Our company has been utilizing Prophix for the past 15 years. As we strive to enhance our operational efficiency, we recognize the need to update our processes. Currently, we rely heavily on spreadsheets, which has led to significant challenges during our forecasting and budgeting cycles.
To facilitate a smooth transition, we would greatly appreciate your assistance in providing a checklist of actions necessary for migrating our OpEx and CapEx budget forecasting processes.
Thank you for your support.
The two best pieces of advice I have received are
- Your systems should reflect how you operate in real life, not the other way around.
- Start very simple and expand outwards from there until it’s not providing any more value.
So Day 1, just create a financial cube to load your GL and create your financial statements from it. Load the forecast from the spreadsheets you are currently using. Keep doing what you were doing in the spreadsheets and updating forecasts at the same intervals. Call this Model 0.
Over time, create cubes to represent subsystems and migrate your spreadsheets into Prophix. This is Model 1, 2, n.
Make things more effiicient and higher quality through process manager, data integraton, workflows, etc. This should be continuos improvement rather than one-off or only with model changes.
Software doesn’t solve misaligned or broken processes, it enables processes to run better. Don’t shoot for Model 5 out the gates, it’s very difficult to get there from scratch. Over time, develop (or confirm the current thought process) each section of your mental financial model offline and then implement with the business at the same time you create it in Prophix.