It’s that time of year again. Analysts are releasing their annual reports on CPM vendors and the EPM marketplace. Over the past several weeks, Dresner Advisory Services published their Wisdom of Crowds® Enterprise Planning Market (EPM) Study, BPM Partners released their annual Pulse Report, and G2 published their Summer 2020 rankings. As in previous years, these reports summarize findings from customer surveys and outline market trends and vendor assessments.
Dresner EPM Study: Positions Prophix As A Best-in-Class Vendor
This report is well-regarded, and it was rewarding to see Prophix once again named as an Overall Experience & Credibility Leader by Dresner Advisory Services for the sixth consecutive year.
The overall score for Prophix was, yet again, higher than any previous year and consistently higher than the overall sample. Prophix also received a perfect recommendation score (a 5 on a 1-5 scale) from our customer references and placed in the upper-right leader quadrant for both models.
Below are Dresner’s two models that capture Prophix’s position as an Overall Experience & Credibility Leader.
- Customer Experience Model – a mapping and ranking of vendors’ product/technology, sales, and service
- Vendor Credibility Model – a mapping and ranking of how customers perceive a vendor relative to “confidence” and “value”.
With scores consistently above the overall sample, Prophix is an Overall Leader in both Customer Experience and Vendor Credibility models. It is best in class for sales professionalism, product integration with third-party technologies, product ease of administration, and technical support professionalism. It maintains a perfect recommend score.
We also improved our overall score in the Detailed Vendor Ratings from previous years. Dresner Advisory Services describes the benefits of Prophix in their report:
Shortly after the publication of the report, Dresner Advisory Services issued its annual Industry Excellence Awards based on vendor ratings from the Customer Experience and Vendor Credibility models in the Wisdom of Crowds® market study. Prophix was recognized as an Overall Leader in Enterprise Performance Management and received an Industry Excellence Award from Dresner.
Dresner’s Observations on Market Trends
One reason why this report is so well regarded is because of the depth of analysis of both vendors and the market. Dresner noted several key trends in this year’s issue.
According to the study, the adoption of Enterprise Performance Management software (EPM, a.k.a. CPM) increased in 2020, providing evidence of growing market maturity in the last 12 months. Fifty-five percent of respondents already use or are currently evaluating EPM software.
Dresner also underscored that CPM is an important technology, with 78 percent of respondents rating it as a ‘critical,’ ‘very important,’ or ‘important’ this year. The report also found that annual financial budgets remain the highest priority planning capability in Enterprise Performance Management. This year, 59 percent of respondents sourced EPM software from specialist vendors, up from 50 percent in 2019.
BPM Pulse Report: Prophix Ranks Ahead of Competitors
In BPM’s Pulse Report, our overall rating increased from 4.57 to 4.59, placing us in the “Excellent” category and in a better position than nearly all competing vendors. Prophix’s ranking has improved two years in a row.
In addition, the report underscored Prophix’s key core strengths as ease of use, low total cost of ownership, depth and breadth of functionality, and integrated business planning.
2020 BPM Pulse Awards
As a lead up to their Pulse Report, BPM Partners also announced the 2020 BPM Pulse Awards. These awards recognize a select group of vendors for their high rankings across a series of categories. This year Prophix placed in 5 of 6 possible categories – more than any other year!
In each category, vendors can achieve a rank from 1-5, with 1 considered low and 5 considered outstanding. A score of “Excellent”, which Prophix achieved, equates to a 4.5-4.74 out of 5.
Prophix received the following awards from BPM Partners:
- Overall satisfaction – EXCELLENT
- Ease of use – EXCELLENT
- Finance self-sufficiency – EXCELLENT
- Reporting functionality – OUTSTANDING
- Budgeting & Planning – EXCELLENT
Market Trends According to BPM
As part of their Pulse Report, BPM also provided observations on broader CPM market trends. Despite the economic impacts of the pandemic, BPM predicts deployments of CPM software to continue to increase. In prior annual reports, they estimated 52 percent growth in the adoption of CPM software. This year, they are predicting a 62 percent increase.
BPM also reports that cloud migration is accelerating, with more than 75 percent of organizations either already on the cloud or planning to move.
Another trend identified by BPM is the expansion of workforce planning, which presents an extended business use case for CPM software. The expansion of workforce planning includes managing resources and skillsets to achieve business goals, enhanced collaboration across departments, and an increased interest in predictive forecasting with machine learning. This trend is very much in line with Prophix’s functionality, given the collaborative capabilities of our software and our Artificial Intelligence features, which are already a key aspect of our product roadmap in 2020 and beyond.
G2 Summer 2020: Prophix is a Mid-Market Leader
G2 scores products and vendors based on reviews gathered from their user community, as well as data aggregated from online sources and social networks. Together, these scores are mapped on the G2 Grid®, which can be used to compare products, streamline the buying process, and identify the best products based on the experiences of other users.
Thanks to high ratings from G2 users and a strong market presence, we placed in the Leader Quadrant of the G2 Grid®. We also received several other Summer 2020 award badges from G2 including:
- Easiest To Do Business With – Enterprise
- Higher Performer – Enterprise
- Higher Performer – Mid-Market
- Mid-Market Leader
- Momentum Leader
- Users Love Us
Thank You to Our Customers
We wouldn’t be so widely recognized as a top CPM vendor without our customers. We deeply appreciate every user who has taken time out of their day to review Prophix and provide feedback on our functionality and capabilities.