Prophix vs. Wolters Kluwer CCH® Tagetik

Prophix is substantially out of the box product to be easy to use but flexible enough to allow for varied business modelling. No technical skills are required to deploy and maintain the solution. Owing to its out of the box nature, departing from Prophix sweet spot e.g. when leveraging transactional data, the solution is not as capable, however this is being addressed by the new Prophix release.

Incentivized

Well suited for large multi-entity international, multi-currency, multi GAAP groups with excellent report writing features, customizations, and validation traps with minimal IT support. The ability to customize dimensions and dimension structures is a key strength. The intuitive user interface enables easy adoption by new users and training times are short. Upload features via embedded customisable ETL and standardised Excel templates are very efficient. Error checking is intuitive and helpful. Less appropriate for small single entity businesses.

Incentivized

• Reports are very customizable - once you learn how to create reports, it is really easy to design the final output you'd like.
• The tool is easy to use, especially for those that don't work in the finance function.
• It offers an excellent workflow capability to send out tasks to cost center owners all over the company.
• We love the ability to create and customize cubes.

• Processes are clearly described in CCH Tagetik ; users can easily find where they are and which action they have to make
• Interaction with Excel is really fluid ; the Excel add-in is easy to deploy and to updgrade, in the hand of users. It is reliable provided the internet connection is fast.
• Managing hierachies is obvious in CCH Tagetik. Hierarchies are fundamental for a good reporting ; CCH Tagetik has obviously a deep experience of this feature.
• SaaS : our experience with CCH Tagetik is of only 1 year, but it technically performs well, the system is reponsive, no shut-down, and updates (every quarter) do not disturb production.
• AIH seems to be able to manage very large quantity of data, and to provide advanced analysis functionalities. We did not have time to explore them.

Incentivized

• Version control; there are issues using the same budget version in multiple years if adding detail (line item detail). What Prophix has explained as a benefit is a huge detriment for us and we've been working with them for 6 months on a fix and it's yet to get resolved
• There are certain aspects that a messy; within our budgeting and forecasting detail, we have "unexplained balance" lines that show up that are distracting and add no value.
• Lack of a centralized location for content outside of tool; for example, training, help, support, intranet, etc are all separate websites and not easy to get to. I'm not sure why all of this isn't linked to the same account and accessible through the tool. Why should we need separate passwords for everything Prophix?!

Incentivized

• The steps of setting up the loading of data is slightly painful.
• The steps and error message while connecting the process workflow has to provide a hint on which area needed to be fixed (because it could be anywhere or anything).
• The combination of 2 segments for the excel upload on what's needed to eliminate is yet to resolved. Which made the entire list very long.

Incentivized

The system works well for us, and meets all of our needs. All of our future plans can and will be achieved within Prophix, so there is no need to pursue another product. Prophix has continuously proven to improve their product over the years, which provides an even higher level of confidence in this tool, and future developments

Based on our business requirements, its current implementation and way of use (in terms of the efficiceny) it's more than certain that we will renew our contract with CCH Tagetik. CCH Tagetik increased our efficiency regarding reporting and provides more features which made it easier to take decisions. Besides of that, it provided he best solutions for reporting according to the Solvency II standards. Since this is still the case, it is also a reason to stay with CCH Tagetik.

Incentivized

The
data can be sliced and diced many ways, and each user is able to do it however
they like. It is easy to create or run existing reports. We have made many of
our processes more efficient, and Prophix has allowed us to save more time than
you can imagine. We
are able to use Prophix for Expense tracking, Expense and Capital planning, reforecasting,
Compensation planning, Project tracking, Expense allocation, GAAP PLOB
reporting, and still have several more tasks to implement through Prophix

On a general level, it is a flexible, streamlined system, that can integrate operational data with accounting data for a better financial overview and budget planning. Reporting wise, the types and the amount of data analysis available or that can be created are close to endless. Having a quicker, more flexible way of analysing data certainly means better, faster reporting and better use of the data itself.

Incentivized

The availability in Prophix is relatively good. We have occurred random outages in different versions that wipe out data, which can be brought back. Or we have ran into system wide slowness that impacts all users in the system, but we have been able to get more capacity to supply our performance.

Incentivized

CCH Tagetik has alwyas been there in case we need help. In almost 20 years of commercial relationship, I have no evidence of times in which they were not available to answer a question or to solve an issue linked to their products, timely and efficiently.

Incentivized

Prophix has always performed consistently. We are using on-premise so many factors can contribute to slower than desired performance, most having nothing to do with Prophix itself. If we move to the web-client cloud based solution I believe performance will even be better.

Incentivized

As you can see, speed depends on the applications but also on the hardware that runs them. As far as CCH Tagetik improved, we saw the benefit of a cloud-based solution which could solve many speed performance issues.

Incentivized

The Prophix staff is very helpful and quick to respond. I like that they teach me instead of doing it for me when possible, so I don't have to contact them as often! Never talked to anyone at Prophix that I didn't respect or think highly of! Very professional, great customer service!

Incentivized

I have had the pleasure of attending some courses at the dutch offices of CCH Tagetik. These were very educational with excellent trainers, a very enjoyable accomodation and they helped me a lot with regards to starting to use CCH Tagetik.

The initial integration consultant was very helpful in making sure we were set up with all the essential uses we required: reporting/budgeting/forecasting. There was a learning curve but our consultant made it very easy to understand and helped me be comfortable in my Global Admin role in the system. Even after integration, we were given support whenever I came up with an idea I would get in touch and I would be trained on how I can implement it.

Incentivized

the training was not bad, but we got more training from working with the consultants. This because it is based on our system

Incentivized

We used our system and created a test cube to work with our own data. We ran through the different functions of Prophix and covered alot of material. We did two sessions a week, with homework tasks assigned. We were able to ask questions and cover any questions during the followup sessions.

Incentivized

Online training is the only form of training we could deploy during the pandemic. This service has been nonethless delivered with the same standards and the same results of the traditional training procedures.

Incentivized

Planning, planning, planning. Prophix will send you some Excel spreadsheets ahead of implementation. If those spreadsheets are complete, implementation will be smooth. Also, set aside some time during implementation to work with the Prophix staff and ask lots of questions. The knowledge they share is invaluable.

we did it in a coaching model. This allowed us to have 2 key advantages: we got to know the system very well and managed to save on the implementation cost. This worked well, was maybe a bit slower since we had to do this in our spare time. Nevertheless I strongly recommand

Incentivized

I have used other budgeting and forecasting tools at different companies, and Prophix is a much easier product to use and implement. I have received better user feedback from Prophix compared to other tools I have used at other companies. Other tools lacked dashboard capabilities and account reconciliations.

Incentivized

Oracle Essbase is another EPM software that we used but compared to Tagetik, it's not user friendly and the creation of dimensions and describing rules are more technically difficult. Drill down and analysis are not as easy as double clicking on Cch tagetik for immediate information. But as I have not used this software much and tagetik more, this is all I can say

I gave Prophix a 10 on scalability because we currently deploy the solution to department heads across our entire organization and never have any issues with those individuals using or accessing the system to look at their financial information within premade templates . They currently enter budgets and review reports within the system currently. The only issue is they cannot typically use the ad hoc functionality because that would require higher level licenses that cost more and it is not worth it to give them more costly licenses since they really aren't working in the system quite like the robust finance users

Incentivized

A good and performing scalability both on a geographical and a legal entity scale. The link with MS Office suite allows an easy deployment of the application, especially for contributors.

Incentivized

• Prophix has made it possible to move away from some Excel reporting we were doing, which allows for 50% quicker reporting on a monthly basis.
• Although it has saved us time, an improved PowerPoint feature that automatically updates our decks would save an additional 75% on top of what we already do.
• Our Board Reporting has improved by 10 hours by moving our reports fully into Prophix.

• It has definitely helped to standardize reporting across the company. Teams are able to pull the same reports and everything has the same feel to it.
• Since there are so many standard reports that we are able to create, it makes the analysts jobs easier since they are not spending so much time re-creating reports.
• With any system, there is going to be some admin work required. Creating new reports, accounts and entities does take time, but it is fairly simple and doesn't take a ton of time.

Incentivized