CPM delivers significant results in increased user productivity, improved business agility, and enhanced organizational visibility in a cloud-based platform.
Prophix Software, a global leader in corporate performance management (CPM) software, announced Florida-based Mission Health Communities (MHC) has achieved 110% return on investment (ROI) as a result of its deployment of the Prophix FP&A solution. Using Prophix’s cloud-based software to standardize and streamline operations across its finance and accounting departments, MHC saw its total payback realized in just 18 months. MHC is a provider of senior living and skilled nursing communities in the U.S., and details of the organization’s deployment of the Prophix solution are outlined in this case study from Nucleus Research.
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Before implementing Prophix software, MHC used Excel for its financial management processes, such as accounting and budgeting. However, this highly manual system lacked sophisticated analytics capabilities, meaning MHC created basic financial statements that were at risk for human error, sometimes resulted in duplicate work, and required additional time and attention between corporate and facility management. When MHC made the strategic decision to migrate from these manual, Excel-based processes onto Prophix, it immediately benefited from more standardized data and workflows, increased user productivity, and improved business agility.
“Moving critical financial processes from Excel spreadsheets to automated cloud-based CPM systems is no longer a luxury, but a business necessity,” said Alok Ajmera, CEO of Prophix Software. “The tangible results Mission Health Communities has realized from using software speaks volumes to Prophix’s track record of success in transforming our customers’ financial planning and analysis processes for improved business performance, both in the short and long term.”
Nucleus Research also analyzed the costs of software, personnel, professional services, and user training over a three-year period to quantify MHC’s total investment in Prophix technology.
Key benefits include:
Increased user productivity – MHC streamlined its internal correspondences and communications channels, as well as its budget input process, which led to significant time savings across departments.
Improved business agility – MHC leveraged Prophix to support the launch of its PPE tracking project during the most difficult months of the COVID-19 pandemic, automating numerous aspects of this important project. By designing, implementing, and launching the project within Prophix, MHC saved more than $200,000 in avoided personnel costs.
Improved organizational visibility – Prophix empowered MHC to use sophisticated analytics – including variance analysis, risk assessment, and utilization optimization tools – to inform decision-making and drive superior operational efficiency.
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