An enterprise performance management software handling financial processes like budgeting, forecasting, and reporting.
CCH Tagetik offers a range of functionalities and features across various aspects of corporate performance management (CPM) and business intelligence. The core functionalities of CCH Tagetik include a broad spectrum of planning and analysis capabilities:
Detailed Financial Planning:
Performance Management: This module unifies budgeting, forecasting, consolidation, and performance reporting into a single platform, eliminating the need for integrating multiple software solutions. It simplifies managing business performance and promotes decision-making efficiency.
Disclosure Management: CCH Tagetik’s Collaborative Disclosure Management software streamlines the financial reporting process, integrating data aggregation, workflow management, compliance, and control. It enables automation and control of the entire disclosure cycle.
Business Intelligence: The software offers consolidated performance management and business intelligence solutions, allowing easy access and analysis of financial data stored in a unified system.
Financial Governance: This feature aids in managing corporate governance, risk management, and regulatory compliance. It offers tools for internal auditing, risk management, compliance reporting, operational risk management, and simulations for forecasting impacts.
Budgeting, Planning & Forecasting: Tagetik’s software unifies budgeting, planning, and forecasting processes, enhancing control and transparency. It offers functionalities like driver-based planning, integrated plans, workflow management, profitability planning, cash flow modeling, forecasting, and collaboration.
Cost Allocation & Profitability Analysis: This feature allows for detailed tagging and allocation of expenses and revenues, supporting comprehensive profitability analysis.
Dashboard & Scorecarding: This function enables real-time tracking and analysis of performance through user-friendly dashboards.
External Compliance and Disclosure: The software assists in financial reporting and disclosure, supporting various regulatory compliances and reporting standards.
Financial Close & Fast Closing: It streamlines the financial close process, integrating tasks for a more efficient and auditable closing.
Internal and Management Reporting: CCH Tagetik simplifies internal audits, financial statements preparation, and management reporting.
Production Cost, Planning & Control: This function links production planning with financial and operational planning, improving efficiency and decision-making.
Statutory and Management Consolidation: The software manages complex consolidation processes, enhancing visibility and reducing the total cost of ownership.
XBRL Tagging and Submission: Tagetik supports XBRL and iXBRL reporting, streamlining the preparation and submission process.
We have three major divisions and they all have different disparate systems so we’re able to use a software like Tagetik to consolidate them and bring reporting into one place. You’re just getting one point of truth.
Before, we were on Hyperion Enterprise and then when we went looking for a replacement, we ended up with Tagetik. Obviously being able to easily load from different disparate GL systems and use the data entry form to load data as well allows us to quickly and easily get the data in the database and then we can move on and start the report. The number one reason we went with them because everything was combined into one system. Number two, the customer service that Tagetik has offered has been very helpful. The web-based application to allow remote users to easily connect and use the system (which was not something we had with Hyperion).
Our best look scenario was basically taking and combining our actuals and the most current forecast or plan and building up a scenario instead of doing a forecast every month like a rolling forecast. It was taking me a minimum of two days, sometimes up to three days to complete it once we had all the financials done from the book. We were able to build using the tools within Tagetik to bring that two to three days down to fifteen minutes. It’s saved an enormous amount of time.
We can run Tagetik as we go through the month so the business units are done earlier are from the whole company. So they can run it at day two or day three and they’ll have their best look all ready for them and they don’t have to wait for day five when I’m running it.