Dave Kasabian VP, MarketingThe increasing demand to keep pace with fierce global competition and meet customer requirements has transformed the role of the financial department. In addition to conducting a financial transaction, the finance team is now evolved to be a strategic business partner and plays a major role in the organization’s growth. However, the immense pressure to turn financial data into insights, lack of automated processes and reliable data, along with the inability to quickly mine the data has presented a greater challenge to financial departments. To address these challenges, CCH Tagetik has come up with a state-of-the-art Corporate Performance Management Solution (CPM) that helps financial institutions to streamline and modernize budgeting and planning, cuts days off the close & consolidation cycle, and also lowers the total cost of ownership.
Based in North America and has over 50,000 users spread across 40 different markets, CCH Tagetik’s CPM software integrate disparate financial and operational processes in one automated platform to enhance the business performance. “Our decision to exclusively focus on finance processes and finding innovative ways to address the specific challenges of the Office of the CFO in a single unified product has created a strong passion in our customer base for what we do and how we do it,” begins Dave Kasabian, VP Marketing of CCH Tagetik.
With the help of CCH Tagetik’s corporate performance management solutions, enterprises can optimize their strategic planning and budgeting processes. Financial organizations can also run through the last mile of finance when management reporting, analytics, and disclosure reporting is automated and from one single source. Further, by leveraging predictive modeling and forecasting tools, customers can create real-time scenarios and easily assess different business scenarios and instantly see the impact on financial performance and generate rolling forecasts with the click of a button. The platform also provides a dashboard view to CFOs that gives them visibility into all deadlines and status which helps in making faster business decisions.
CCH Tagetik has come up with a state-of-the-art Corporate Performance Management Solution (CPM) that helps financial institutions to streamline and modernize budgeting and planning
Along with that, it addresses the complexity of disclosure and regulatory reporting, providing high quality, auditable Annual Reports, Board Books and other financial disclosure materials such as Solvency II, IFRS 17, IFRS 9, Finrep & Corep, Basel III, and Integrated Reporting.
In an instance, Randstad Group one of CCH Tagetik’s clients, faced limited scalability and dimensionality challenges in their legacy reporting system that was affecting the company’s planning and control cycle. On top of that, process management also presented challenges in the existing software. By leveraging CCH Tagetik’s CPM solutions, Randstad Group was able to address the issues of the legacy system. The company was able to increase data consistency by stringent process controls, decentralize intercompany matching process, integrate bottom-up calculated cash flow statement, and automate equity consolidation by variation type.
CCH Tagetik is working on new offerings that will elevate CFO’s ability to use financial and operational data for strategic advice and insights. “We are committed to helping CFOs harness the power of big data and analytics; in ways that are simpler, more usable, and more flexible than what we’ve seen in the market to date,” concludes Manuel Vellutini, EVP Commercial, CCH Tagetik.