The biggest pro of the software is that users can do the setup after one week of training. This also means that you do not have to pay astronomical fees for consultants whenever you want to change a report or a process.
Besides from the usual reporting and budgeting functions the two most valuable features are workflows and consolidation. The software has an easy to use workflow feature which allows you to set a whole workflow of monthly reporting or budgeting for you and then it prompts people to do their tasks, handles the approvals, etc. The other feature is a part which actually allows you to do the consolidation as a normal accounting package, where you can make your double entries. Obviously, this latter feature is useful for mid size companies only.
A fantastic development method Prophix is using, is the improvement site they have set up, where the users can log ideas for improvement, and others can vote for them. Then they investigate those ideas that have received the most votes, and generally they build these into the product in later versions.
Improvements to My Organization:
- The biggest achievement is that now we do not have to use spreadsheets
- The monthly closures have become really smooth
- Forecasting is now an easy, few minutes exercise
- I, as a Finance Manager, have a much better control over the figures
Use of Solution:
We've been using it since 2009, starting with v9 and upgrading as the product got further developments and enhancements.
There were problems in a certain version with the speed, but they have fixed this in later versions.
Actually they are using dedicated dealers. Unfortunately, in Central/Eastern Europe there are only two to three available. We are working with a Polish agent, and I am not 100% satisfied with them, but they are not bad enough to make me look at another one either.
The vendor team has just did the initial setup, afterwards our in-house team did all the setup and we are constantly improve our system. This is the part I most like in this software.
Other Solutions Considered:
Yes we have evaluated a few other products like Microstrategy and Oracle. They were not flexible, but rather so robust that it was extremely costly to purchase and manage the software.
Which version of this solution are you currently using?
Find out what your peers are saying about PROPHIX, Adaptive Insights, Oracle and others in Business Performance Management. Updated: May 2021.
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