Prophix Software, a leader in mid-market Corporate Performance Management (CPM) software, announced the latest release of Prophix featuring Virtual Financial Analyst. Prophix’s next-gen Virtual Financial Analyst ushers in a new era of financial planning and analysis by improving insights, reducing risk, and driving efficiency, dramatically advancing Prophix’ continued mission to transform the Office of Finance.
“We’re seeing AI and data analytics play an increasingly larger role in the way organizations maximize the value of their data across multiple functions,” said Alok Ajmera, President of Prophix. “The Office of Finance is now ready to adopt this technology, in a market ripe for disruption, with cloud enablement at the forefront of innovation. With this latest release of Prophix, finance professionals can leverage the power of AI to automate the completion of time-consuming, error-prone, routine tasks, and quickly draw greater insights, enabling them to play a more strategic role in business operations. The new AI add-on capabilities are the foundational building blocks of Prophix’s broader and long-term AI strategy, and we’re excited to begin rolling out these advancements.”
According to Gartner, by 2020, more than 50% of finance organizations will use some form of AI that will be a differentiating factor in vendor cloud core financial management solutions. By 2022, Gartner expects AI to become a mainstream capability in cloud core financial management solutions.
The Virtual Financial Analyst leverages Natural Language and Machine Learning for increased CPM efficiencies, including deeper chart insights that eliminate time-consuming manual tasks, as well as anomaly detection features that help financial professionals quickly conduct “forensic analyses” of their data to spot and mitigate any potential risks that might have escaped detection.
Anomaly Detection enables new levels of efficiency by quickly surfacing anomalies and risky transactions with greater speed and accuracy than any human could effectively deliver. In fact, AI analysis is up to 900 times more likely to identify errors in data. This results in a dramatic reduction in time and errors and mitigates the risk associated with traditional FP&A processes such as monthly, quarterly, and yearly period closing.
Chart Insights instantly writes the narrative and explains the important details contained within Prophix dashboards by voice or text. This eliminates digging through spreadsheets or interpreting dashboards.
Task Assistant keeps track of what tasks are needed to be completed, schedules a process like running a sales report, and distributes the report to an individual or team. Task Assistant helps finance professionals stay focused on the business, not performing the same repetitive tasks.