Prophix Recognized as a Leader in the 2023 Nucleus Research CPM Technology Value Matrix
MISSISSAUGA, ONTARIO – Prophix, a leading global platform for financial performance management, today announced it has been ranked as a “Leader” in Nucleus Research’s “2023 Corporate Performance Management (CPM) Technology Value Matrix.” In its 2023 report, Nucleus Research evaluated vendors based on their usability and functionality, as well as how the vendors deliver value to customers through product capabilities. The research serves as a snapshot of the CPM technology market, helping to inform customers and prospects of how vendors are delivering value, and taking stock of what can be expected in the future based on present investments.
“As this year’s Nucleus report highlights, external market pressures and economic uncertainty are motivating finance professionals to turn to technology for agile budgeting and planning,” said Alok Ajmera, President and CEO of Prophix. “Our goal at Prophix is to fundamentally change how people work in the Office of the CFO by continuing to drive innovation, particularly during these times of uncertainty. Leveraging advanced AI and ML capabilities, we provide customers with consistent access to the data insights they need to predict and plan for a variety of future scenarios and adjust forecasts accordingly. This recognition from Nucleus is further validation of our customer-driven approach to leading edge financial performance management.”
According to the Nucleus report, Prophix is “designed to be easy to use, even for those without a background in accounting or finance.” The report underscores enhancements Prophix has made over the past year to improve usability and customization. Nucleus specifically highlights:
- Prophix’s natural language and machine learning capabilities that identify anomalies in data and automate common tasks to streamline FP&A processes;
- The platform’s variety of pre-built templates and reports to help users create financial statements; and
- Prophix’s user interface, which reduces the complexities and limitations of using spreadsheets while integrating with Microsoft Excel to enable a broader range of users to utilize the system.
The report also recognizes the significant product improvements Prophix has made over the last year through organic development and targeted acquisitions, including:
- The complete integration of enterprise-grade financial consolidation and intercompany management capabilities and increasing the company’s global footprint, through the successful Sigma-Conso acquisition;
- The release of Prophix Data Integration Studio to streamline integrations with other business systems without the need for a separate solution or dedicated IT; and
- Extended generative AI capabilities with automated report narratives and Reporting Insights to accelerate decision making and analysis.
To download the full Nucleus Research “CPM Technology Value Matrix” report, click here.