eWEEK content and product recommendations are editorially independent. We may make money when you click on links to our partners. Learn More.
Today: Prophix (corporate performance management)
Company description: Prophix is a global leader in Corporate Performance Management (CPM) software on a mission to transform the office of finance through innovative approaches and technologies. Focused on the mid-market enterprise, Prophix helps finance leaders improve profitability and minimize risk by automating budgeting, planning and reporting so they can direct their attention to what matters most–uncovering business opportunities and driving competitive advantage.
Established in 1987, Prophix Software is headquartered in Ontario, Canada. Privately held, Prophix recently announced its total annual recurring revenue (ARR) for 2018 increased by 42% from fiscal year 2017. Revenue from its cloud business increased 440% year-over- year, and the company has established a strategic path to achieve $100M in ARR by 2023.
2018 was highlighted by Prophix’s successful shift to a cloud delivery business model and expanding its global cloud client portfolio. Prophix added more than 200 new customers in 2018, 85 percent of which are cloud-based. Prophix has invested more than 20% of revenue in R&D to reinvent the office of corporate finance through the application of technologies like artificial intelligence, natural language processing and machine learning.Paul Barber is the chief executive officer of Prophix.
Markets:
- Construction
- Insurance
- Higher Education
- Healthcare
- Manufacturing
- Not-for-Profit
- Professional Services
- Retail
- Utilities
International Operations:
- United States
- United Kingdom
- Germany
- Brazil (Rio de Janeiro)
- Brazil (São Paulo)
Product and Services
Prophix’s Corporate Performance Management (CPM) software helps financial leaders improve profitability and minimize risk by automating repetitive tasks and focusing on what matters most; uncovering opportunities and making insightful business decisions. Prophix CPM software focuses on four solutions areas:
- Budgeting and Planning
- Financial Consolidation & Close
- Reporting & Analytics
- Workflow & Automation
Key Features
In the rapidly changing environment of today’s business world, what’s worked before simply doesn’t cut it anymore. Prophix’s software helps financial professionals reframe their everyday challenges. By providing greater visibility into their company’s financial health, financial executives can easily track company performance against planning and quickly make adjustments as needed.
Through its investment in cloud, Prophix provides a trusted and scalable platform for customers looking to accelerate their financial planning and analysis (FP&A) capabilities and adopt next gen solutions encompassing advanced technologies like artificial intelligence and machine learning.
Key features of Prophix’s CMP software are included below:
Budgeting and Planning
- Budgeting: With Prophix’ CPM for Budgeting, financial leaders can create precise budgets with far less labor and gain a deeper understanding of what drives their organization’s profitability.
- Personnel Planning: With Prophix CPM software for Personnel Planning, enterprises can accurately represent their true employee costs to provide the control, accuracy, and flexibility they need for analysis of personal data.
- Sales & Revenue Planning: Forecasts can change rapidly, having the flexibility to create alternative scenarios quickly and efficiently is essential. With Prophix, financial executives can get a single version of the truth across the organization.
- Project Planning: With Prophix’s CPM for Project Planning financial leaders can link their project plans to corporate plans and forecasts. Users can collaborate across the organization and understand potential outcomes.
- Cash Flow Planning: Prophix helps financial leaders provide their executive team with the ability to understand financial performance along with cash position. This results in the assurance that cash outlays are in alignments with organizational objectives.
- Capital Expense Planning: Through CapEx Planning financial leaders can integrate detailed capital asset costs into their planning process, enabling the organization to understand the impact of planned capital expenditures on company performance.
- Integrated Financial Planning: Prophix’s CPM enables financial professionals to aggregate all their company’s planning data in one unified software solution, ultimately improving long-term strategic decision making.
Financial Consolidation & Close
- Prophix Financial Consolidation and Close — reduces time spent on preparing consolidated financial statements, leaving more time for in-depth reporting. More accountability and control is acquired to consolidate all of the information needed to meet demands of regulatory requirements and more.
Reporting & Analytics
- Performance Reporting: Prophix’s CMP feature for Performance Reporting enhances collaboration and helps financial professionals deliver actionable reports for profitable results.
- Self-service Interactive dashboards: The Prophix Dashboard Studio provides self-serve dashboards & visualizations of corporate financial data in just a few clicks or taps.
- Adhoc Reporting and Analytics: Enables financial professionals to drill deeper into their data for greater insight into their business performance. Prophix’s ad-hoc capabilities gives users a single source for all of their data needs.
- Automated Report Distribution: Prophix’s CMP automated report distribution feature puts time back in the financial professional’s day through automated tasks that were previously handled through manual input and consolidation, prone to error. This allows the financial professional to focus on what matters most, uncovering new business opportunities through data insights.
- Visual Analytics: Visual Analytics demonstrates the significance of corporate data through beautiful and stunning visualizations, leading to better insights.
- Profitability Analysis: Prophix’s tools for profitability analysis maximize revenue insights.
Workflow & Automation
- Workflow, Collaboration, and Automation: Through Prophix’s workflow manager, financial professionals save time, gain insight and increase accuracy of their results and reports.
- Direct Data Integration: Prophix levers direct integration with corporate data to add value to the organization’s analysis and reporting.
Insight and Analysis
According to the IT Central Station peer review site, Prophix has helped organizations increased margins on products. All features allow users to manage their businesses more efficiently.
Other perspectives:
Most valuable assets:
- Easy to use
- Rich functionality
- Complete corporate performance management solution
- Based on modern technology
- Cloud-ready
Improvement may be needed:
- BI analytics
- Few related ad hoc analyses in one window
- Sorting and filtering in Data View
According to the G2 Crowd peer review site, users like the flexibility and broad scope of potential uses for the software. They use it primarily for budgeting and reporting but plan on expanding the use case to include asset management, loan tracking and analysis of patron attendance.
Problems solved, benefits realized: Prophix enabled users to budget more efficiently, accurately and in greater detail. It provided a means for budgeting at a departmental level and seamlessly rolling those budgets up to an enterprise-wide master budget. They also have also been able to automate reporting, using reporting templates that automatically update with current information. That information can also be represented in a number of visualizations and dashboard options.
Possible issues for some users: These include the fact that the licensing structure has limited the number of users they can involve directly with the software. The up-from cost of additional user licenses can be hard to justify for medium-sized business. Others say that if they had better understood the product up front, they would have involved more people in the implementation process and expanded time for initial training.
Recommendations: Invest the time and money up front to make sure Prophix understands your needs and that your team understands how to make the most of the software services.
eWEEK Score: 4.7/5.0
———————————————-
Representative list of current customers: Panariagroup, Feeding America, Floor & Décor, Solarcentury, Senior Living Group, Interstates Companies, HAI Group, Copenhagen Business School, Welborn Baptist Foundation, Canadian Construction, Brock, and more.
Delivery: Cloud deployment or on-premise. Minimal customization required.
Pricing: Contact Prophix for pricing information.
Other key players in this market: Adaptive Insights, Anaplan, Vena Solutions, Board
Contact information for potential customers:
350 Burnhamthorpe Rd. West,
Suite 1000, Mississauga,
Ontario, Canada L5B 3J1
Tel: +1-905-279-8711
Toll-free: +1-800-387-5915
[email protected]