Prophix vs. Quantrix

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

Quantrix Modeler is one of the most appropriate software tools for developing dynamic financial planning models in small teams composed by skilled power users. There is an also Enterprise version supporting larger user bases and stronger integration with company backend systems. It's not advisable to put Quantrix desktop application in the hands of non-skilled staff since the learning curve is much steeper than what's the typical experience with spreadsheets. Adding a table with ad hoc simple calculations can be done by anyone in a spreadsheet, but requires knowledgeable design in a Quantrix model. On the positive side, experience with students in our classes shows that with focused training an user can be become productive in a relatively short time. There is a web version of Quantrix Modeler, Qloud, that is aimed to end users that only modify input data and consume model results, without the possibility of changing the model logic (structure and formulas)

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.

• Quantrix gathers info from numerous sources in a single click. Thereby making structure to process sustainable and scale-able. Once the logic is written the data refreshes and you are good to go with furture analysis and planning. There is no need for rework, copying down formulas, etc. In our latest product wheel build process we reduced our time from 3 weeks of time to 2 days to build out product wheels. There was a sharp contrast between Excel ( previous method) and Quantrix.
• Quantrix links perfectly to SQL Server which allows us to get actual data quickly, push out forecasts or other data for other systems to consume.
• Quantrix range based formula writing and common term formulas are a HUGE time saver. Debugging formulas is a breeze in Quantrix using what is called the dependency inspector. There is no need to copy down formulas; make sure cell ranges are locked etc. It is one formula controlling a multitude of cells that scales as the data set shrinks or grows. Also if there is an error in the formula you have 1 formula to fix not hundreds or even thousands. Common terms in your formulas helps immensely and reduces the amount of headache of debugging your formulas.
• Quantrix Scales with ease. Adding additional data or shrinking the data does not require (manual) structure updates to Quantrix. It accordions according to the data imported. Pivoting data and looking at it as well as filtering it and then building off of those filters and pivots is a joy to do in Quantrix!
• Complexity - Excel does not have it! Where the vlookup ends in Excel the Quantrix Select statement is just warming up. Functions like: Select, Selects, SelectList, SelectGreaterThan, SelectBetween, SelectLessThan, and one of my new favorites SelectLike in addition to CASE and Switch Logic make Quantrix a dominating force when it comes to writing complex logic in your business model. Quantrix does is beautifully.

• 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

• Quantrix was able to free the definition of calculation rules from cells. It would be interesting to be able to separate the default template structure from changes when importing data.
• Just to be clear to prevent the import (example from a CSV or DB) the creation of new items in addition to those already existing.
• An import navigation by level would be interesting. Or to obtain a split of the number on a tree structure (I bring as an example that of Corporate Planning (https://www.corporate-planning.com/de/).
• As a further enhancement of the above, it would be interesting to be able to define reports like an explosion of a tree structure.

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

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

For a newbie it can be difficult until you get the hang of the system. Quantrix is a very logical system, once you understand its underlying ideas.

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

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

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

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

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

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.

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

Microsoft Excel, Infor, Tagetik, Palantir Quantrix is not ready to use budgeting and planning tool, it is basically data modeling tool. That makes Quantrix different. You yourself or with help of consultant create model according to your specific business needs. You will get cost-effective, tailored solution. It is a modeling tool that allows the easy and quick creation of multiple scenarios, conducting “what-if” analysis to accommodate uncertainty associated with forecasts.

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

• 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.

• Quantrix has boosted profitability and has proven its worth time and again. The platform has put us on the radar doing things even our biggest competitors could only dream of. We are still early in the development and deployment of our Quantrix Qloud based system to clients, but we already have early adopters coming over from competitor systems that cost exponentially more and do significantly less than what we provide. We feel it is only a matter of time for our Qloud driven analytics to become more mainstream in our space.