Prophix

Founded in Canada in 1987, Prophix began as a software distributor implementing financial applications. In the year 2000, Prophix released its own CPM software, also called Prophix, recognizing the market’s need for innovative planning and reporting systems. In January 2021, Prophix received significant investment from Hg, a leading global software investor, to accelerate and scale the vendor’s growth and fund further development of its product capabilities. As the first instance of inorganic growth in the company’s corporate history, in October 2021, Prophix began accelerating and scaling its growth through the acquisition of Sigma Conso, a Belgian financial performance management (FPM) specialist with a strength in financial consolidation and close. Prophix now has more than 450 employees worldwide and over 2,500 active customers in more than 110 countries around the globe, 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, for example in Europe.

Prophix is a unified corporate performance management (CPM) solution that delivers insights into and automates finance, operations and business performance processes with a focus on business user experience and ease of use to streamline model and process management. The product covers planning, budgeting and forecasting, reporting and analytics. Data and metadata in Prophix is stored in Microsoft SQL Server as well as in Analysis Services, the database’s multidimensional component. Sigma Conso has its strengths in FPM, offering software for financial consolidation and close, management reporting, intercompany reconciliation as well as specialty solutions for IFRS 16 and iXBRL.

Prophix places an emphasis on serving business departments (e.g., finance) in midsize companies across all industries with typically 50-100 users per implementation. However, there are a number of much larger implementations too. Prophix is available in the cloud leveraging Amazon Web Services (AWS). As a cloud-native product, Sigma Conso ties in well with Prophix’s future cloud strategy.

The software is a flexible development environment which does not confine itself to any one single planning topic (financials, sales, HR etc.). The product can be used to create individual planning applications with capabilities for top-down and bottom-up planning including workflow functions to control planning processes. It contains little predefined business content (e.g., for specific industry verticals). However, partners do offer prebuilt content for certain topics and industries (e.g., construction).

Besides planning, Prophix also provides capabilities for BI and analytics. Standard reporting in a formatted and (if required) print-oriented way 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. For more advanced dashboarding, data visualization, BI and analytics, data sets from Prophix can be integrated and used in Microsoft Power BI.

Planning templates, like reports, are created in a user-friendly, Excel-like environment in Prophix. An HTML5 web client and Excel add-ins are available as front ends to enter plan data or to work with reports, analyses and dashboards. Reports, plans, budgets and forecasts can also be pushed to PDF through a scheduled process or on demand. The software can be embedded within PowerPoint allowing analysis of live data in presentations.

With recent product enhancements such as a virtual financial assistant, Prophix continues to simplify and automate the use of its solution for business users by leveraging AI, ML and natural language processing techniques. Major use cases today are anomaly detection (e.g., for fraud prevention), insights (e.g., contribution analysis, trend analysis, variance explanations) and task assistance (e.g., automation of routine processes) with more to follow in the future.

User & Use Cases

75 percent of Prophix users are planning users – significantly above the survey average of 64 percent – reflecting the fact that Prophix is essentially an integrated planning and CPM tool with strong planning but also BI and analytics functionality. This is also reflected in its typical use cases. Customers leverage Prophix mainly for financial planning (90 percent) but also operational planning (63 percent). Here, planning takes place at different aggregation levels. Prophix is particularly used for budgeting (90 percent) and forecasting (53 percent). Besides planning, customers mainly use the software for ad hoc query (81 percent), standard/enterprise reporting (77 percent), dashboards/scorecards (55 percent) and data analysis (53 percent). Many respondents plan to use it for forecasting (33 percent), operational planning (23 percent) and dashboards/scorecards (23 percent) in the future.

Prophix targets mid-sized companies across all industries. 84 percent of our sample of Prophix customers come from mid-sized companies (100-2,500 employees) with a median of 40 users (including 25 using planning functionality), but the mean of 61 users (52 for planning) indicates there are also some larger implementations.

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Prophix

Peer Groups BI & Analytics-Focused Products, Financial Planning & Consolidation-Focused Products, Midsize/Departmental Implementations, Operational Planning-Focused Products, Performance Management Specialists
VendorProphix
Number of responses31
ProductProphix
OfficesWorldwide offices in Canada (HQ), North America, United Kingdom, Europe, Asia, South America
Employees450+
Customers2,500+
Websitewww.prophix.com