Prophix

Founded in Canada in 1987, Prophix started out 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. Today, the vendor has more than 280 employees worldwide and over 1,600 active customers in more than 100 countries, mainly in North America, covering all company sizes and industries.

In January 2021, Prophix announced a significant investment from Hg, a leading global software investor, to accelerate and scale the vendor’s growth and fund further development of its product’s capabilities.

Prophix is a unified 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 is focused on planning, budgeting and forecasting, reporting, analysis and financial consolidation and close. Data and metadata in Prophix is stored in Microsoft SQL Server as well as in Analysis Services, the database’s multidimensional component.

The vendor has a strong focus on business departments (e.g., finance) in midsize companies across all industries with typically 50-100 users per implementation. However, there are also some much larger implementations. Prophix is available in the cloud leveraging Amazon Web Services (AWS).

The software is a flexible development environment which does not confine itself to any one single planning topic (financials, sales, HR etc.). It 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.

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.

Like reports, planning templates 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. Prophix offers the ability to embed the software within PowerPoint allowing the 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 artificial intelligence, machine learning and natural language processing techniques.

User & Use Cases

Besides planning, customers mainly use Prophix for ad hoc query and reporting (88 percent), standard/enterprise reporting (68 percent) and financial consolidation (59 percent). 52 percent of respondents plan to use it for advanced analysis in the future. Prophix targets mid-sized companies across all industries. 68 percent of our sample of Prophix customers come from mid-sized companies (100-2,500 employees) with a median of 39 users (including 23 using planning functionality), but the mean of 64 users (46 for planning) indicates there are also some larger implementations. 71 percent of Prophix users are planning users – significantly above the survey average of 66 percent – reflecting the fact that Prophix is essentially an integrated planning and CPM tool.

Current vs. planned use (besides planning)

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Percentage of employees using Prophix

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Planning users (as a percentage of all users)

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Total number of users per company

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Planning users per company

N=34

Company size (number of employees)

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Prophix

Peer Groups BI & Analytics Products, Financial Performance Management Products, Integrated Corporate Planning Products, Midsize/Departmental Implementations, Performance Management Specialists
VendorProphix
Number of responses34
ProductProphix
Offices7 offices worldwide in Canada (HQ), United States, Denmark, United Kingdom, Germany and Brazil
Employees>280
Customers>1,600
Revenues (2020)Undisclosed
Websitewww.prophix.com