Nucleus Praises the Value of Prophix
Mike Tindal
Mar 2, 2020, 3:24:00 AM
An important goal for any software vendor is to be able to show that their solution isn’t just automating a process, but is also generating real, tangible value for its users. With that goal in mind, Prophix has engaged with Nucleus Research, a firm that specializes in Return on Investment (ROI) analysis. The result of this collaboration is a case study compiled by Nucleus, based on their analysis of Dime Community Bank. Dime Community Bank is a financial services company using the Prophix Cloud Corporate Performance Management (CPM) solution to help better manage and modernize its budgeting and financial data management capabilities across all its departments in 29 locations (see “Nucleus Research ROI Case Study: Prophix – Dime Community Bank”).
The bottom line is that the investment Dime Bank made in Prophix paid for itself in about 18 months by significantly improving employees’ financial planning capabilities. Specifically, what the Prophix CPM solution provided was the ability to automate the process of data collection and consolidation, which was previously done manually via spreadsheets. It also allowed for the introduction of variance analysis to its strategic planning for higher-level results and reporting, including tracking actual performance against planned forecasts.
So, how did these improvements generate tangible value? By leveraging Prophix’s CPM software, Dime Community Bank found savings by reducing the time it took to manually complete its data consolidation and budgeting processes. Similarly, Prophix’s customizable templates for reports and dashboards simplified complex calculations at month-end and during budget season, creating value and improving user productivity. Lastly, Prophix’s software enabled the bank’s employees to drill-down into common datasets, identifying and analyzing areas of strong and weak performance, which resulted in both time savings and process efficiencies.
Arguably, Prophix is well regarded by its customers in large part because of an emphasis on “value creation.” The company has an enviable Net Promoter Score (NPS) ranking of 78. This industry measure of customer satisfaction and likelihood to recommend has an average ranking of between 35 and 45, with anything above 70 considered exceptional. This strength was also highlighted in a recent market study completed by Nucleus Research (“Nucleus CPM Value Matrix – February 2020”).
The report, which analyzes and ranks various CPM vendors, assesses their relative capabilities by looking at how easy the application is to use and what range of functionality the product provides. In the latest issue of the CPM Value Matrix report, Prophix moved up significantly in the ranking, one of the few placing in the “Leader” quadrant. Nucleus noted that Prophix’s “investments in usability and task automation help its customers realize value quickly which leads to strong brand loyalty and long-lasting deployments.”
Whether it’s Dime Community Bank or one of 1600+ customers actively using Prophix today, users realize a rapid return on their investment in the software because its continually improved and enhanced based on direct feedback from the market and customers. One of the guiding principles for the company is to “seek shared success,” and this correlates to ensuring our customer deployments create real value. The result is that Prophix has more customers, with relationships that have lasted years, than most vendors in the space.