Market Perspectives

The annual Ventana Research Digital Innovation Awards showcase advances in the productivity and potential of business applications, as well as technology that contributes significantly to the improved processes and performance of an enterprise. Our goal is to recognize technology and providers that have introduced noteworthy digital innovations to advance business and IT.

Ventana Research has awarded Prophix for Prophix One its prestigious 2024 Office of Finance Digital Innovation Award. This award is given to the provider that best exemplifies innovation in the applications and technologies that support the Office of Finance. All finalists in the areas of Office of Finance are considered for this award.

After a decade of limited technology innovation, the office of finance computing landscape now is experiencing significant transformation. This shift can be seen in areas including ERP, accounting and financial performance management applications like budgeting, closing and planning applications that now are readily available for licensing through subscription and in the cloud. In-memory computing and big data infrastructure make it easier to process larger volumes of data as well as identify risk and opportunities to improve results. “We’ve always done it this way” will not do anymore. Finance organizations must adapt to the expanding potential from what technology is making practical.

Ventana Research selected Prophix for the 17th Annual Office of Finance Digital Innovation Award for its Prophix One platform. CFOs of midsize enterprises should take a look at Prophix One because it supports a more effective approach to finance and accounting operations in growing companies.

Prophix One facilitates the transition of organizations that can no longer make do with workarounds of existing systems to those with formal, controlled core processes that can be completed faster with reduced risk. The platform performs financial consolidation, account reconciliation and intercompany financial operations, as well as enterprise-wide financial planning, budgeting and analysis and reporting. Prophix One has a data store that automatically integrates data from multiple systems of record to provide a single authoritative source of timely and consistent data for use across multiple processes. This type of data store is essential for supporting artificial intelligence and machine learning, which are growing in importance as a means of automating foundational analytical tasks, giving financial analysts more time to go deeper into the numbers to provide insights based on their experience and business knowledge. The software brings financial management into the 21st century, enabling the application of continuous accounting concepts as well as integrated business planning (IBP) to enhance staff productivity and contribute to better performance across an enterprise, all in an affordable package for most midsize enterprises.

If you have not examined how Prophix and Prophix One can help your enterprise, it is well worth your time. Congratulations, Prophix, for your continued innovation.