Prophet Software Purchases and Digital Transformation Initiatives

Discover the latest software purchases and digital transformation initiatives being undertaken by Prophet and its business and technology executives. Each quarter our research team identifies on-prem and cloud applications that are being used by the 400 Prophet employees from the public (Press Releases, Customer References, Testimonials, Case Studies and Success Stories) and proprietary sources.

During our research, we have identified that Prophet has purchased the following applications: Oracle NetSuite Professional Services Automation for Professional Services Automation in 2015, Oracle Netsuite OpenAir for Professional Services Automation in 2016, Oracle NetSuite ERP for ERP Financial in 2016 and the related IT decision-makers and key stakeholders.

Our database provides customer insight and contextual information on which enterprise applications and software systems Prophet is running and its propensity to invest more and deepen its relationship with Oracle , All Turtles , Campayn or identify new suppliers as part of their overall Digital and IT transformation projects to stay competitive, fend off threats from disruptive forces, or comply with internal mandates to improve overall enterprise efficiency.

We have been analyzing Prophet revenues, which have grown to $50.0 million in 2023, plus its IT budget and roadmap, cloud software purchases, aggregating massive amounts of data points that form the basis of our forecast assumptions for Prophet intention to invest in emerging technologies such as AI, Machine Learning, IoT, Blockchain, Autonomous Database or in cloud-based ERP, HCM, CRM, EPM, Procurement or Treasury applications.

About the Customer

Prophet is an integrated consulting firm and agency that specializes in branding, marketing, design, analytics, and innovation. They have headquarters in San Francisco and offices in the United States, Europe, and Asia. The firm is best known for the rebranding of Swiss bank UBS, BP's Beyond Petroleum and T-Mobile's "Un-carrier" positioning.

Scope and Challenges

Prophet, a global consulting firm, has implemented NetSuite OneWorld for ERP and Professional Services Automation (PSA). Since going live on NetSuite OneWorld in October 2016, Prophet has gained a unified view of financial, resource management and project management processes that have streamlined operations across nine global offices operating in the U.S., U.K., Germany, Switzerland and Hong Kong, creating efficiencies across the entire organization.

San Francisco, Calif.-based Prophet brings together thought leaders and top talent from across the globe to grow better brands and businesses. As demand for Prophet’s consulting services skyrocketed, the combination of legacy software from acquisitions and manual processes used to manage the business was anything but seamless, which hindered efficiency gains and scalability for growth. Hundreds of internal employees and consultants based around the globe submitted time and expenses in different currencies and disparate systems. Project management was conducted manually through its intranet, and a decades-old Sage system was used to manage financial processes and required manual intervention to do everything from basic reporting to month-end close.

Prophet needed a flexible infrastructure that could scale to accommodate its rapid growth.

After a comprehensive evaluation of solutions that promised streamlined management of ERP and PSA processes, Prophet selected NetSuite OneWorld for its robust international functionality and scalability, coupled with automated, integrated resource and project management capabilities. 

Outcome and Implications 

In just six months since go-live, Prophet has realized efficiencies with the following features and benefits including:

• Streamlined financial consolidation and month-end close. NetSuite OneWorld’s robust financial consolidation engine and multi-currency support ease month-end close across five different offices in the United States, as well as offices in London, Berlin, Zürich, and Hong Kong. This includes support for transactions in the U.S. dollar, British Pound, Swiss Franc, and the Hong Kong dollar. NetSuite OneWorld not only provides Prophet control over month-end close, but it has also expedited the process by upwards of a week.
• Increased spend control. With integrated, automated expense and time reporting, expenses hit budget owners in real-time, ensuring streamlined approval and payment processes, and protection against freelance overspend and budgeting overages at month-end.
• Enhanced project management capabilities. Real-time reporting on key project metrics allows managers to see everything from progress to profitability that helps streamline project management and empower leaders to make insight-driven decisions on resources used, client profitability and more.
• International scalability facilitates growth. Robust multi-language and multi-currency functionality in NetSuite OneWorld allows Prophet to quickly provision software for international offices, and accelerate its global strategy.
• A flexible and powerful development platform. NetSuite’s SuiteCloud Development Platform provides flexibility for Prophet to tailor the system and integrate with other third-party solutions to meet its unique business needs and industry-specific requirements. Prophet has plans to extend the NetSuite implementation to include advanced forecasting capabilities.

“Prophet’s value proposition is to help our clients find better ways to grow,” said Jeani Vance CIO of Prophet. “With NetSuite, we have a backend technology foundation that allows us to do just that.”

Quotes

“Resource management is a key driver and strategic advantage for our business. Other large-scale competitors couldn’t meet all of our needs the way that NetSuite can.” -said Jeani Vance, CIO of Prophet.