Prophix One is the company’s next generation financial platform, which makes it much easier for CFOs to execute business plans and handle large data sets and complex planning with even more speed thanks to more Generative AI and Machine Learning.
Alok Ajmera, Chief Executive Officer at Prophix
Today, Mississauga ON-based financial performance management platform provider Prophix, which has been around for many years, is introducing their Prophix One Financial Performance Platform. The new next generation platform, which reshapes Prophix’s platform, is being unveiled their Prophix Live! Event in Phoenix.
Prophix One marks a considerable upgrade over the company’s traditional Prophix product, by reworking the toolset for the entire office of the chief financial officer (CFO) – from accounting to finance. The ultra-adaptable, collaborative toolset navigates complexity and controls financial outcomes accurately and precisely.
“It’s about understanding what has happened in the past and working it through the future,” said Alok Ajmera, Chief Executive Officer at Prophix. “We previously worked with midmarket CFOs, for between 20 and 25 years, and found that many things were error-prone. So we really went deep into helping businesses plan better, and now we have evolved into a multi-product company. It’s a vision of a platform that most companies don’t get to, where it can all be done on one platform and one workflow.”
Ajmera said that while Prophix has always had a holistic approach to financial planning, Prophix One rethinks how this is done.
“Planning is our history, and our core data sets – but the CFO workload is more than that,” he indicated. “It now involves extending into the compliance side of the world as well.”
Unlike most midmarket offerings, the Prophix One platform incorporates in-memory cube technology for advanced data processing, which lets finance teams handle complex planning and large datasets with increased speed, precision and accuracy through a single point of user authentication and centralized user management.
“Our industry is littered with very specific point solutions, which makes CFOs excited about these new end to end capabilities,” Ajmera said.
This has particularly intensified since the recent rise of Generative AI.
“GenAI first hit in December 2022, and Q1 and Q3 of 2023 were primarily the hyper cycle,” Ajmera indicated. “We have been launching AI capabilities into our new platform before this. AI and Machine Learning are really good for detection anomalies. That’s a big part of what accountants do. How do you communicate what you want and how does the system use that. Forecasting is just at the beginning. We are very early in its lifecycle.”
Prophix One also has a strong Monthly Account Reconciliation and Validation: A focus on financial accuracy with advanced tools for monthly reconciliation and validation, which positions Prophix One as a strategic asset for precise financial statements among market competitors and provides advanced modeling for accurate cash flow forecasting.
“There is a strong partner play with this,” said Andy Meltzer, Senior Communications Professional at Prophix.. Having the ability to drive this through partners is very important.”
“There is a huge diversity in terms of channel partner ecosystem, including an accounting flavour and IT/tech VARs,” Ajmera indicated. “Partners of Sage and other ERP are excellent partners for us.”
