We use the software to integrate our ERP with CCH Tagetik Modules: IFRS16, Planning, Forecast, Budget, Consolidation.
Pros
Integrate with external ERPs
Easy-to-use for users
Pre-Packaged Solutions available
Cons
sometimes too many regressions on the software
some partners are Tagetik Certified even if they don't seem to be too good for Tagetik Implementations
Likelihood to Recommend
Well Suited: Pre-packaged solutions are extremely powerful because they are super easy-to-use and to be setup on an IT Side.
Less Appropriate: especially on Consolidation, if there is a wrong parametrisation or a value not allowed by the system, there is an ecnrypted stack trace and not clear error message.
VU
Verified User
Analyst in Information Technology (1001-5000 employees)
we use Wolters Kluwer CCH® Tagetik for severamente needs, we use it for consolidation purposes, taxes, green and social, integrated reporting, financial planning, treasury purposes, actuarial, taxes, mvbs and pillar 3 streams. We use the solution in cloud using as SaaS. We are able to distribute and deploy the application to our Group Companies that help us to optimize the time, respect very strict deadlines and for sure we are able to be compliant with regulations as per IFRS
Pros
Committment
Deliver
Provide solutions
Cons
Ifrs compliant
Accouting
Planning
Likelihood to Recommend
The expertise of the Wolters Kluwer CCH® Tagetik team is high, the software itself is complete and is quite easy to customize, cover at least all the needs and there are a lot of different modules that can be tailored in each organization and business.
VU
Verified User
Project Manager in Information Technology (10,001+ employees)
Tagetik is the solution we needed to comply with the business needs of having a single user-oriented platform unifying multiple core processes within the IFRS/MVBS processes consolidation, planning and forecast, S2/P3 disciplines, and regulatory reporting scope.
In this context, we took advantage of flexibility, built-in processes, and ETL functionalities which let every project to be configured and maintained in reduced time and this increased our company's value in a cost-effective manner.
Pros
Unify multiple processes in one single platform
Maximizes control over business data and processes
Reduces the implementation/maintenance costs
Optimizes decision processes thanks to flexible workflow system
Data reconciliation and report production
Cons
User interface can be improved graphically
Compatibility of the newest update with previous third-party SW version (es. Office) should be extended
Tagetik customer portal should be more user friendly
Likelihood to Recommend
I think Tagetik functionalities still fit our business needs perfectly, especially since the platform implemented offers a powerful BI experience by keeping at the same time a user-oriented approach. This means the values of the company can be increased at lower time and costs, also thanks to the support given that is always punctual, fast and effective.
VU
Verified User
Manager in Information Technology (10,001+ employees)
The plan is to have a robust consolidation and planning application with a futuristic scope to use the AI and ML functionalities and avail the advantages it can provide to speed up the process and get a strategic advantage over the competition by taking future-oriented decisions, meeting the growing demand in the market with agile and change-oriented EPM approach.
Pros
AI enablement option
Extensible Dimensionality
Simple workflow process and ETL
Cons
Application Maintenance process
Understanding and Changing Metadata and its attributes
Architecture is complex for me.
Likelihood to Recommend
Below are the scenarios, where I feel Wolters Kluwer CCH® Tagetik is well suited:
Standardize and improve the consolidation process; Enable better integration between consolidated, transactional, and non-financial data; Integration options are better with multiple systems; An augmented analytics capability in Finance; Focus on the development of advanced analytical models; Utilization of Artificial Intelligence to drive insights and predict and prescribe future outcomes; Developing and enhancing the existing Management Information System (MIS).
VU
Verified User
Administrator in Finance and Accounting (10,001+ employees)
We are a rapidly growing hotel company. As a finance department, we need to facilitate and support this growth, a.o. by using agile, efficient, scalable, SaaS software. Our goal is to become the "best in class" finance department. We use Wolters Kluwer CCH® Tagetik for budgeting, reporting, and consolidation already for a couple of years, and it fits into the picture perfectly. And to speed up our (monthly/quarterly) close, we recently implemented the transaction matching and account reconciliation modules.
Pros
Budgeting
Consolidation
Reporting
The solution is continuously improved, feedback is taken seriously
Scalability
Cons
The solution could be customized according to the customer's wishes, it offers lots of possibilities. This requires detailed knowledge of the system internally (or external consultants) when configuration adjustments are necessary.
We experienced some challenges during the implementation of the transaction matching module related to the connectivity (API vs. FTP). The support from Tagetik on this has been excellent.
Likelihood to Recommend
Wolters Kluwer CCH® Tagetik is a great tool for companies with entities located in multiple countries (multiple GAAP standards, currencies, ownership percentages), which like to phase out Excel consolidations and use a robust, scalable tool. It offers all the necessary features for both centralized and decentralized organizations. Based on my experience Wolters Kluwer CCH® Tagetik would be less appropriate to use for smaller companies with only a few entities in a limited number of countries.
VU
Verified User
Manager in Finance and Accounting (1001-5000 employees)
I use this software with our client DANONE Food Group, a dairy F&B giant in Europe with 100,000+ employees all over the world where I support the user that perform monthly closing in Tagetik for P&L. This software makes everything happened at a click of a button by uploading, automating data processed w/ integrity checks for accurate P&L with a simplified user interface that's easy to navigate. Compared to how they used to produce their P&L through excel before, from sending one sheet over to the other, having multiple tabs for each month or scenario, tagetik stores everything in the cloud and allocate, processed and analyze all the data in one click of a button in a workflow. It's quite amazing what the software can do, with it's low level detail storing in the P&L reporting. The integration of controlling cloud (Power BI) made it easier for our user to do self service of creating their own report.
Pros
Reporting. Tagetik reporting can be done in two ways, excel or power BI. We have always been using and creating excel adhoc report which after learning how the design matrix works, makes designing a form fast and intuitive. If building an adhoc is Abit difficult, then using smart view made it as easy as using excel formulas like how you use tables and powerpivot. If you have experience with Power BI, that's also an option in creating a dynnaic and asthetically pleasing looking report that you can look at on any device (mobile, laptop, ipad).
Allocation of Data. Tagetik provide alot of way for allocating data in both financial workspace and analytical. I find my favourite way was creating an allocation in AIH, through the use of Special Method using postgre SQL for my own flexibility. If not, there's an operation for allocation as well, where we just need to configure the parameter required for allocation.
Integrity checks. Tagetik does this part well in a sense of ensuring Data that does not belong somewhere stays out. ALOT OF TIME, this saves us time on analyzing when data are missing or misuse in forms, processes, QDL or through an ETL.
Cons
Warnings on Non existing details. Sometimes tagetik does not show warnings for uploads with detail that does not exist in Tagetik masterdata. Like account/destination mapping does not exist, got accepted into the upload but is stopped by integrity check to the reporting layer but did not show warnings, so the report showed some mismatch on what we expected because it seemed to accepted all the data.
Execution time. Sometimes a process or allocation step have long time execution running of more than 10 mins (this happened particularly for our rolling forecast)
Sometimes I had issue with excel plugin of tagetik stuck at login screen but this may either be excel problem or tagetik, I am not sure.
Likelihood to Recommend
Scenarios where CCH Tagetik is suitable is when a company have large amounts of data and want to transform, consolidate, store and produce reporting in different year, period etc with complex calculations and allocation. Tagetik is the tool for you in this case and it's very flexible in terms of creating your own business rule, calculation and reporting options with a user friendly interface. I have not thought about scenarios where it is not appropriate to use tagetik yet as the tool covers small and large business financial needs.
VU
Verified User
Consultant in Finance and Accounting (11-50 employees)
We needed a software that could consolidate a variety of currencies and ERP systems. Tagetik has definitely provided that for us. We use 8 different ERP systems and 16 currencies. With Tagetik we can report in any currency we need and consolidate our financials during month end close as often as we desire.
Pros
Consolidation
User Creation/SetUp
Job Scheduling
Cons
IC Cockpit report is difficult to customize
Likelihood to Recommend
I specifically love the variety of reporting options that Wolters Kluwer CCH Tagetik provides. I can teach users to report in Excel using a matrix or the TGKRETF formula. Both allow for pulling data in pretty much any manner or format desired. The SmartInsight tool in the web application is a trimmed down version of Excel which allows for drag and drop reporting which users are coming to love quite quickly.
Used for management reporting and financial statement preparation. The product is critical for multicurrency consolidation and reporting for the entity, regional, and group structures. We have c.20 reporting entities and users.
Pros
Report customisation.
Drill down.
Excel compatibility.
Consolidation and close.
Cons
Online help and manual is a bonus but could be improved e.g. the clarity of English explanations.
Improved Excel compatibility e.g. formula driven reporting and dash boarding.
Mobile phone connectivity e.g. launching a consolidation from a Wolters Kluwer CCH® Tagetik app.
Likelihood to Recommend
Well suited for large multi-entity international, multi-currency, multi GAAP groups with excellent report writing features, customizations, and validation traps with minimal IT support. The ability to customize dimensions and dimension structures is a key strength. The intuitive user interface enables easy adoption by new users and training times are short. Upload features via embedded customisable ETL and standardised Excel templates are very efficient. Error checking is intuitive and helpful. Less appropriate for small single entity businesses.
We are a consulting company and implement Wolters Kluwer CCH Tagetik for our customers. Mainly we implement the system, by setting up the data model, rules, consolidation settings and mostly do all the stuff with the historical data. My team and I are the experts for the consolidation parts and we advise our customers for optimal use with their new software Tagetik. As well we do some documentation of their system and do some training for them to support them at the highest level we could.
Pros
good consolidation
good planning
good support
Cons
sometimes after patches there are bugs
better testing before launching
Likelihood to Recommend
I think I have some good experience collected in my three years of working with Wolters Kluwer CCH Tagetik. in my opinion it suits very well in the consolidation part, planning part, and reporting part. because you have one software for all of these doings. so that's the point why Tagetik isn't that appropriate for anything I'm working on
VU
Verified User
Consultant in Finance and Accounting (51-200 employees)