Customer Satisfaction

★★★★★★★★★★ 6.9/10

6.9

User Experience

★★★★★★★★★★ 6.3/10

6.3

Functionality

★★★★★★★★★★ 6.9/10

6.9

Business Value

★★★★★★★★★★ 5.9/10

5.9

Prophix

What is Prophix?

Integrated, cloud-based performance management platform for mid-sized companies focused on planning, budgeting and forecasting, reporting and analysis. Comprehensive functionality for financial consolidation and close, management reporting, intercompany reconciliation as well as specialty solutions for IFRS 16 and iXBRL are available with the integration of Sigma Conso.

BI, Analytics & CPM

● Reporting / Dashboards

● Analysis

– Advanced Analytics

●● Planning

●● Financial Consolidation

● = Function covered, ●● = Functional focus

● = Function covered
●● = Functional focus

About Prophix

Self-description of the vendor

No vendor self-description available

References

No data available

Partners

No data available

Prophix BARC Review & Rating

Provider and product description

Founded in 1987, Prophix started out as a software distributor implementing financial applications before it released its own CPM software in the year 2000. In 2021, Prophix received significant investment from Hg to accelerate and scale growth and fund further development. In the first instance of inorganic growth in the company’s history, Prophix acquired Sigma Conso, a Belgian financial consolidation specialist, in late 2021. Prophix now has more than 500 employees and over 2,600 active customers worldwide, covering all company sizes and industries. In addition to its market presence and continuous growth in North America, Prophix is increasingly winning customers outside its core market. Its current international expansion efforts are focused on EMEA and APAC.
Prophix offers a unified CPM solution, Prophix Financial Performance Platform, for business users that delivers insights into and automates finance, operations and business performance processes. The platform covers planning, budgeting and forecasting, reporting and analytics, financial consolidation and close. With the acquisition of Sigma Conso, Prophix particularly enhanced its capabilities for financial consolidation and close, management reporting, intercompany reconciliation, as well as adding specialty solutions for IFRS 16 and iXBRL.

Prophix’s future product strategy focuses on its unified Prophix Financial Performance Platform with four main applications currently available: Budgeting & Planning, Reporting & Analytics, Financial Consolidation and Intercompany Management; with Account Reconciliation set to become available in mid-2024. Platform data and metadata is stored relationally in Microsoft SQL Server but it is presented multidimensionally to the user. Prophix targets business departments in midsize companies (e.g., office of finance) across all industries and is available in the Amazon cloud (AWS).

Prophix is a flexible no-code solution that does not confine itself to any one single planning topic (financials, sales, HR, etc.). The product can be used to create individual planning, budgeting and forecasting applications with capabilities for top-down and bottom-up planning. In general, it contains comparably little predefined business content (e.g., for specific industry verticals). However, a prebuilt solution is available for the construction industry and Prophix has plans to provide more industry-specific content in the future (e.g., for higher education, healthcare, manufacturing, etc.). Partners can offer prebuilt content for certain topics and industries. Prophix recently relaunched its Global Partner Network, which includes more than 200 partners.

Based on the planning model, Prophix leverages its web client and an Excel add-in for plan data entry. To control planning processes, workflow functions are available including visual process overview, task management and due dates, status monitoring, approval, email notifications, etc. Prophix continues to simplify and automate use for business users by leveraging AI, ML and natural language processing techniques, for example with the launch of statistical/predictive forecasting functionality, auto-generated insights, a virtual task assistant and by giving recommendations based on best practices and how to drive optimal performance and user experience.

Besides planning, Prophix provides capabilities for BI and analytics. Standard reporting in a formatted and print-oriented manner is supported, as are ad hoc queries based on OLAP methodologies (drill functionality, slice and dice, pivoting, etc.). For visualizing data (e.g., in management cockpits or dashboards), standard business graphics as well as more advanced chart types are available. Reports, like planning templates, are created in a user-friendly, Excel-like environment. An HTML5 web client and Microsoft Office add-ins are available as front ends to enter plan data or to work with reports, analyses and dashboards. In addition, for those customers following a Microsoft strategy, Prophix data sets can be pushed to Power BI for more advanced dashboarding, data visualization and analytics.

Strengths and challenges of Prophix

BARC’s viewpoint on the product’s strengths and challenges.

Strengths

Prophix is an integrated, flexible CPM platform for business users focused on mid-sized companies. It is based on Microsoft technologies and available in the Amazon cloud (AWS).
Comprehensive planning, budgeting and forecasting functions for top-down and bottom-up planning with strong workflow capabilities to control planning processes. Prophix can be used to create individual planning applications on different aggregation levels (strategic and operational planning) for an integrated enterprise planning approach (including financial planning).
Supplementary integrated functions for standard reporting (also formatted and print-oriented), ad hoc query, OLAP analyses (drill operations, slice and dice, pivoting, etc.) and dashboarding. Comprehensive functionality for financial consolidation and close as well as other FPM use cases is available with the integration of Sigma Conso.
The Planning Survey 24 reveals a high level of satisfaction with Prophix, particularly with its functional capabilities for planning and reporting/analysis, in terms of the sales experience with the vendor and also the platform’s ease of use and options for self-service use.

Challenges

Prophix is a flexible no-code solution for planning and CPM and, compared to its competitors, not much prebuilt business content is currently available from the vendor itself. However, Prophix has developed a prebuilt model for construction WIP reporting and has a strong focus on providing more industry-specific content in the future. Partners also offer prebuilt content for specific topics and industries.
The integration of Prophix and Sigma Conso is improving but is still a work in progress. For the future, common platform features, continuous UI/UX unification and functional enhancements are priorities for the vendor. In 2023, a joint Prophix portal that provides unified access to all applications was launched.
Canada-based Prophix is predominantly used in North America and still lacks the market presence and global visibility of its main competitors. It has a smaller footprint in geographies outside North America. However, in recent years, this has increased (also through the acquisition of Sigma Conso) and implementation projects have been growing in terms of numbers of users and data volumes. Enterprise customers and companies with a planned global roll-out should evaluate similar references.

Need more help finding the right software?

Find out how our expertise can help you.

Prophix User Reviews & Experiences

The information contained in this section is based on user feedback and actual experience with Prophix.

The information and figures are largely drawn from BARC’s The BI & Analytics Survey, The Planning Survey, The Financial Consolidation Survey and The Data Management Survey. You can find out more about these surveys by clicking on the relevant links.

Who uses Prophix in a planning context and how

Product usage (planning)

Product usage (besides planning)

Company size

Number of users

Percentage of users

Why users buy Prophix and what problems they have using it

Premium content. Unlock with BARC+.

For just €79 per month (€948 per year) you can access all the paid content on www.barc.com.

Your benefits:

Get independent information on software solutions, market developments and trends in data, analytics, business intelligence, data science and corporate performance management.
Make data & analytics decisions based on numbers, data, facts and expert knowledge
Access to all premium articles and all our research, including all software comparison studies, scores and surveys.
Unlimited access to the BARC media library
Consume unlimited content anywhere

Full user reviews and KPI results for Prophix

All key figures for Prophix at a glance.

Premium content. Unlock with BARC+.

For just €79 per month (€948 per year) you can access all the paid content on www.barc.com.

Your benefits:

Get independent information on software solutions, market developments and trends in data, analytics, business intelligence, data science and corporate performance management.
Make data & analytics decisions based on numbers, data, facts and expert knowledge
Access to all premium articles and all our research, including all software comparison studies, scores and surveys.
Unlimited access to the BARC media library
Consume unlimited content anywhere

Individual user reviews for Prophix

Role

Head of business department

Number of employees

Less than 100

Industry

Media

Source

BARC Marketing, The Planning Survey 24, 04/2024

What do you like best?

It is very flexible in that you can set it up to handle almost any type of analysis that you normally do. You can make design different financial statements, build budgets, forecasts, and cash flow forecasts.

What do you like least/what could be improved?

The structure is very complex. It takes a great deal of training to understand how to set up the models just to get the base information structure in place. Building reports also requires training. It would save a lot of time if there were out of box reports that the user could then modify for use.

What key advice would you give to other companies looking to introduce/use the product?

It is fine if there is a dedicated FP&A function that will work in the system.

How would you sum up your experience?

It is very rich, but very complex to learn.

Role

Chief Operating Officer

Number of employees

Less than 100

Industry

Consulting

Source

BARC Panel, The Planning Survey 24, 04/2024

What do you like best?

Its modern and easy to use interface.

What do you like least/what could be improved?

Some of the terminology they use was unfamiliar to me.

What key advice would you give to other companies looking to introduce/use the product?

Make sure you know your requirements well before you begin the implementation.

How would you sum up your experience?

I'm a big fan of the company and of the software.

Role

Member of a cross-departmental BI team

Number of employees

100 - 2.500

Industry

Construction

Source

BARC Marketing, The Planning Survey 24, 04/2024

What do you like best?

Relationships built. Their CSP program. Best source of money.

What do you like least/what could be improved?

Issue of large users using one report and the slowdown of the system. Limitations on overall system. They don't want you to have too many versions/cubes but yet in order to do what you need, you need more than recommend.

What key advice would you give to other companies looking to introduce/use the product?

Great product for forecasting or simple business uses. If you're looking for more integrated and leading-edge reporting, give others a closer look.

How would you sum up your experience?

Overall, good product. Great CSP program for its price. Still has room for improvement. Could create new licensing structure that allows editing but not as much admin functionality.

Role

Project manager for planning from business department

Number of employees

100 - 2.500

Industry

Real Estate

Source

Invited by the vendor, The Planning Survey 24, 04/2024

What do you like best?

Small size of the company resulting in good relationship with the team (vendors, technical consultants but also management). Flexible product and user-oriented functionalities.

What do you like least/what could be improved?

Prices increased significantly since the acquisition by Prophix. Move to cloud was forced.

What key advice would you give to other companies looking to introduce/use the product?

To be well prepared internally before the implementation starts and have enough resources available internally.

How would you sum up your experience?

Good.

Role

Project manager for planning from business department

Number of employees

100 - 2.500

Industry

Media/Publishing

Source

BARC Marketing, The Planning Survey 24, 04/2024

What do you like best?

Ease of use, smart but different design, service consistency, and built-in support team.

What do you like least/what could be improved?

Rising costs, slightly inconvenient ticketing system, and expensive annual support program with little flexibility.

What key advice would you give to other companies looking to introduce/use the product?

Have a decent lead time to implement the product properly with the accounting department.

How would you sum up your experience?

Very good program that shines the more time you put into it.

Role

Project manager for planning from business department

Number of employees

100 - 2.500

Industry

Non profit organization

Source

BARC Marketing, The Planning Survey 24, 04/2024

What do you like best?

Cloud-based data allow real-time access to our financial results, which was a problem for our budget mangers in the past. Workflow allows us to roll out budget and forecast updates more efficiently.

What do you like least/what could be improved?

Template gets extremely slow when pulling a report with 4 dimensions on the columns. This is somewhat not acceptable since even Excel can handle that much data on a pivot table. We cannot filter on the columns, this is very inconvenient.

What key advice would you give to other companies looking to introduce/use the product?

Potential buyers should assess how much data they want Prophix to display as this has a direct relationship with the performance speed of the software.

How would you sum up your experience?

It helps us a lot in our budgeting and forecasting. However, in terms of report building, there are a lot of limitations especially when we have complicated business structure and require lots of data to display.

Role

Head of business department

Number of employees

100 - 2.500

Industry

Entertainment

Source

BARC Marketing, The Planning Survey 24, 04/2024

What do you like best?

Prophix saves me time and increases the integrity of data.

What do you like least/what could be improved?

Not much.

What key advice would you give to other companies looking to introduce/use the product?

Get is sooner rather than later.

How would you sum up your experience?

Excellent. I love Prophix!

Role

Line of business employee

Number of employees

100 - 2.500

Industry

Media/Publishing

Source

Invited by the vendor, The Planning Survey 24, 04/2024

What do you like best?

User-interface is very reasonable once you understand how it works.

What do you like least/what could be improved?

When building reports and dashboards, I would like to have more options for creativity.

What key advice would you give to other companies looking to introduce/use the product?

Be sure to understand all of the processes in detail before moving forward on your own.

How would you sum up your experience?

I really enjoy using this software, it is very intuitive and makes reporting easier.

Role

Head of business department

Number of employees

100 - 2.500

Industry

Insurance

Source

BARC Marketing, The Planning Survey 24, 04/2024

What do you like best?

Power users on the FP&A team (non-IT) can manage almost every aspect of the product use and maintenance. No more long waits and expense related to internal IT or Consultant support. Very easy to train and keep non-financial users engaged. Customer Success Package is very cost efficient - access to a Prophix consultant for a monthly fee to help with new build and best practice. Company personnel are very customer centric. Good culture at the company.

What do you like least/what could be improved?

Once in a while, there is a wait to get to a Prophix consultant with very specific technical skills that we need to consult with.

What key advice would you give to other companies looking to introduce/use the product?

Ask their sales team to do mock-ups in Prophix - that really sealed the deal for us. Seeing our data in Prophix was a game changer. Their sales teams and consultants are accountants, so that makes everything more reliable and believable during the sales process. With any new application, having your data organized before you get to the consultant stage is a must.

How would you sum up your experience?

10 out of 10 - very satisfied.

Role

Director of Business Intelligence

Number of employees

100 - 2.500

Industry

Banking and finance

Source

BARC Marketing, The Planning Survey 24, 04/2024

What do you like best?

Seamless integration with our ERP system completely changed how we plan at our organization. Prior to Prophix, the manual re-keying of data took up most of our time spent on the budget process. Now we can have more insightful conversation and analysis around the budget, increase our frequency of touchpoints with business unit leaders, and decrease the amount of time it takes to produce thoughtful forecast models. Additionally, the ease and standardization of reporting with Prophix has enhanced the quality of our financial reports.

What do you like least/what could be improved?

I don't feel that I have tapped into its full potential. There is some functionality that takes specialty knowledge or extra time to explore the possibilities and then the administration of setting it up. Also, with how customizable the software is, sometimes I don't know if I've built the most efficient model.

What key advice would you give to other companies looking to introduce/use the product?

Put a lot of thought in about reimagining your budget process before going into implementation. The sky is the limit, and we didn't understand exactly how this tool could transform our processes. By simply replacing your current Excel process, you may be losing value that the system is designed to provide easily.

How would you sum up your experience?

It has been a great tool for our organization. It has transformed us from a budget centric organization to a forecast centric organization. It allows us to better predict our resource needs, making us proactive instead of reactive.

Role

Project manager for planning from business department

Number of employees

100 - 2.500

Industry

Not for profit

Source

Invited by the vendor, The Planning Survey 24, 04/2024

What do you like best?

We've switched operating systems and our chart of accounts 3 times in 6 years. Prophix continues to provide us confidence in our data and the ability to do solid historical analysis regardless of various changes is exceptional.

What do you like least/what could be improved?

Moving from on-prem to the cloud was forced. The cloud version has certain deficiencies with page views, lack of pinning open menus, etc. That make ease of use diminished and I believe they have a lot of opportunity for improvement.

What key advice would you give to other companies looking to introduce/use the product?

Overall, it's a good product, there is a high learning curve and taking time to explore the Prophix Academy will be exceptionally beneficial for any new users.

How would you sum up your experience?

Overall, positive. I'd rate the tool & additional resources a 8/10.

Role

CIO

Number of employees

100 - 2.500

Industry

Non-profit

Source

Invited by the vendor, The Planning Survey 24, 04/2024

What do you like best?

Ease of use for end users has been the biggest satisfaction and goal for us with Prophix. Ability to do ad hoc reports and analysis with ease. Vast number of tutorials and learning resources.

What do you like least/what could be improved?

More functionality in Dashboards charts. Lacks the flexibility to move amounts around in charts.

What key advice would you give to other companies looking to introduce/use the product?

Take as much of the learning Academy courses as you can and buy the consulting package.

How would you sum up your experience?

Prophix is a great innovative tool that is easy to use and is packed with great features and functionality.

Role

Project manager for planning from business department

Number of employees

100 - 2.500

Industry

Banking and finance

Source

BARC Marketing, The Planning Survey 24, 04/2024

What do you like best?

Prophix is flexible and I've never encountered a situation where we couldn't achieve something we were looking to do. During implementation, you build your cubes and entire system from scratch, giving the administrators hands on knowledge which has helped tremendously. Customer support is quick and helpful. Overall Prophix is a great tool to use and an amazing vendor to work with.

What do you like least/what could be improved?

I wish you could pin a report to your favorites in data entry mode instead of report mode only.

What key advice would you give to other companies looking to introduce/use the product?

Really take advantage of the hands-on training during implementation. This is the foundation of your Prophix knowledge. If you plan to have multiple administrators, it's important to take turns so everyone gets the experience.

How would you sum up your experience?

Overall, I enjoy using Prophix and it has alleviated our budgeting pain points.

Role

Project manager for planning from business department

Number of employees

100 - 2.500

Industry

Retail

Source

BARC Marketing, The Planning Survey 24, 04/2024

What do you like best?

Cloud based with end user access. Quick access to information.

What do you like least/what could be improved?

Can be slow. Doesn't work well with alternate.

What key advice would you give to other companies looking to introduce/use the product?

Has a learning curve, but powerful once mastered.

How would you sum up your experience?

Good for workflow planning and reporting feel like I could setup more dynamic forecasting in Excel.

Role

Project manager for planning from business department

Number of employees

100 - 2.500

Industry

Education

Source

BARC Marketing, The Planning Survey 24, 04/2024

What do you like best?

The ability to consolidate and quickly draft reports through ad hoc analysis. It is linked directly to our ERP system so the data flows seamlessly along with the details of each transaction. The customer support team is extremely helpful and responsive.

What do you like least/what could be improved?

–

What key advice would you give to other companies looking to introduce/use the product?

It is great consolidation tool and more user-friendly than the ERP system we have. It is a powerful tool with the ability to do even more than what we are using it for.

How would you sum up your experience?

I would recommend Prophix as I have not had a bad experience with any aspect of business relationship.

Role

Project manager for planning from business department

Number of employees

100 - 2.500

Industry

Not-for-profit

Source

Invited by the vendor, The Planning Survey 24, 04/2024

What do you like best?

Ease of implementation, integration, and use.

What do you like least/what could be improved?

–

What key advice would you give to other companies looking to introduce/use the product?

Ensure if Prophix integrates with the ERP company is using.

How would you sum up your experience?

It is great software for budgeting, forecasting, reporting, and labor accounting.

Role

Head of business department

Number of employees

100 - 2.500

Industry

Construction

Source

BARC Marketing, The Planning Survey 24, 04/2024

What do you like best?

Adaptability, speed, accuracy, dashboarding, reduced budgeting time from 1 month to 1 week.

What do you like least/what could be improved?

Speed, ability to add members after implementation.

What key advice would you give to other companies looking to introduce/use the product?

It's expensive but completely worth the price point.

How would you sum up your experience?

I think it's a great tool, it's user friendly once you go through implementation, and provides robust reporting, and data analytics. It cut our budgeting time from one month to approximately a little over a week.

Role

Project manager for planning from IT

Number of employees

100 - 2.500

Industry

Banking and finance

Source

BARC Marketing, The Planning Survey 24, 04/2024

What do you like best?

Ease of use for non-financial users. Very flexible tool.

What do you like least/what could be improved?

The Excel Add-In is only available for Office 365 users.

What key advice would you give to other companies looking to introduce/use the product?

Evaluate this product. It will probably meet your needs!

How would you sum up your experience?

Very favorable.

Role

Project manager for planning from business department

Number of employees

100 - 2.500

Industry

Banking and finance

Source

BARC Marketing, The Planning Survey 24, 04/2024

What do you like best?

I was impressed with the sales team, consultants, and everyone involved with the implementation. I am excited to use this product as it delivers exactly what we are looking for. The best feature is the Continuous Success Package that is offered by the vendor.

What do you like least/what could be improved?

–

What key advice would you give to other companies looking to introduce/use the product?

Certainly a great choice.

How would you sum up your experience?

Amazing.

Role

Project manager for planning from business department

Number of employees

100 - 2.500

Industry

Hospitality

Source

BARC Marketing, The Planning Survey 24, 04/2024

What do you like best?

Cloud environment and able to access 24/7 anywhere with available internet.

What do you like least/what could be improved?

The visual charts and analytics need to be upgraded and allow the user to build charts with more flexibility

What key advice would you give to other companies looking to introduce/use the product?

Start with single element and build over time. Don't try to do it all at once. I'm very grateful that we started with financial consolidation first and built the monthly financial reporting a few months later and budgeting a year or so later.

How would you sum up your experience?

Strong product and stable.

Role

Head of business department

Number of employees

100 - 2.500

Industry

Manufacturing

Source

BARC Panel, The Planning Survey 24, 04/2024

What do you like best?

Decent reporting tool and planning tool, better than using Excel.

What do you like least/what could be improved?

Lacks the flexibility we really need.

What key advice would you give to other companies looking to introduce/use the product?

Test requirements carefully. Get an experienced implementation partner onboard early on.

How would you sum up your experience?

Good product with a few limitations and no longer best in class for us.

Role

Head of business department

Number of employees

100 - 2.500

Industry

Education

Source

BARC Panel, The Planning Survey 24, 04/2024

What do you like best?

Presentation formatting of data for management.

What do you like least/what could be improved?

difficult to customize for industry but addressing that issue currently.

What key advice would you give to other companies looking to introduce/use the product?

–

How would you sum up your experience?

Satisfactory but experiencing large cost increases.

Role

Project manager for planning from business department

Number of employees

More than 2.500

Industry

Transportation and logistics

Source

Invited by the vendor, The Planning Survey 24, 04/2024

What do you like best?

Ease of use as admin and user.

What do you like least/what could be improved?

Complexity of communication between consolidation and FP&A. Logging/trail in FP&A.

What key advice would you give to other companies looking to introduce/use the product?

–

How would you sum up your experience?

User friendly software.

Role

IT employee

Number of employees

More than 2.500

Industry

Services

Source

Invited by the vendor, The Planning Survey 24, 04/2024

What do you like best?

Excel Add-Ins.

What do you like least/what could be improved?

Documentation for exporting to SQL.

What key advice would you give to other companies looking to introduce/use the product?

Take a large piece of paper and draw what you want to go into Prophix and what you want to get out of it.

How would you sum up your experience?

Good.

Survey Information

Number of reviews for Prophix

Reviewed versions

V11 5%, V12 37%, V2023 58%

Peer groups in the survey

Midsize/Departmental Implementations, Products for Planning, Budgeting & Forecasting, Integrated Products for Planning and Financial Consolidation, Worldwide Implementations

Interactive planning software comparison

Compare financial planning products with our interactive self-service tool, The Planning Survey Analyzer.