It’s been a chaotic time for the Office of Finance. Economic uncertainties, although not in the office of finance’s purview to impact or influence, demand their attention when it comes to stepping up as a strategic voice in the company. CFOs are now more aware than ever that traditional, manual methods for budgeting, forecasting, and planning aren’t adequate.
While CFOs have long recognized the limitations of using disconnected spreadsheets as their primary tool, almost two-thirds of finance teams still use spreadsheets as part of their budgeting and forecasting processes. But it’s an ineffective and inefficient way to plan, as Excel relies on manual processes to share spreadsheets, correct mistakes, and source data.
As a result, organizations are actively pursuing FP&A automation in 2022. According to a recent survey conducted by CFO Dive, over two-thirds of
respondents have a 2022 target of implementing automation to manage over 50% of their FP&A processes by the end of the year. In contrast, slightly less than half of the organizations surveyed currently utilize automation to reach this goal.
All of this aligns with what we aim to do at Prophix. Prophix’s goal is to eliminate the issues associated with the modelling and planning using disconnected spreadsheets. At the same time, we understand and acknowledge the familiar aspects of traditional, manual planning.
That’s why we’re so excited about our latest product release, 2022.2.0. We’ve made several refinements to automation that further improve the user experience through a new visualization, enhanced reporting capability, and interoperability with Excel. This interoperability with Excel allows Prophix users to leverage the backend planning power, performance and security of Prophix while providing the user with the flexibility to model and plan in the interface best suited for their specific role or use cases.
Here’s more on the features you’ll find in this exciting release.
Prophix Analyzer Enhancements
Prophix Analyzer, part of Prophix for Microsoft 365, allows your Prophix information to become the primary data source for Excel modeling and analysis. Prophix Analyzer maintains a link back to your Prophix data so you can pull your latest planning data into Excel for further analysis.
The latest enhancements to Prophix Analyzer allow you to quickly build Excel worksheets with flexible layouts that link back to your Prophix models. Create Prophix functions in Excel using existing data views and pull specific data points from your Prophix models, enabling more complex modeling in Excel.
Waterfall Dashboard Chart
Who doesn’t want insights faster? Prophix’s self-service dashboards allow you to start your day in the most efficient and informed way possible. Charts are automatically generated with the latest data to present overviews of key metrics and KPIs. Identify, monitor, measure, and analyze the most important insights into your company’s performance.
Stakeholders and leaders can visualize the “here and now” with Prophix dashboards that present data unique to each person. New in this release, users can create Waterfall visualizations that show the relationship between a starting value and the associated elements that drive a result.
Improved Data Filtering
Reports are the backbone of viewing and interacting with business-driving data, but budgeting for large data sets comes with its own intricacies and nuances. This is especially the case as your company grows, or if you conduct business in a particularly complex industry with needs for secure access to data.
Prophix offers an integrated, innovative way to improve your annual budgeting process, which creates more time for analysis and helps you understand profitability drivers in your business. In this release, we’ve enriched this experience by adding advanced filtering capabilities that optimize how to obtain specific data that’s relevant to you.
While we don’t know when the uncertainty in the world will normalize, what we do know is this: in order to succeed during these times, finance teams need to be empowered to streamline processes, gain insights faster and improve their agility. Those actions remain top of mind at Prophix as we deliver enhancements in our releases and continue innovating our solutions.