A behind the scenes look at Prophix One

Prophix ImageProphix Apr 4, 2024, 9:00:00 AM

Over the past decade, technology for the Office of the CFO has seen massive growth. Suddenly, finance, accounting, and IT teams find themselves buried under the weight of managing multiple software integrations, toggling between various applications, executing tasks offline, and reaching out to numerous support desks.

An Activant Research survey highlighted this burden, showing that the average finance and accounting team juggles 20 software vendors. That's 20 contracts to oversee, 20 sets of data to integrate, 20 new tools to master, and 20 customer service teams to deal with. It's reached a point where trying to do more has started to yield less.

But here at Prophix, we know that there’s a better way.

Enter Prophix One, our all-new, groundbreaking Financial Performance Platform. Designed to address the most pressing issues faced by the Office of the CFO, Prophix One offers an adaptable and collaborative toolkit to cut through the complexity, and steer financial results with unmatched accuracy and precision.

Let’s dive into what the next generation of finance looks like, and how Prophix One will help you get there. We’ll also share what went into building Prophix One, and how you can use it to drive business performance.

What is Prophix One?

Prophix One, a Financial Performance Platform, addresses the most critical and rapidly evolving challenges faced by today’s finance leaders by empowering companies with the next generation of finance capabilities. With Prophix One, it’s easy to streamline processes, enhance decision-making, and drive business growth, all from a single point of entry and authentication.

Prophix One is purpose-built to deliver a holistic approach to financial planning, financial close and consolidation, accounting, compliance, budgeting, and reporting, and has been designed to add new capabilities quickly.

Why now is the right time for Prophix One

Bain Capital's 2023 survey highlights a growing demand among CFOs for a financial performance platform that can act as a unified source of truth across various business units and the entire CFO tech stack. This desire was also reflected in our own survey of finance leaders, where CFOs unanimously emphasized the importance of having a single version of data truth for successful business operations, highlighting its role in ensuring consistency, reliability, and accuracy in decision-making.

Accenture's 2023 survey further validates this, with 76% of CFOs agreeing that without a unified view across business units, achieving their objectives becomes significantly more challenging. The survey points towards an increasing preference for broader platform solutions that integrate multiple functionalities into a cohesive suite, either through internal development or through mergers and acquisitions.

Prophix One is our answer to these challenges. It's designed to streamline the diverse tech stacks CFOs manage today by providing a single, integrated platform that supports better business outcomes.

The making of Prophix One

In early 2023, our vision for Prophix One was crystal clear. Scott Lawrence, Vice President of Product Management at Prophix, shared his vision of an all-encompassing platform with every tool you need at your fingertips. This platform would build on our existing capabilities like financial close, enhanced with robust Financial Consolidation and Intercompany Management applications, and incorporate new additions like Account Reconciliation and Disclosure Management.

This wasn't just about adding features; it was about crafting a comprehensive solution tailored to the unique needs of CFOs and their teams, pushing beyond what we had offered before.

Our goal? To deliver a seamless, integrated enterprise experience, especially for the mid-market, that was previously out of reach.

Fueled by this ambitious vision, our Product Management and Engineering teams hit the ground running. The journey began with Prophix One Portal, a single point of entry to everything the platform offers.

We also teamed up with IRIS CARBON ® to integrate Disclosure Management and XBRL, broadening our suite of tools. Account Reconciliation quickly became a priority, driven by our customers' feedback, and was previewed at Prophix Live!, our annual user conference.

Prophix One Account Reconciliation also incorporates Workflow, which guides users through business processes via integrated workflows. Our aim is to further enhance this functionality, making business process checklists a reality across Prophix One, a Financial Performance Platform.

Now, more than a year after that initial vision was shared, Prophix One is stepping into the spotlight, ready to revolutionize how finance and accounting leaders achieve their goals with confidence.

Prophix One Financial Performance Platform

How industry analysts view Prophix One

The recent unveiling of Prophix One to key industry analysts from BARC, BPM Partners, Dresner Advisory Partners, Gartner, Nucleus Research, and Ventana Research has generated a wave of positive feedback, underscoring the platform's alignment with the evolving needs of finance and accounting leaders. The consensus among experts is clear: Prophix One stands out as a comprehensive solution capable of revolutionizing financial management processes.

Craig Schiff of BPM Partners highlights Prophix One's ability to centralize control over financial processes and data, a feature that promises to significantly boost productivity within finance departments. This flexibility and security, coupled with the platform's scalability, make it an ideal choice for growing midmarket organizations seeking to streamline everything from financial close to planning.

Echoing this sentiment, Robert Kugel from ISG-Ventana Research points to the narrowing technology gap between large and midsize organizations. Prophix One levels the playing field, offering midsize organizations an enterprise-level experience with a unified data source for essential financial tasks, all accessible through a single entry point. This approach not only streamlines workflow but also addresses the common challenge of resource constraints in midsize finance departments.

Howard Dresner of Dresner Advisory Services references the increasing importance of performance management software in enabling cross-functional solutions. Prophix One's centralized data source facilitates a comprehensive suite of finance functions, aiding organizations as they grow and become complex.

Lastly, Christian Fuchs from BARC praises Prophix One for its integrated, user-friendly, and comprehensive financial performance management capabilities. The platform's focus on precision, accuracy, and transparency in data management meets the demands of companies seeking a holistic approach to financial planning and analysis.

Robert Kugel Quote on Prophix One

Key features and benefits of Prophix One

Prophix One’s state-of-the-art experience combines core platform capabilities with applications for Account Reconciliation, Intercompany Management, Financial Consolidation, Disclosure Management, Financial Planning and Analysis, Integrated Business Planning, and Reporting and Analytics.

Prophix One simplifies finance tasks from closing to planning, enhancing workflow efficiency and planning regularity with a seamless user experience. Key advantages for finance leaders include:

  • Data Integration: Stop the hassle of managing data across different systems and spreadsheets. Prophix One simplifies data management by centralizing it in one place, ensuring all applications use and share the same accurate data. This keeps everyone on the same page with aligned information.

  • Advanced data processing: Use in-memory technology to enhance performance, allowing finance teams to quickly and accurately manage complex plans and large amounts of data.

  • System access: Prophix One gives you one simple way to log in and smoothly switch between different applications.

  • Workflow, security & user management: Prophix One provides a secure, single login and easy management of users, making it flexible for any finance team. Its straightforward design also makes training easier as you use the platform more.

These features and benefits are what position Prophix One as a truly integrated Financial Performance Platform experience. Allowing you to start wherever you need, and as your needs expand you can grow and solve additional problems with the same platform.

The next generation of finance, powered by Prophix One

Now that we’ve successfully launched Prophix One, a Financial Performance Platform, it’s time to look ahead to what’s next.

First, we’re going to continue to invest in our existing customers and applications, by refining platform-level dashboards and visualizations, improving self-service, making enhancements to Account Reconciliation (e.g., transaction matching), optimizing model lifecycle management, and much more.

We also plan to add the most-requested capabilities from our customers, including functionality for accounting and compliance, ESG regulatory compliance, Pillar 2 Tax , lease accounting, and cash flow planning.

And let’s not forget about Artificial Intelligence (AI). The progress we’ve seen in AI over the past year has been incredible. We are continuing to research ways to incorporate AI into Prophix One to support user enablement, data management, repetitive task reduction, and the acceleration of reporting and understanding of data.

Ready to see Prophix One in action? Book a demo today.

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Prophix

Ambitious finance leaders engage with Prophix to drive progress and do their best work. Leveraging Prophix One, a Financial Performance Platform, to improve the speed and accuracy of decision-making within a harmonized user experience, global finance teams are empowered to step into the next generation of finance with no reservation. 

 Crush complexity, reduce uncertainty, and illuminate data with access to best-in-class automated insights and planning, budgeting, forecasting, reporting, and consolidation functionalities. Prophix is a private company, backed by Hg Capital, a leading investor in software and services businesses. More than 3,000 active customers across the globe rely on Prophix to achieve organizational success.

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