Prophix Software, a global leader in Corporate Performance Management (CPM) software, announced Brooklyn, NY-based customer Dime Community Bank has achieved 71% return on investment (ROI) as a result of its deployment of Prophix CPM software for financial planning and reporting in the cloud, with total payback realized in approximately 18 months. Details of Dime Community Bank’s deployment of the Prophix solution is outlined in this case study from Nucleus Research.
A subsidiary of Dime Community Bancshares, which manages more than $6 billion in assets, Dime Community Bank offers a full range of financial services to customers including Consumer and Business Banking, as well as Commercial Lending. Limited by cumbersome and time-consuming and error-prone manual spreadsheets, Dime deployed Prophix’s innovative and robust CPM to support its employees’ financial planning capabilities, without significantly changing workflows.
Following a competitive search, Dime chose Prophix to help better manage and modernize its budgeting and financial data management capabilities across all of its departments in 29 locations. This includes automating the process of data collection and consolidation previously managed within manual spreadsheets, and introducing variance analysis to its strategic planning for higher-level results and reporting, including tracking actual performance against planned forecasts.
“ROI is one of those key performance indicators in the CPM market that can be challenging to measure,” said Alok Ajmera, President of Prophix Software. “The validation from Dime Community Bank of concrete business results using Prophix software speaks to our continued success in meeting our customers’ needs in transforming their financial planning and analysis processes for improved business results, while also taking advantage of the cloud. We’re thrilled to have Dime participate in this case study with Nucleus.”
As calculated by Nucleus Research, a global provider of ROI-focused technology research and advisory services, Dime has realized significant time savings from task automation since deploying Prophix CPM and has reduced its reliance on manual spreadsheet-based processes. Nucleus Research analyzed the costs of software, hardware, personnel, professional services, and user training over a three-year period to quantify Dime Community Bank’s total investment in Prophix technology. Direct and indirect benefits were also quantified over the three-year period.
Key benefits highlighted in the Nucleus case study include:
- Time savings. Dime was able to automate many of its manual data consolidation and budgeting processes with Prophix, which led to considerable time savings for each of its departments.
- Increased user productivity. Prophix’s customizable templates for reports and dashboards have enabled Dime to streamline many of its complex calculations that occur during month-end processes and budget season.
- Culture change. By automating many of its manual tasks and streamlining its data silos with Prophix, Dime’s employees have better clarity into how the company is performing against its budget and forecasts. The company’s employees can also drill down from the common dataset to identify and analyze areas of strong and weak performance.
Your business is evolving. And the way you plan and report on your business should evolve too. Prophix helps midmarket companies achieve their goals more successfully with its innovative Corporate Performance Management (CPM) software. With Prophix, finance leaders improve profitability and minimize risk by automating budgeting, planning, and reporting, and puts the focus back on what matters most – uncovering business opportunities and driving competitive advantage. Whether in the cloud or on-premise, Prophix supports your future with a platform that flexes to suit your strategic realities, today and tomorrow.