Excel is great for many things… but proactively reporting on financial data is not one of them.
Making sense of this massive amount of data has always been a challenge, which is why Corporate Performance Management Tools – also referred to as CPMs – were developed to pick up the slack. These tools put advanced modeling and planning capabilities in the palm of your hand, allowing you to learn from your data to make better and more informed decisions every day.
But of course, you already knew that.
As is true with so many other critical business apps, the key isn’t buying into CPM as a concept – it’s in finding the right CPM tool that supports everything you’ve worked so hard to build. Gone are the days where software is a “Swiss Army knife” that tries to appeal to anyone and everyone. These days, specific applications are targeting niche audiences and you need to find the specific subset that you’re a part of. You need something that won't force you into a "one size fits all" box and will instead play to the strengths that make you unique.
The chances are high that one of those tools is Prophix, a CPM that offers the scalability you’d expect and the versatility you deserve.
The Power of Prophix: An Overview
At its core, Prophix is an AI-powered corporate performance management tool poised to bring a Virtual Financial Analyst to your business for the very first time. It lets you work smarter by automating repetitive tasks and serves up invaluable insights more naturally through voice or text along the way. It uses not only artificial intelligence to perform those tasks that would normally require human intervention, but also machine learning best practices to actually get better at doing them over time.
Even if used as a standalone product, Prophix still acts as the Virtual Financial Analyst you've never had that is ready to help you make sense of massive amounts of data to highlight anomalies, mitigate risk, reduce the possibility of mistakes, and more. It even includes innovative voice functionality to allow you to work in a more natural way.
Everyone may claim to offer beautiful dashboards these days, but few can hold a candle to what Prophix has in store for you. Not only can you see all your key charts and KPIs in one place, but you can HEAR them as well.
With the “Chart Insights” functionality, Prophix will literally narrate all the essential details you need to know contained within your dashboard. All you have to do is click on any supported chart on your Prophix dashboard and you can get every last important insight communicated to you in seconds – either visually or by voice, depending on your preferences. Other benefits include effective communications that detail the “why” behind your charts, a detailed and consistent narrative for every scenario, and a way to quickly analyze the story behind your dashboard charts to truly understand what those numbers really mean.
But another one of the major advantages that Prophix brings to the table comes by way of how it seamlessly integrates with a lot of the ERP systems you're already using, like Acumatica. Indeed, when Acumatica and Prophix come together, you have access to a transformative business platform like you've never seen.
Thanks to the fact that both Prophix and Acumatica share a common vision for the strategic value of your financial data, you can finally solve even the most complex business challenges by:
- Automating critical functions like budgeting, forecasting, and reporting.
- Enabling better forecasts across multiple entities, business units, and even departments – all from a single source.
- Construct multi-dimensional cash flow forecasts that cover not only projects and departments, but companies as well.
- Generate a real-time level of visibility and insight into the financial data that has a real impact on your project timelines.
Mitigate Risk through Anomaly Detection
Prophix's anomaly detection functionality is particularly impressive, allowing you to quickly analyze huge volumes of data to automatically detect and surface unusual transactions, which are then intuitively organized by risk rating so that you can act on them in the right way.
These risk ratings are particularly important, as they help you clearly understand what is going on beneath the surface of your data. As opposed to spending countless hours manually checking spreadsheets and verifying your data by hand, you can quickly address risky transactions and speed up financial processes like internal audits, account reconciliations, and closes in a matter of moments. Prophix's own research suggests that when AI analysis like this is applied, it is up to 900 times (!) more likely to identify errors in data than even the best human will ever be.
Ready to Take Prophix for a Spin?
If you've gotten this far and have started to think that Prophix may be exactly the type of CPM and financial reporting tool that you've been searching for, you truly haven't seen anything yet. Get ready to see this state-of-the-art solution for yourself. Pick up the phone and give us a call today or send us an email so that we can set up your demo to see what Prophix can do for your business.