What is CCH Tagetik?
leader in Gartner magic quadrant for financial planning, consolidation and analysis.
What is CCH Tagetik?
CCH Tagetik is a cloud based finance solution used by over 2000 customers globally – so you’re in good hands.
Using Tagetik helps you improve your finance processes. Budgeting, forecasting, management reporting, financial consolidation and disclosure management. Your regulatory reporting requirements like IFRS 9, 15 and 16 are also covered.
With Tagetik you improve your finance processes and business partnering becomes much easier. Reporting and planning is faster and more accurate. You will have the time to focus on value added activity and get rid of manual tasks. Your finance team are more empowered. You have a tool you can own and manage that can make a significant difference in Finance and in the Business.
What sets CCH Tagetik apart?
3 things make a huge impact:
- finance ownership
- immense range of in-built capabilities
- a single unified platform for finance and operations
Owned by Finance
Your Finance teams manage and maintain their planning and consolidation processes using Tagetik. There is no coding. You drag and drop. You fill in forms. You assign accounts. You update mappings. You do not code!
With Tagetik you manage structures, load data and build reports within a few weeks of the project.
Tagetik is very easy to use for finance – you rely less on IT and technical skills. You become empowered. You configure. You don’t develop.
The intelligence within Tagetik is already in-built – you need to configure it to meet your needs. It meets the complex needs of FTSE 100 mega companies…as well as SMEs who are outgrowing Microsoft Excel.
The acid test is “can finance manage this system in its entirety”. The answer is yes…and see below for scoping workshops where you can find out how easy CCH Tagetik is to set up and how it can meet your needs..
An immense range of in-built capability
All consolidation and planning solutions DO NOT do the same things. Its a common misconception…but far from the truth.
The reality is that some need much more development and consultant time. This adds cost and risk.
CCH Tagetik is different because the solution is ready to go. You need to adapt Tagetik to look like you…and that’s it. You have reduced implementation costs with no compromise on your final solution.
There is no compromise on flexibility either. Tagetik will deliver for FTSE 100 companies as well as smaller organisations. The in built capabilities meet the most demanding requirements. And your finance teams can do this using easy to use interfaces.
This is an important consideration for any software selection.
You can learn about the in built processes in CCH Tagetik by scheduling a scoping workshop.
A single unified platform for Finance
CCH Tagetik is a single platform for Corporate Performance Management. But what does this actually mean for you?
Your organisation plans, manages against plans and reports. Its the closed loop performance management and regulatory reporting that Finance teams manage.
You plan at different functional levels – strategic, finance and operational. At the strategy level you plan KPIs and summarised key lines. For Finance you plan a P&L, BS and CF. For operations, you plan sales, services, production, HR and many other sub plans. You may also plan with greater frequency and horizons – budgets and rolling forecasts. Your plans are interdependent. They are connected. You also have different sites and entities – you need to consolidate. If you can carry out all this planning in one place then this gives you better accuracy and efficiency.
You manage your performance by comparing actual results against planned results. Your finance business partners help operational leaders to manage their areas. Entities and operating units manage their unit performance. Your Board of directors manages the overall consolidated position.
By having management reports at all levels in a single solution you ensure a single version of the truth. Managers can rely on the information presented to them and have a line of sight from the summary to the details.
You need to produce group consolidated results based on regulatory standards. Group P&L, BS and CF and disclosure notes required in the annual report. The group reporting process can be time consuming. Checks and reconciliations. It needs to be accurate – and transparency is key when the auditors arrive.
All the above processes need to work together. They are interdependent. They use the same information. They involve people across the organisation communicating within a common framework. They involve different systems being able to talk to one another.
A single corporate performance management platform makes these processes work better. Information is more consistent. You have better transparency and line of sight. Everything in one place – controlled and managed by Finance and serving the Business. One single repository of data. One single point of maintenance and administration. One reporting platform. One tool to help you understand your business better than you did before.
So what does the above mean for you?
Benefits come in many shapes and sizes – and its critical to keep your focus on those that will add the most value.
Reduced project costs
Given the range of inbuilt capabilities, there is less to develop from scratch. So project costs are reduced. Also risk is reduced as there is less margin for error…but no compromise on your individual requirements.
Most of our customers opt for a training led project – this means your team participates in the configuration of CCH Tagetik and you are self sufficient at the end of the project. There is off course excellent support available should you need – but we are pleased to say most of our clients can manage their own systems and expand them.
Reduced ongoing costs through automation
Efficiency gains are the most common benefit and they are easy to implement. Cut out time spent on low value activities and at the same time improve accuracy and controls.
Single platform for corporate performance management
Whether you are considering a single focus area or a wider finance remit, there are always single platform efficiencies. Less effort to manage and administer systems. More empowerment of finance teams.
To discover how CCH Tagetik can benefit your organisation, why not schedule a scoping workshop. This can be done remotely and takes a few hours depending on scope. In the session you’ll get to see CCH Tagetik in action for the areas you are interested in – and we’ll create a model of your organisation processes highlight benefits and improvements. We’ll write this up afterwards and send you a summary paper that you can use to share internally.
The next generation EPM platform
About CCH Tagetik
Established in 1836 – 1 Product, with 4 global divisions serving more than 1200 customers in over 180 countries.