CCH Tagetik is an integrated Corporate Performance Management-solution for Legal and Management Consolidation, Financial Close, Forecasting, Budgeting, Integrated Financial Planning and Disclosure Management. CCH Tagetik is available both on-premise as well as a cloud solution, both on AWS as on Microsoft Azure cloud environments.
History of CCH Tagetik
CCH Tagetik was founded in 1986 in Tuscany, Italy by Pierluigi Pierallini.
In the beginning CCH Tagetik was organized as a family business, but with a combination of home grown talent and international executives CCH Tagetik was transformed to a global scale business. However, client-centricity always remained the most important company value.
The name CCH Tagetik originates from the Etruscan "Libri Tagetici. In these stories a legendary boy named "Tagete appeared, with the knowledge and wisdom of an old man. Other inspiration came from the word "get, for the retrieval of information.
The vision of CCH Tagetik is paraphrased by "Business Simplexity".
This is an emerging theory which suggests that complexity and simplicity are complementary. This is reflected in the fact that all Consolidation, Financial Close, Budgeting, Forecasting and Disclosure-products are grouped into one major product. The complexity is captured behind the scenes, so end-users experience CCH Tagetik as being user-friendly.
CCH Tagetik had a history of gradual improvements through the following releases:
- CCH Tagetik 3.0 was released in 2009, designed to help CFOs and CIOs simplify the complex business processes of Legal and Management Consolidation, Financial Close, Forecasting, Budgeting and Disclosure Management. Thanks to the cross-platform design of CCH Tagetik, the existing technology can be leveraged through all processes. Hence, the total "cost of ownership" can be reduced to up to 50%.
- CCH Tagetik 4.2 was released in 2012 with for the first time a fully redesigned user interface with process-centric navigation. The workflow-manager was made more comprehensive across multiple finance processes.
- CCH Tagetik 5 was released at the end of 2014. HTML5 became incorporated in CCH Tagetik, so for the first time CCH Tagetik is accessible through mobile devices (this is called Tagetik Anywhere). Users can create their own homepages to match their usage of Tagetik (reports, entry forms, commonly used tasks, ...). Reports can be viewed over Excel or over the Web. There is also a new Self-service Dashboard capability. Here, all users can visualize their key trends and indicators. CCH Tagetik can now also run on in-memory technology of Oracle, Microsoft SQL Server or SAP Hana.
- With bi-annual updates packaged in a CCH Tagetik Spring and Winter release the product has evolved drastically. The administration client is now fully web-based and being developed in HTML5, so also the administration of the solution is transparent and easily accessible from any device. On the reporting side, the webforms evolved and are now a powerful alternative for excel driven reporting. A major novelty within the product design is the addition of the analytical Information Hub, boosting the information bandwidth capacity of the solution, bringing granular financial and operational data together, permitting unlimited data to be involved within any reporting process.
- Hence CCH Tagetik positions the recent solution as the “Finance Transformation Platform”, a principally finance owned platform that goes beyond traditional CPM. The finance transformation platform enables the integration of the typical processes such as financial consolidation, budgeting and forecasting but adds more to this by offering as well account reconciliation, regulatory reporting such as lease accounting (IFRS16), IFRS17, iXBRL and more, next to detailed profitability and advanced analytics.
- Recently CCH Tagetik added some ready-made applications for of the shelf reporting. These applications are available from the Smart Now app library and cover processes such as; Driver based Planning, Capital Expenses planning, Workforce planning and Cash Flow planning.
In the past years, CCH Tagetik convinced more and more customers. With over 2500 applications and more than 1000 satisfied CPM customers worldwide across multiple industries, they are one of the major Corporate Performance Management-suppliers.
Strenghts of CCH Tagetik
Thanks to the scalability, CCH Tagetik can be implemented in organizations of all sizes. For a large number of years already, Gartner positioned CCH Tagetik as visionary in its Magic Quadrant. This report evaluates software vendors on their completeness of vision and ability to execute. This is a sign of the commitment to innovation from CCH Tagetik.
The CCH Tagetik finance transformation platform proposes the following solutions:
- Budgeting Planning & Forecasting; plan smarter and gain better insight, connecting the dots between finance and operations
- Financial Close & Consolidation, simplify closing and automate consolidation both for legal purposes as for management reporting
- Financial reporting; integrated reporting across
- Disclosure management; compose narrative presentations and annual reports in a streamlined process
- Compliance regulatory reporting; confidently comply with regulatory requirements in a clean and up-to-date way
- Advanced analytics & dashboarding, benefit from predictive capabilities narrowing the chances for anomalies and enhancing future-oriented reporting
Some important features that are included in CCH Tagetik:
- Extensive drill-down and drill-through capability on reports
- All procedures are monitored through the web "cockpit application
- Fully Integrated with Microsoft Excel
- Full Extract-Transform-Load -functionality
- Extended dimension-capability for Business Intelligence Reporting
- Seamless Microsoft SQL Server Integration
- Cloud-solution available
element61 has expertise and certifications for CCH Tagetik, don't hesitate to contact us for more information.