Introducing Prophix One, a Financial Performance Platform

Prophix ImageProphix Apr 3, 2024, 11:00:00 AM

Prophix is thrilled to announce the launch of Prophix One, a Financial Performance Platform.

Prophix One, a Financial Performance Platform.

Prophix One
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Created to address the most critical challenges faced by today’s finance leaders, Prophix One provides access to next generation finance capabilities that streamline processes, enhance decision-making, and drive business growth, all from a single point of entry and authentication.

To develop Prophix One, we went directly to the source, gathering in-depth feedback from customers, partners, industry analysts, and advisors so that we could create a platform purpose-built for the Office of the CFO – from accounting to finance. The result is an ultra-adaptable, collaborative toolset that enables organizations to navigate complexity and control financial outcomes accurately and precisely.

Prophix One is a major step forward for the midmarket Office of the CFO, in particular, by providing access to next generation finance capabilities without the need to overhaul existing infrastructure. So much hard work and critical decision-making went into the development of Prophix One, and we look forward to sharing more details on the platform in the weeks ahead.

For now, here are answers to some key questions:

What is Prophix One?

Prophix One is a financial performance platform that addresses multiple jobs within the Office of the CFO. A collection of applications that share common authentication and platform capabilities, such as Portal and Data Integration, enables organizations to start with any application and have a path to leverage others as their needs evolve.

What are the main benefits of Prophix One?

For many organizations, processes within the Office of the CFO are interdependent, but the technology stack is fragmented, leading to an inconsistent user interface, disconnected processes, disparate databases, and a high potential for data inaccuracies.

Prophix One provides a single-entry point and common authentication to launch Prophix One applications, for a streamlined user experience and data sharing from one single version of the truth.

Key advantages for finance leaders include:

  • Advanced Data Processing: Unlike most midmarket offerings, the platform incorporates in-memory cube technology for enhanced performance, enabling finance teams to handle complex planning and large datasets with increased speed, precision and accuracy.
  • Workflow, Security & User Management: Offering a single point of user authentication and centralized user management, Prophix One is ultra-adaptable to fit within any finance department securely.
  • Monthly Account Reconciliation and Validation: A focus on financial accuracy with advanced tools for monthly reconciliation and validation, uniquely positions Prophix One as a strategic asset for precise financial statements among market competitors.
  • Strategic Cash Flow Forecasting: Prophix One empowers finance leaders with advanced modeling for accurate cash flow forecasting, helping organizations confidently navigate financial waters.

What makes Prophix One stand out?

A unique combination of robust security, single access point, and consistent user interface makes the Prophix One experience seamless. Alternative solutions typically rely on partnerships to fill gaps or simply bundle multiple tools under one cloud architecture. Prophix One, however, is designed for rapid integration and expansion. It lays a solid foundation for innovation and growth, introducing new ways to enhance cross-functional value through a shared platform.

See what analysts are saying about Prophix One:

“As organizations seek to streamline and automate the many processes within the finance department, the ability to address multiple tasks – from financial close and consolidation to financial planning – within a single platform and centralized source of data, will have a significant positive impact on productivity,” said Craig Schiff, President & Lead Analyst, BPM Partners. “Prophix One meets this need with a flexible, responsive, and secure platform that controls end-to-end financial processes and data from a single point of entry. Growing midmarket organizations will especially appreciate Prophix One's ability to address a wide range of needs, from close to planning, while easily scaling with their businesses over time.”

“The arc of technology is reducing the gap between what large enterprises have always had and what's practical for midsize organizations,” observed Robert Kugel, Executive Director for Business Software at ISG-Ventana Research. “Prophix One provides midsize organizations with an enterprise-level experience that relies on one core source of data for planning, budgeting, reporting, consolidation and close. A single point of entry enables workflow, user management, and security that appreciates the needs and constraints of midsize finance departments that are typically being asked to do more with less.”

Craig Schiff Quote on Prophix One

See what you can do with Prophix One

The next generation of finance is here. One portal, one experience, one single version of the truth. All on one platform.

See what you can do with Prophix One.

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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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