Prophix versus Vena: a side-by-side comparison
In a world where there are thousands of software solutions for every business need, how do you narrow it down and choose the right one to support you and your business?
It’s helpful to set out your own business objectives first and what you need a solution to do to support those objectives.
Ask yourself a few questions: What are your business needs? What are your reporting and analysis goals? Do you need a solution that can scale with you as your team and priorities grow and change too?
And most importantly, “Can this solution do this so I can do that?” For example, “Can Prophix automate key financial processes to free up more time for analysis?” (We’ll give you the answer here: Yes!)
But what if you land on two solutions that look to do the same thing? How do you differentiate solutions?
It helps to look at the details. The good news is that we’ve done some of that for you!
In this post, we’ll look at:
- How Prophix and Vena bring your data together
- How Prophix and Vena allow you to analyze data and build reports
- How to pick the right solution for you
How Prophix and Vena bring your data together
Let’s take a look at Prophix and Vena side-by-side when it comes to bringing your data together in one place and using that data to inform your business decisions.
Bring data together
Prophix
Data integration with your accounting, ERP, CRM, HRIS to automate data collection into a unified solution. Additionally, Prophix can import Excel and CSV files from your local system, and SQL sources. Our API lets you connect with almost any business system.
Vena
Vena’s Growth Engine integrates with ERP, CRM, HRIS, and other source systems to import Excel and CSV files from your local system or cloud storage applications into its centralized database.
Additionally, you can connect your data from SQL databases or a data warehouse with their interface.
Data integrity
Prophix
Data collection is pulled in from your systems and automatically refreshes in Prophix on a scheduled basis or when triggered manually.
Vena
Data collection is done through Excel or CSV files that might require manual data entry/changes, leaving a greater margin for error.
Building workflows
Prophix
Workflow automation and Task Assistant automate your repetitive tasks to eliminate manual input and increase your efficiency.
Vena
Workflow builder allows you to build process maps, automate repetitive tasks, set reminders, and track progress.
Data security
Prophix
Data security and regulatory compliance are top priorities. We have obtained SOC 2, HIGHTRUST and TRUSTe Enterprise Certification, along with several other industry recognized compliance certifications. More information on the certifications we've obtained can be found here.
You can also assign security controls by user, role, or group. Security is defined down to the member-level of detail within each dimension of every model.
Role based security is designed to automatically suppress pages and rows of data in a report based on preset user permissions.
Vena
Basic data security (user permissions, data transfers, and AES 256-bit encryption) with SOC 1 and SOC 2 compliance.
Changes and audit logs
Prophix
The Audit Log captures all data additions/changes in a central location. The Audit Log shows which user make changes and when, and tracks how the data was updated for complete transparency.
Vena
Version history allows you to roll back to previous versions. All spreadsheet files are time, date, and user stamped so you can track who made updates or changes to the data, and when.
How Prophix and Vena allow you to analyze data and build reports
Now that your data is all together in one place, what can you do with it? Let’s look at Prophix and Vena side-by-side for reporting and analysis.
Data analysis and visualization
Prophix
Prophix has structured business intelligence (BI) in a single interface and fully unified solution so you can build dashboards and reports to see the story behind your numbers—all within our platform.
From your dashboard, you can view linked reports, perform ad-hoc analysis, or drill into underlying transactions for data analysis in one place.
Vena
Vena doesn’t have built-in data analysis functionality. To tell the story with your numbers, you, users need to use the Power BI connector to build dashboards and reports to analyze data.
Custom reporting and dashboards
Prophix
Within a single interface, you can view your dashboard, summary report, launch ad-hoc analysis, or drill into the details of your data.
Self-serve ad-hoc analysis allows all users to create reports at any time using the same clean data. Data in your reports and dashboards automatically refreshes on a scheduled basis or when triggered manually, so you can trust that you're making decisions on accurate, up to date data.
Customize your dashboard based with different chart types or drill up or drill down for a detailed look. Visualize the metrics that matter to you and your business, so you have the insights you need at your fingertips.
Vena
Vena requires you to build pivot tables with manual data entry, which requires a tech-savvy skillset to build any advanced templates.
In the case of simpler reporting, Vena offers pre-built report templates for easy analysis.
Consolidation
Prophix
Robust cloud-based consolidation application with pre-defined parameter sets like local GAAP, IFRS, and report templates.
The consolidation application scales with you based on size and scope, so you can ensure your consolidations are done with accuracy to meet your business requirements.
Vena
Consolidations are done in partnership with Fluence Technologies to offer an integrated solution that includes financial planning and analysis, extended planning, and financial close management.
How do I know which solution is right for me?
As we mentioned at the beginning, choosing the right solution comes down to the needs of you, your team, and your business. Features, integrations, and pricing are all contributing factors to making a choice.
As you grow, Prophix grows with you. Our purpose-built platform was built for finance leaders, by finance leaders, so you can handle your most complex financial processes in one place.
See what our customers are saying about Prophix and why it’s the right financial performance management solution for them!
This blog post was last updated in July 2023, and is part of our ‘Prophix versus’ series. Check out Prophix vs. Excel, and Prophix vs. Planful.
See more from our ‘Prophix versus’ series
Prophix versus Planful: a side-by-side comparison
Let's take a side-by-side look at Prophix versus Planful.
Prophix
Sep 19, 2023, 11:00:00 PM
Financial Consolidation Software: Prophix versus LucaNet
Today, we're looking at two choices: Prophix and LucaNet.
Prophix
Nov 8, 2023, 10:52:00 AM
Prophix versus Fluence Technologies: a side-by-side comparison
How do you choose the right financial consolidation software?
Prophix
Dec 14, 2023, 12:00:00 AM
