CCH Tagetik

Wolters Kluwer (WKL), through its CCH® Tagetik expert solution, provides enterprise-scale performance management software for the office of the CFO and is expanding into other financial and operational areas. The company is a global provider of professional information, software solutions and services within five global operating divisions: Health, Tax & Accounting, Corporate Performance & ESG, Finance & Corporate Compliance and Legal & Regulatory.

The CCH Tagetik expert solution provides a unified AI powered, finance-owned platform for financial corporate management (financial close & consolidation, ESG & regulatory, corporate tax and extended planning). Used by organizations of all sizes, CCH Tagetik is particularly attractive to midsize and large companies (or groups of related companies) with many users involved in financial consolidation and/or corporate planning processes. The comprehensive platform also covers areas such as account reconciliation, financial reporting, disclosure management and iXBRL, ESG and sustainability, corporate tax, IFRS 16, IFRS 17 and Solvency II. In addition, the CCH Tagetik applications marketplace includes predefined starter kits, pre-packages and technical solutions developed by partners and Wolters Kluwer. CCH Tagetik is available for deployment in the Amazon (AWS) cloud (Microsoft Azure is also available upon request) and on premises. According to the vendor, more than 2,000 customers worldwide across all industries currently use CCH Tagetik.

CCH Tagetik offers built-in consolidation functionalities and financial intelligence. The platform contains consolidation rules for all the different consolidation methods – full, proportional, at equity – and a predefined model for financial consolidation, particularly for the investment/equity consolidation. From a consolidation perspective, CCH Tagetik has a strong focus on decentralized web-based intercompany reconciliation with interfaces to transaction systems but also its Microsoft Excel integration for reporting packages. An integrated I/C cockpit supports automated intercompany eliminations. Regarding the different levels of subgroups, CCH Tagetik can perform multiple consolidations simultaneously. Furthermore, if data is available, matrix and segmental consolidations are supported. For debts and income/expense consolidation, individual rules for intercompany matching can be set up, including accounts for posting differences. Following the idea of an integrated financial statement, details such as asset history or changes in equity are included and considered in postings so that data is consistent. As a result, an integrated group cash flow statement is also part of the solution. Also, consolidation of budget/forecast data is possible thanks to CCH Tagetik’s tight integration of planning and financial consolidation functionality. Each entity can report according to its own local currency, which is translated into the group currency by the system. Comprehensive workflow and governance functionality (especially for bottom-up approaches) is available to control consolidation and planning processes.

From a planning perspective, CCH Tagetik focuses on financial and integrated business planning, supporting top-down, bottom-up and mixed approaches. CCH Tagetik includes a predefined financial planning model (balance sheet, P&L, cash flow) that can be used by individual subsidiaries or at group level. Consolidation of plans is possible thanks to integrated financial consolidation functionality. Comprehensive workflow and governance functionality is available to control planning and consolidation processes. The CCH Tagetik platform is supported by the Analytic Information Hub, which combines granular financial and operational data with flexible and scalable capabilities for open data modeling, financial performance management (e.g., regulatory reporting), operational planning and analytics. CCH Tagetik offers extended planning capabilities beyond finance, including sales and operations planning, supply chain planning and production planning.

From a technical perspective, the CCH Tagetik platform is built on an open and extensible architecture based on a relational data model that supports implementations in Microsoft SQL Server, Oracle, PostgreSQL and SAP HANA. In terms of data integration, CCH Tagetik connects with more than 300 systems (including ERPs, CRMs, HRMs, etc.) through APIs and dedicated connectors. CCH Tagetik has an optional certified SAP HANA platform with S/4 HANA native connector.

CCH Tagetik further empowers and automates the finance office by leveraging AI and ML for data management (including automapping and anomaly detection), transaction matching, driver-based analysis and predictive intelligence. For predictive forecasting, CCH Tagetik offers out-of-the-box or custom embedded predictive models and trainable ML capabilities based on Python that can be used to predict future outcomes. A new Intelligent Analytics solution with generative AI capabilities, Ask AI, helps users explore data, answer ad hoc questions, build dashboards and interpret data visualizations using natural language queries.

For reporting and analytics, CCH Tagetik has a dual strategy. The product’s built-in functionality is self-service, with on-screen reports and dashboards, as well as regulatory reporting use cases (e.g., ESG). Business users can create reports using a ‘matrix wizard’ in Excel. In 2024, CCH Tagetik introduced Intelligent Disclosure, a new collaborative solution to dynamically integrate consolidated financial, non-financial and ESG numbers and narratives through native integration with Microsoft 365 (Word and PowerPoint) and Copilot GenAI to create data-linked reports. In addition, CCH Tagetik’s embedded web-based tool, SmartInsight, enables dynamic ad hoc reporting and analysis. These capabilities can be complemented by third-party products (e.g., Microsoft Power BI, SAP and Qlik) that access CCH Tagetik data via an OData API, allowing customers to use their analytics tool of choice.