With 2020 firmly behind us, a key takeaway is that FP&A has never been more important to the success and ongoing survival of the organization it serves. Already overwhelmed by day-to-day tasks, the finance department was asked to step up their game and help their organizations react to and navigate these unpredictable, ever-changing times.
For many organizations, the “new normal” has proven the value of Corporate Performance Management (CPM) software. The only way FP&A teams can keep pace with continued improvements to planning productivity and efficiency is by freeing up valuable time to work more collaboratively with the business.
To support the success of our customers, our Winter 2021 Release contains added usability, data integration, machine learning, and artificial intelligence capabilities to further streamline FP&A processes.
While there are many new enhancements in this release, I’d like to draw your focus to three new features.
1. Anomaly Detection: AI Does the Heavy-Lifting to Find Risk and Accelerate Close
Let’s start off by talking about Anomaly Detection. It is unreasonable to expect finance teams to use their limited time to scour data for risky transactions.
Anomaly Detection, powered by Machine Learning (ML), orders transactions by risk so that questionable transactions can be resolved faster, and auditors can review the relevant reports.
Our latest release improves on the layer of detail that can be analyzed. Now, subledger A/R and A/P transactions can be assessed to calculate risk with new Control Points, such as duplicate invoices and unusual amounts by vendor and customer. If anomalies are lurking in your sub-ledgers, Anomaly Detection will identify them, allowing you to close your books faster and with greater assurance.
2. Data Integration Services: What Data Can be Imported into Prophix
Every finance team needs to be able to easily pull and push relevant data from anywhere – this is where Data Integration Services (DIS) comes in. With this release, DIS enables Prophix to pull data from more sources and push data to even more destinations, enabling you to do more with your data.
3. Notifications Hub File Watch: Pushing Notifications our Customers Care About
As we’ve discussed, finding more time for tasks, and increasing efficiency is a key priority for finance leaders in 2021. Prophix’s Notifications Hub displays the status of processes and messages in real-time including:
- Announcements (such as system-wide messages)
- Workflow tasks
- Direct messages (from other users)
- System events
You can now subscribe to certain data-entry templates and files to watch their progress, such as who is interacting with them and when. As an example, you can subscribe to a file and be notified when your Expense Analyst has added any new allocations or changed allocation drivers in the monthly allocation process. This eliminates the need for follow-up and provides real-time status updates.
The new capabilities in our Winter 2021 Release will help you drive new levels of efficiency and collaboration, transforming the way you budget, plan, and report.
We also have to give a big shout out to our Product and Development teams! The timely delivery of another product release during a global pandemic is an amazing feat, which is only possible with the hard work and dedication of our team.
I hope you are as excited about the Prophix Winter 2021 Release as we are!
If you would like to learn more about the Winter 2021 release, please visit our Release page.