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.
Prophix, founded in 1987 and headquartered in Mississauga, Ontario, is a Leader in the 2020 CPM Value Matrix. Prophix completed its transition to a cloud delivery business model in 2018 and offers functionality for PBF, FCC, reporting, and integration with Microsoft Office. The solution provides workflow automation, in addition to analytics capabilities such as dashboards and data visualizations. Nucleus has observed that Prophix’s flexibility and ease of use make it an attractive choice for midmarket customers, especially those who are looking to upgrade from manual spreadsheet-based processes. The vendor’s investments in usability and task automation help its customers realize value quickly, which leads to strong brand loyalty and long-lasting deployments.
In March 2019, Prophix achieved the ISO/IEC: 27001:2013 security certification for its cloud services. In April, it secured C$10M of debt financing to support its product development and customer growth plans. Prophix also announced new partnerships with the consultant Percipient in April, and the software providers Ellucian and Acumatica in May and August, respectively. The vendor also joined Vertafore’s Orange Partner Program to help insurance customers with their planning and financial management processes. Finally, in November, Prophix launched its Virtual Financial Analyst, delivering updated AI-based capabilities, including Anomaly Detection, Chart Insights, and Natural Language Processing.
In 2020, Nucleus expects Prophix to continue expanding its presence as a flexible platform that is well suited for both midmarket and enterprise-level Corporate Performance Management (CPM) requirements. Nucleus sees Prophix maintaining its advantage in usability and matching its functionality development pace with overall market trends.