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Prophix OverviewUNIXBusinessApplication

What is Prophix?

Prophix Software is a leading developer of solutions designed to automate financial processes including budgeting, planning, reporting, analysis, and performance management for the mid-market. Thousands of finance leaders around the world use Prophix to empower their organization and gain greater insight into business performance. Prophix and its partners deliver the best value by combining high end functionality, low total cost of ownership, and the fastest implementations in its class.

Buyer's Guide

Download the Business Performance Management Buyer's Guide including reviews and more. Updated: October 2021

Prophix Customers

Solarcentury, Swan Mill Paper Company, Interstates Companies, First Medical Health Plan, Community Physician Network, AAA Southern New England

Prophix Video

Archived Prophix Reviews (more than two years old)

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ITCS user
Managing Director at a tech services company
Consultant
Easy to use and cloud-ready, helps me manage my business

How has it helped my organization?

Increased margin on products.

What is most valuable?

  • Easy to use
  • Rich functionality
  • Complete corporate performance management solution
  • Based on modern technology
  • Cloud-ready

All of them allow me to manage my business.

What needs improvement?

  • BI analytics
  • Few related Ad Hoc Analyses in one window
  • Sorting and filtering in Data View

For how long have I used the solution?

More than five years.

What do I think about the stability of the solution?

No issues with stability.

What do I think about the scalability of the solution?

No issues with scalability.

How are customer service and technical support?

10 out of 10.

Which solution did I use previously and why did I switch?

Excel. Nightmare.

How was the initial setup?

Very straightforward. Easy to build business model.

What's my experience with pricing, setup cost, and licensing?

Very low cost for license, implementation, and maintenance.

Which other solutions did I evaluate?

IBM Cognos TM1, Eureka (local Polish solution), Corporate Planning (local German solution).

What other advice do I have?

Prepare your data sources well for importing to models in Prophix.

Disclosure: My company has a business relationship with this vendor other than being a customer: We are the exclusive distributor in Poland.
it_user285996
Manager - Commercial Credit at a retailer with 1,001-5,000 employees
Vendor
We're able to budget on individual levels, i.e. by person for payroll, by vehicle for transportation, etc., but we had a lot of deployment problems.

What is most valuable?

The ability to budget on individual levels, i.e. by person for payroll, by vehicle for transportation, etc.

What needs improvement?

The payroll module is powerful, but not user friendly.

For how long have I used the solution?

One budgeting season before I left the company.

What was my experience with deployment of the solution?

Discovery was not in depth enough for our deployment to be successful – we had a lot of problems and had to take short-cuts due to a lack of planning.

What do I think about the stability of the solution?

No issues encountered.

What do I think about the scalability of the solution?

When a number of users were on the system at once it seemed to lag somewhat.

How are customer service and technical support?

Customer Service:

It was OK when we had to call the help desk, but again, discovery in the beginning was lacking.

Technical Support:

We had specific needs and I don’t feel we had the experience we needed to build our model.

Which solution did I use previously and why did I switch?

We were using Excel for budgeting and FRx for reporting. The excel was getting to the point of being hard to manage as we grew and FRx was an obsolete product without further support.

How was the initial setup?

It was complex as there wasn't enough discovery.

What about the implementation team?

A combination of vendor and internal team. With the complex budgeting and reporting model we needed – I don’t feel like we had the person with the best experience level.

What's my experience with pricing, setup cost, and licensing?

It really depends on your needs.

Which other solutions did I evaluate?

Others were evaluated, but I wasn’t the one that did the research.

What other advice do I have?

Make sure you force them to do a very deep dive into your company’s needs first and plan accordingly.

Disclosure: I am a real user, and this review is based on my own experience and opinions.
Find out what your peers are saying about PROPHIX, Adaptive Insights, Oracle and others in Business Performance Management. Updated: October 2021.
540,984 professionals have used our research since 2012.
it_user259965
Consulting Manager of Corporate Finance and Strateg at a financial services firm with 51-200 employees
Vendor
The ability to leave off table-of-contents links to report downloads would be nice, but Prophix has always been the bar I’ve compared other solutions to.

What is most valuable?

  • Budgeting
  • Ability to easily add parent and child dimensions
  • Ability to create statistical accounts to calculate metrics or calculate variable driven budgets directly in the budgeting software

How has it helped my organization?

I’ve used more budgeting systems than I can count and Prophix has always been the bar I’ve compared the others to. The ability to streamline dynamic variable-driven budgets in addition to different hierarchies has always been imperative to the budgeting process.

What needs improvement?

  • The ability for statistical accounts to more easily recalculate instead of summing metrics
  • The time it takes to export OLAP reports has increased as newer versions were released
  • The ability to leave off table-of-contents links to report downloads would be nice
  • Ability to drill into specific accounts easier inside the system

For how long have I used the solution?

I've used it for four years.

What do I think about the stability of the solution?

At times, Prophix would crash if too many files were open.

Which solution did I use previously and why did I switch?

I’ve used M3, MoveX, MAX, SAP, Essbase, Cognos, and M3. I prefer Essbase and Prophix to the others.

What's my experience with pricing, setup cost, and licensing?

The time saved by building variables to drive accounts inside the budgeting system, along with balancing accounts to spread increases or decreases based on different accounts or versions, more than makes up for the pricing of the software. As long as Prophix stays low-cost compared to other software, they will remain a viable option for my consulting clients.

Disclosure: I am a real user, and this review is based on my own experience and opinions.
ITCS user
Senior Financial Analyst at a tech services company with 1,001-5,000 employees
Consultant
Top 20
It was a straightforward setup, with the exception of the template design for financial reporting.

What is most valuable?

  • Budgeting
  • Forecasting
  • Analysis
  • Financial Reporting

How has it helped my organization?

  • Budgeting/Forecasting is first and actual is layered in
  • Actual data is imported for analysis and financial reporting
  • Multidimensional architecture facilitates analysis and reconciliation

What needs improvement?

The process speed/integration with sources of transaction detail needs work.

For how long have I used the solution?

I've used it for three years.

What was my experience with deployment of the solution?

The template design was awkward but it improved significantly with a later release.

What do I think about the stability of the solution?

No issues encountered.

What do I think about the scalability of the solution?

There was an issue with handling the number of customer/product combinations and had to use an alternative, less integrated, application.

How are customer service and technical support?

Customer Service:

It's excellent.

Technical Support:

It's excellent.

Which solution did I use previously and why did I switch?

We used Oracle's General Ledger Financial Statement Generator. The budget and forecast was imported to a general ledger for financial reporting and analysis.

How was the initial setup?

It was straightforward, with the exception of the template design for financial reporting. Again, this improved significantly with a later release.

What about the implementation team?

We used a vendor team, and their level of expertise was excellent.

What's my experience with pricing, setup cost, and licensing?

No monetary amount is available, but ultimately it is considered to be half of the cost of Oracle Business Intelligence/Planning solution.

Which other solutions did I evaluate?

  • Oracle Business Intelligence
  • Hyperion Planning

What other advice do I have?

Integration with the transaction detail from other sources will be up to the expertise and effort of the customer. Processing speed may be understandably slow with the online manipulation of millions of dimensional member combinations.

Disclosure: I am a real user, and this review is based on my own experience and opinions.
it_user216609
Finance Manager with 501-1,000 employees
Real User
The biggest pro of the software is that users can do the setup after one week of training but there were problems in a certain version with the speed.

Valuable Features:

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.

Deployment Issues:

No issues encountered.

Stability Issues:

There were problems in a certain version with the speed, but they have fixed this in later versions.

Scalability Issues:

No issues encountered.

Customer Service:

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.

Implementation Team:

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.

Disclosure: I am a real user, and this review is based on my own experience and opinions.
it_user217737
Chief Financial Officer at a construction company with 501-1,000 employees
Vendor
Report writing has some stability issues, but overall it is a very good product.

What is most valuable?

Budgeting Financial Analysis

How has it helped my organization?

It has enabled us to cut the budgeting process by 50% as well as making the budgets more acute.

What needs improvement?

Report writing needs work,

For how long have I used the solution?

I've used it for two years.

What was my experience with deployment of the solution?

Just minor issues.

What do I think about the stability of the solution?

With the report writing there are some issues.

What do I think about the scalability of the solution?

No issues encountered.

How are customer service and technical support?

Customer Service: Very good. Technical Support: Very good.

Which solution did I use previously and why did I switch?

We used Excel worksheets.

How was the

What is most valuable?

  • Budgeting
  • Financial Analysis

How has it helped my organization?

It has enabled us to cut the budgeting process by 50% as well as making the budgets more acute.

What needs improvement?

Report writing needs work,

For how long have I used the solution?

I've used it for two years.

What was my experience with deployment of the solution?

Just minor issues.

What do I think about the stability of the solution?

With the report writing there are some issues.

What do I think about the scalability of the solution?

No issues encountered.

How are customer service and technical support?

Customer Service:

Very good.

Technical Support:

Very good.

Which solution did I use previously and why did I switch?

We used Excel worksheets.

How was the initial setup?

It was somewhat complex but their people helped us through it.

What about the implementation team?

In-house with some people from Prophix.

What was our ROI?

We figured it would pay us back in a year.

Which other solutions did I evaluate?

Yes, we also looked at Budget Maestro, and a couple of others.

What other advice do I have?

This is a very good product.

Disclosure: I am a real user, and this review is based on my own experience and opinions.
ITCS user
CFO at a construction company with 51-200 employees
Vendor
​Areas where you load your CapEx still need a lot of improvements however, it is easy to build a report.

What is most valuable?

  • OLAP technology
  • The ease of building a report

How has it helped my organization?

  • The products are linked to operational software (SAP) through an ODBC connection, so uploading the data is just on the click of a button
  • Creating a forecast or budget model is very simple
  • The turn around time and accuracy has improved dramatically
  • Analysis became much easier

What needs improvement?

  • Areas where you load your CapEx still need a lot of improvements
  • The Excel add-in is not as good as Hyperions

For how long have I used the solution?

I've used it for six years.

What was my experience with deployment of the solution?

Yes many issues at the beginning.

What do I think about the stability of the solution?

No issues encountered.

What do I think about the scalability of the solution?

No issues encountered.

How are customer service and technical support?

Customer Service:

6/10.

Technical Support:

8/10.

Which solution did I use previously and why did I switch?

We previously used Hyperion, and we switched because Prophix was much cheaper to implement.

How was the initial setup?

It was complex as we had to setup different types of businesses into our consolidation model.

What about the implementation team?

We did it through a vendor team who were very good.

What was our ROI?

I would say US$80K/year as it has automated the process and saved us from hiring a new analyst.

What's my experience with pricing, setup cost, and licensing?

US$98k.

Which other solutions did I evaluate?

Yes, we looked at several and Adaptive Planning was one, among others.

What other advice do I have?

I recommend it. It's worth the money you spend on the software.

Disclosure: I am a real user, and this review is based on my own experience and opinions.
ITCS user
Sr. FP&A Analyst & Financial System Administrator at a consultancy with 1,001-5,000 employees
Consultant
It could be used to simplify processes, however, the user interface could be improved.

What is most valuable?

The ability to info flex the data.

How has it helped my organization?

Budget processes can be done in the system by using the system to schedule tasks. Additionally, using Prophix for Excel to build these the templates.

What needs improvement?

The user interface could be improved as it is not an intuitive product for every type of user.

For how long have I used the solution?

I've used it for roughly one year.

What was my experience with deployment of the solution?

I didn’t encounter many issues during deployment.

What do I think about the stability of the solution?

There is a system performance limitation based on the users, but I’ve seen that in other systems.

What do I think about the scalability of the solution?

I’ve not encountered any scalability issues.

How are customer service and technical support?

Customer Service:

I would rate customer service as excellent because they really are there to help along the way.

Technical Support:

I would rate technical service as excellent as they really drive solutions.

Which solution did I use previously and why did I switch?

In my current role I’ve not used any other solution.

How was the initial setup?

It was very straightforward from the requirement gathering to the solution completing deployment.

What about the implementation team?

Used both a vendor team and the in-house IT support. The level of expertise meets all the standards.

What was our ROI?

This product is not very expense to maintain compared to the reporting systems.

What's my experience with pricing, setup cost, and licensing?

The cost is a one year subscription and it has very limited other costs.

What other advice do I have?

Definitely take a look at this product and its offerings as it has a lot of useful features and could be used to simplify processes and day to day activities. Also, it's cost effective!

Disclosure: I am a real user, and this review is based on my own experience and opinions.
ITCS user
Business Intelligence Consultant at a tech services company with 51-200 employees
Consultant
Microsoft multidimensional cubes has several disadvantages in write back solutions which results in poor performance. Client installation and updating is really easy.

What is most valuable?

  • The ability to write back to a Microsoft multidimensional cube
  • Using workflows with accept/decline function and automate data management
  • Flexibility: Prophix's metadata is stored in a SQL server database and can be edited freely
  • Security: Being able to give users very specific availability in the program such as specific dimension members

How has it helped my organization?

When implemented in customers' environments we see budget and economic reporting is greatly improved because of automation and naturally more interest in key performance indicators.

What needs improvement?

Being able to work on Microsoft tabular cubes or perhaps your own technology. The Microsoft multidimensional cubes does have several disadvantages in write back solutions which results in poor performance.

For how long have I used the solution?

I've used it for four years.

What was my experience with deployment of the solution?

Deployment is fairly simple. A few steps are needed before the main installation, but the wizard that follows the software is easy to use. As mentioned before, Prophix uses SQL Server databases to store its metadata and also Cube data which makes it really flexible.

What do I think about the stability of the solution?

The software itself runs without issues, though Prophix is highly dependent on Microsoft multidimensional cube structure which can lead to critical errors. Overall Prophix does handle this fairly well and error handling is bearable.

What do I think about the scalability of the solution?

Again Prophix is dependent upon Microsoft multidimensional cubes which creates several problems with scalability. Prophix itself doesn't have any issues with this from what I'm aware of.

How are customer service and technical support?

Customer Service:

9/10 - Prophix is a Canadian company and doesn't have customer support in Denmark. The timezone difference makes live support difficult at times, but that's the only issue as the support is really good.

Technical Support:

10/10.

Which solution did I use previously and why did I switch?

I haven't used a previous solution.

How was the initial setup?

As mentioned under deployment, Prophix is fairly simple to set up. The client gets installed by a web service which makes client installation and updating really easy.

What about the implementation team?

We sell the solution to customers.

What was our ROI?

With the proper consulting and deployment customers get a ROI that is medium to high. Though Prophix does require administrators who take care of workflows, updating reports and so on, from what we experience customers are, overall, satisfied with the performance improvement of their budget management.

What's my experience with pricing, setup cost, and licensing?

As a company who deliver Prophix as a solution, we don't have these kind of numbers.

Which other solutions did I evaluate?

We only work with solutions that use Microsoft solutions and Prophix is the only complete solution in it's category.

What other advice do I have?

Make sure your data quality is decent. Don't fill dimensions with over 1000 members. Keep your model simple and think it through before implementing it as you can't edit cubes when they first are made.

Disclosure: I am a real user, and this review is based on my own experience and opinions.
it_user205365
Senior Financial Analyst at a insurance company with 501-1,000 employees
Vendor
Mobile capabilities could be improved. Overall great ease of use, and it was easy to manipulate.

What is most valuable?

From a planning perspective, the budget templates were the most valuable. From a data analytics perspective, the ad hoc reporting features, the Prophix for Excel enhancements, and the ability to link data within different cubes were the most valuable features.

How has it helped my organization?

It completely revitalized the way my company did its reporting and analysis. Before Prophix, we completed all of our annual budgets using Excel templates. We struggled with version control issues and lacked a central place for our most accurate data to be housed. After implementing Prophix, we could automatically refresh all budget templates with current information.

What needs improvement?

I think the mobile capabilities could be improved. This was the one area that still needed enhancement.

For how long have I used the solution?

I used this product for two years.

What was my experience with deployment of the solution?

No issues encountered.

What do I think about the stability of the solution?

No issues encountered.

What do I think about the scalability of the solution?

No issues encountered.

How are customer service and technical support?

Customer Service:

We got timely responses to our help tickets and questions. Reps were usually happy to take control of our screen and really dive into the problems in real time.

Technical Support:

9/10.

Which solution did I use previously and why did I switch?

No previous solution used.

How was the initial setup?

It was straightforward. We were told upfront what they would need from us (Chart of Account Mapping, Department Structure, IT Requirements, etc.) and within six weeks we were up and running.

What about the implementation team?

We used a vendor team. Our vendor team was very reliable and knowledgeable, it was a good team.

What was our ROI?

Words can’t express how much our company benefited from using this product.

  • We saved hours from a reporting standpoint
  • We greatly increased efficiency
  • We enhanced our ability to do analysis and research

And I’m sure that these all resulted in numerous dollars saved.

What's my experience with pricing, setup cost, and licensing?

Original setup costs were around $70K. Outside of regular maintenance, our day-to-day cost was almost zero.

Which other solutions did I evaluate?

Yes, we also looked at Budget Maestro and Adaptive Planning. We liked the presentation and sales pitch from Prophix the most.

What other advice do I have?

If you are still using Excel for budgeting and reporting, this product will change your life and that of your company. Prophix is great software that is constantly improving. The company really seems to value customer feedback when deciding on enhancements for future versions as well.

Disclosure: I am a real user, and this review is based on my own experience and opinions.