Prophix One, a Financial Performance Platform, is used to improve the speed and accuracy of decision-making within a harmonized user experience. To reduce complexity and uncertainty, the software offers automated insights and planning, budgeting, forecasting, reporting, and consolidation functionalities.
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Wolters Kluwer CCH® Tagetik
Score 8.5 out of 10
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Tagetik is a corporate performance management solution that unifies budgeting, financial planning, consolidation and management reporting. Tagetik is offered as SaaS, on a private cloud, or on-premise, and can migrate between deployments as needed.
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Pricing
Prophix
Wolters Kluwer CCH® Tagetik
Editions & Modules
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Offerings
Pricing Offerings
Prophix
Wolters Kluwer CCH® Tagetik
Free Trial
Yes
No
Free/Freemium Version
No
No
Premium Consulting/Integration Services
No
No
Entry-level Setup Fee
Optional
No setup fee
Additional Details
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Community Pulse
Prophix
Wolters Kluwer CCH® Tagetik
Considered Both Products
Prophix
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Anonymous
Chose Prophix
I've just recently evaluated FloQast and was very intrigued with their product. Overall review is they don't have a budget/forecasting tool. This is a main piece of our business and doesn't hold up against Prophix.
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 …
Prophix was the clear choice when evaluating multiple software applications. The concept of dimensions in Prophix allows the organization to generate reports of any kind and there is no request for a report that we have not been able to create. Having direct budget entry into …
I was not in the selection process; however, after using Adaptive at a former company, I feel Prophix is much easier from the user standpoint (especially for those who don't work in finance). The one pro of a tool like Adaptive, though, is that it is a Workday product so that …
We ultimately chose Prophix for its stronger automation features and direct relationship with CMiC. While Vena offers a similar set of capabilities, we found Prophix to be more intuitive, especially when it comes to creating and managing reports without heavy reliance on Excel. …
We carried out an evaluation with IBM, and some other national software that is not on the list, such as Lever Pro and Allstrategy. For IBM, our main problem was that the software representative wanted to sell something modular, thus losing all the functionality of a "blank …
We felt Prophix was much more flexible than Briq and offered a more solid financial reporting and budgeting package. Briq is more custom built solution-focused. They build solutions to fit your specific needs. The primary reason we went with Prophix is that we wanted something …
Prophix is much more advanced and has more capabilities to Quickbooks. It is more flexible, agile, and creative than these softwares. The automation is really what sets it apart from these type of software. Integrating directly with our ERP is something that is enormously …
I didn't select Prophix for our company, but it does some things very well. It is way easier to set up and maintain than Hyperion and BPC, which require ongoing support from our IT department. Prophix only requires us to involve IT when we need to map new external data or …
We chose Prophix because of their better service, their Canadian presence, cost and overall it seemed a better match to our needs. Workday seemed like it was for bigger companies and came at a higher cost.
I was not apart of the Prophix selection process or the initial implementation. Prophix has been a good tool for us to expand upon and grow and innovate with all of our enhancements. I have not used any other tools like Prophix, but it does have a lot of good features and …
I was not specifically part of the selection process, but it is my understanding that Prophix's security model played a big part in choosing the platform. Gaining efficiencies from processes that were previously done manually in excel was another driving factor. Additionally, a …
The learning curve to understanding Prophix is far less severe than it has been with other softwares. It requires much less time in order to learn how to be a beginning user and then each progression to deeper levels of understanding is remarkably easy. I appreciate the …
Workday seems as though it had similar features, price point was much higher. We selected Prophix because we had it many years ago before the cloud and several new features.
We compared Prophix with Board and Adaptive Planning. Prophix seemed to be much more user friendly when compared to Board. It was just a more robust product. It did stack very well with Workday Adaptive Planning, but what set them apart was that Prophix has a great …
Prophix works for our business and is flexible enough to work for a number of different types of business. We are able to work with Prophix to develop cubes that record out business needs and supply our budget holders with graphical data to support their reporting needs. The …
While all had similar features at the time of our evaluation, especially from the reporting standpoint. Prophix worked best for our zero-based budgeting model and the level of detail that we were looking to maintain. We also felt it was a better fit for our Dynamics GP …
After yeras of SAP adoption we decided to give a chance to Wolters Kluwer CCH® Tagetik as it was a new company on the market and offers us full support to archivi our targets
Compared to the competitors, Tagetik offered a platform mainly better in user overall experience, since this was one of the most important needs of the business. Also, reporting and data entry functionalities seemed to work better compared to the competitors, also considering …
We use Wolters Kluwer CCH® Tagetikfor budgeting, reporting, and consolidation already for a couple of years. And to speed up our (monthly / quarterly) close, we recently implemented the transaction matching and account reconciliation modules from Wolters Kluwer CCH® Tagetik. …
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 …
Similar, but with key strengths (report formats and online help and support) and some shortfalls (e.g. HFM ad-hoc reporting and smart view tools are better than those in Wolters Kluwer CCH® Tagetik). On balance, taking into account licensing and the full cost of ownership, …
SAP S/4 HANA is a standalone tool for databases. I don't know any other product which is that effective with the databases. but for many customers it's too expensive and powerful which also results in the knowhow is needed and otherwise its really hard to get into SAP S/4 HANA …
Tagetik have a better integration in all parts in our customers systems. it is a lot easier to implement the data. SAP has the problem that there is a lot of different programms and tools, which has to buy to work with a complete tool. But if one part is missing the total sap …
We have been using CCH Tagetik for uploading Financial data from our other ERP system such as ACCPAC, Navision, Talent etc.. My experience with SAP was using them as ERP system. Thus can't really do a lot of comparison between the two system. The main reason why CCH Tagetik was …
We have had a 3-year experience with Anaplan for budgeting and
performance management on part of our business. Anaplan is brilliant
provided you have technical skills to manage multi-dimensional data, and
1. Price - CCH Tagetik offers a price advantage as compared to bigger competitors. 2. Modules - CCH Tagetik is able to provide what the Finance of today needs. 3. Usability - It is not difficult to use once a user is able to grasps hold of the Tagetik concept and mechanism
We wanted a more accounting-based solution to meet IFRS 17. There are some solutions which were fundamentally more data-based or actuarial-based, hence we wanted a solution that was fundamentally strong in accounting/ financial applications.
CCH Tagetik was in the end the best choice for us. As I was not directly involved in the decision making process, I don't have all the details, but a combination of costanalysis, ease-of-use, migration-analysis and the fact that CCH Tagetik has a dutch office almost in walking …
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.
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.
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.
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?!
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.
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.
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.
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.
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.
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.
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.
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!
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.
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.
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.
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
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.
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
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.
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.
