of the template definition, not adjustable by the user at runtime.
Second is that all "automation" in Prophix must be internal; prophix processes cannot be invoked by external orchestration. Automation does have some limitations.
Finally, the ad-hoc flxibility for end users working with data in templates is limited. For example, filtering or sorting is part of the template definition, not adjustable by the user at runtime.
What problems is the product solving and how is that benefiting you?
Annual corporate budgets with quarterly reforecasts and variance reporting; annual budgets for properties under management with monthly reforecasts and variance reporting; construction job budget setup, changes over time, cash flow planning, and variance reporting; coprporate monthly financial reports; long range construction pipeline, staff needs forecasting, and cash flow forecasting; short range personnel planning in detail, with variance analysis; centralized cross-functional IT planning with variance analysis across ERP systems.
Easy to Use. Little need for IT involvement
What do you like best about the product?
Prophix is easy to use, easy to learn and doesn't need IT to be involved heavily for implementation. Customer support has been top notch and there is so much easy trainings to learn. There are so many ways to get help and self support. I use this software daily and it is just so seemless to get your data.
What do you dislike about the product?
Some of the courses for trainings have significant overlap which makes them take longer to complete.
What problems is the product solving and how is that benefiting you?
We are using the software for consolidation. We need to upgrade to a better version of this software because we have grown internationally and need better currency conversion options but we have seen demos and this software is going to solve that for us.
Efficient Data Consolidation, Needs Dashboard Enhancements
What do you like best about the product?
I like the ability to do custom reports in Prophix Software, which is especially convenient for ad hoc report requests from our operating companies. It allows us to switch versions, time, and layout quickly. The workflows are useful for reminding people to enter data. Prophix saves us time on report creation, as it's faster and more reliable than using Excel, where there's always a concern about formulas or errors.
What do you dislike about the product?
Although the workflows are great, we've had issues with users not getting email notifications (which they said they fixed last year), with the opposite now, of users getting multiple duplicate emails. The Dashboard could also use more options, like more graph types available, with different color schemes and dynamic data.
What problems is the product solving and how is that benefiting you?
Prophix Software consolidates data across ERPs, eliminating multiple Excel versions prone to loss, enabling custom reports for quick ad hoc requests, and providing workflows that remind users to enter data promptly, making it faster and more reliable for financial planning and analysis.
Excellent software, even better team!
What do you like best about the product?
Prophix is user-friendly and intuitive enough for the non-tech savvy end user, yet powerful and flexible enough for creating robust, dynamic models and reports. It integrates seamlessly with existing tools and allows for a finance-focused structure that can adapt to the company's value stream and workflows. Automation and workflow management are a breeze; our budgeting and forecasting cycles have been streamlined so that we're able to focus more heavily on analysis, strategy, insights, and scenario/sensitivity testing. It's also remarkably scaleable so we're confident that the tool will grow with the company without any hitches. With automated reports and processes, my team can now focus on leveraging our data to drive the company forward instead of churning through piles of manual reports. Prophix quickly became an integral part of our daily workflow.
There's also a very involved and knowledgeable community that's able to provide ideas and insights on creative and obscure solutions to even the most complex use cases. The sales, implementation, consulting, and customer success teams are all extremely capable and friendly and it's clear that the entire Prophix team is dedicated to and motivated by your company's success!
There's also a very involved and knowledgeable community that's able to provide ideas and insights on creative and obscure solutions to even the most complex use cases. The sales, implementation, consulting, and customer success teams are all extremely capable and friendly and it's clear that the entire Prophix team is dedicated to and motivated by your company's success!
What do you dislike about the product?
Because Prophix is meant to be a universal tool, it can take some creative problem-solving to adapt it to your needs, based on your company's complexity and data structure. It's a great addition to a reporting tool suite, but is not a replacement for tabular models like Power BI, for instance. As an example, Prophix uses a year/month aggregation for time data, so reporting and filtering data by day is not feasible outside of the Drill Across function. However, it's critical to understand what Prophix is and is not designed to do and plan your reporting toolbox accordingly.
What problems is the product solving and how is that benefiting you?
Budget and forecasting workflows, calculations, and consolidations, detailed CAPEX and Personnel planning, financial statement generation and consolidation, and report automation. Our workflows are more streamlined and automated, and we're able to spend more time considering alternate scenarios, business implications, strategic decision making, and critical insights and less time on mundane/repetitive/low-value processes. We're able to simultaneously understand our business more and apply that knowledge to timely and educated decisions; the Finance team is becoming less reactive and more proactive.
Efficient Finance Management with Flexible Features
What do you like best about the product?
I find Prophix Software really helpful for keeping all the required information in one place, and the consolidation process has a really small turnover time. I like its very flexible option to apply different allocation rules. Since it's a cloud software, it allows users to log in from any place, which I appreciate. The reporting structure and template flexibility stand out for me as well. The Dashboard, Process Manager, and Templates Studio are the top features that I use the most. I also value the easy understanding, integration, and quick results; for example, consolidations that used to take 24-48 hours in previous software now take just about 2 hours with Prophix.
What do you dislike about the product?
we feel the prophix reporting tool could be better and more flexible like excel
What problems is the product solving and how is that benefiting you?
Prophix Software keeps all required information in one place, significantly reduces consolidation time from 24-48 hours to 2 hours, and offers easy understanding and integration.
Extremely useful and powerful
What do you like best about the product?
Prophix is powerful and intuitive. Which is not always something you see in one software. It makes finding data super easy with the slice and dice feature and you can build powerful templates to keep other stakeholders in the business informed about important financial data.
What do you dislike about the product?
I have no real complaints about Prophix, still relatively a new user. I would like to see better sorting options on the document explorer for files but that is minor.
What problems is the product solving and how is that benefiting you?
Getting budget data from budget holders was a huge problem with multiple spreadsheets going around and versions getting mixed up. Prophix contributor has been a life saver where budget holders can enter into excel so they are familiar with it but directly upload their budget numbers to Prophix.
Great software for financial reporting, and very user friendly.
What do you like best about the product?
The fact that we can have a connect between our accounting software (SAP) and Prophix is amazing.
What do you dislike about the product?
When it comes to building dashboards, there are some issues with graphics and filtering options.
What problems is the product solving and how is that benefiting you?
Report distribution, and consolidation between multiple entities.
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