CCH Tagetik
What is CCH Tagetik?
Unified platform for financial corporate management (financial consolidation and close; budgeting, planning and forecasting; ESG and regulatory reporting; corporate tax). Supplementary solutions for financial and regulatory use cases (account reconciliation; financial reporting, disclosure management and iXBRL; transaction matching; IFRS 16, IFRS 17; and solvency II) as well as selected operational plans.
- CCH Tagetik functions (BARC classification)
● = Function covered, ●● = Functional focus
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●● = Functional focus
● = Function covered, ●● = Functional focus
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About CCH Tagetik
The information in this section has been provided by the vendor of CCH Tagetik.
Self-description of the vendor
Wolters Kluwer, a global leader in information, software, and services for professionals, delivers the AI-powered CCH® Tagetik Intelligent Platform, the corporate performance management solution designed to digitally transform the efficiency, accuracy, and strategic ability of the Office of the CFO.
CCH Tagetik streamlines financial close and consolidation, financial and operational planning including supply chain planning, ESG and regulatory reporting, and corporate tax including global minimum tax. With state-of-the-art AI functionality, it empowers finance to democratize access to meaningful enterprise data, manage and control massive datasets with unprecedented speed and automation, unlock insights trapped behind the data to ultimately improve and expedite decision making.
CCH Tagetik Financial Close & Consolidation augments the scope, speed, and accuracy of your close. It extends financial close technology – from local closing to group consolidation – to cover new operational dimensions and close-adjacent processes, including account reconciliation, transaction reconciliation, reporting, ESG, global minimum tax and integrated disclosure. Integrated financial intelligence simplifies even complex consolidation processes. Collaboration tools and integrated MS Office ensure team coordination and automatic creation of annual reports, board books and presentations.
CCH Tagetik provides financial and operational planning functions that connect data from different departments and processes. With an unlimited number of dimensions, a powerful allocation engine, rolling forecasts, scenario analysis, intuitive dashboards, workflows and self-service reports, finance can work across the enterprise to plan more transparently, accurately, and efficiently. By combining strategic, financial, and operational planning processes with AI-based predictive intelligence, it rapidly provides companies with more accurate plans and greater insights. Thus, CCH Tagetik enables the execution of strategic objectives through faster, more informed decisions.
CCH Tagetik screenshots
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CCH Tagetik BARC Review & Rating
This section contains our independent analyst views on CCH Tagetik.
Provider and product description
With its CCH® Tagetik expert solutions, Wolters Kluwer (WKL) offers enterprise-scale performance management software solutions for the office of the CFO while expanding to other financial and operational adjacencies. The company is a global provider of professional information, software solutions and services within five global operating divisions: Health, Tax & Accounting, Corporate Performance & ESG, Financial Corporate Compliance and Legal & Regulatory.
The CCH Tagetik expert solution provides a unified, finance-owned platform for financial corporate management (financial consolidation and close; budgeting, planning and forecasting; ESG and regulatory reporting; and corporate tax). Used by organizations of all sizes, CCH Tagetik is particularly appealing to mid-sized and large companies (or groups of affiliated companies) with many users involved in corporate planning and/or financial consolidation processes. The comprehensive platform also extends into areas such as account reconciliation; financial reporting, disclosure management and iXBRL; transaction matching; IFRS 16, IFRS 17; and solvency II. In addition, the CCH Tagetik applications marketplace includes predefined starter kits, pre-packages and tech solutions developed by partners as well as Wolters Kluwer itself. CCH Tagetik is available for deployment in the Amazon (AWS) cloud (Microsoft Azure is also available on request) and on premises. According to the vendor, more than 1,900 customers worldwide across all industries currently use CCH Tagetik.
From a planning perspective, CCH Tagetik is focused on financial and integrated business planning, with top-down, bottom-up and mixed approaches all supported. CCH Tagetik contains a predefined model for financial planning (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 functionality for financial consolidation and close. Comprehensive workflow and governance functionality (especially for bottom-up approaches) is available to control planning and consolidation processes. The CCH Tagetik platform is underpinned by the Analytic Information Hub, which connects granular financial and operational data with flexible and scalable possibilities in the context of open data modeling, FPM (e.g., regulatory reporting), operational planning and analytics. CCH Tagetik offers extended planning capabilities beyond finance, including sales and operations planning as well as functionality for supply chain planning and production planning. From a technical perspective, the CCH Tagetik platform was built with an open and extendable architecture based on a relational data model that supports implementations in Microsoft SQL Server, Oracle, PostgreSQL and SAP HANA. CCH Tagetik continues to empower the office of finance and automate use by leveraging AI and ML for data management – including AI automapping and AI anomaly detection, forecasting, reporting and analytics. For predictive planning and forecasting, CCH Tagetik offers out-of-the-box or customized embedded predictive models and trainable ML capabilities based on Python that can be leveraged to predict future outcomes. A new AI driver-based analysis feature helps to interconnect and correlate data and visually highlights the key drivers. New AI-based intelligent analytics capabilities leveraging GenAI, NLP and LLM have been announced for later this year.
In terms of analytics and reporting, CCH Tagetik pursues a two-fold strategy. The product’s integrated functionality is geared to self-service with on-screen display of reports and dashboards as well as regulatory reporting use cases (e.g., ESG). Report creation using a ‘matrix wizard’ in Excel is business-user-friendly. Furthermore, CCH Tagetik’s embedded web-based tool SmartInsight enables dynamic ad hoc reporting and analytics. These capabilities can be supplemented by third-party products (e.g., Microsoft Power BI, SAP and Qlik) accessing CCH Tagetik data via an OData API to allow customers to use their analytics tool of choice.
Strengths and challenges of CCH Tagetik
BARC’s viewpoint on the product’s strengths and challenges.
Strengths
- Unified finance-owned platform for financial corporate management (financial consolidation and close; budgeting, planning and forecasting; ESG and regulatory reporting; corporate tax) that can be used by individual subsidiaries or at group level.
- Integrated financial corporate management capabilities with extensive predefined business rules. Supplementary solutions for financial and regulatory use cases (account reconciliation; financial reporting, disclosure management and iXBRL; transaction matching; IFRS 16, IFRS 17; and solvency II) as well as selected operational plans.
- Comprehensive workflow and governance functionality to control planning and financial consolidation processes. CCH Tagetik is particularly appealing to mid-sized and large companies (or groups of affiliated companies) with many users.
- According to survey feedback, customers are very satisfied with their CCH Tagetik projects, the business benefits the product provides and its price-to-value, planning and financial consolidation functionality, workflow support and ease of use.
Challenges
- For an integrated business planning approach with detailed operational planning in the same solution as summary level financial planning, CCH Tagetik leverages the Analytic Information Hub and extends its core data model to deliver unlimited dimensionality (e.g., for implementing individual subplans). These subplans are linked to the corporate data model using common master data and automated data transfers are implemented via data loading processes.
- For advanced BI and analytics, CCH Tagetik currently relies heavily on third-party products such as Microsoft Power BI, SAP Analytics Cloud and Qlik Sense. CCH Tagetik itself offers self-service reporting and dashboarding; ad hoc reporting and analysis in SmartInsight; Microsoft Word add-in-based disclosure management; and a Microsoft PowerPoint add-in.
- The Planning Survey results confirm that performance satisfaction among customers is just average. In complex environments with large amounts of data and concurrent users, organizations should evaluate the most appropriate configuration to meet their performance needs. Among other choices, CCH Tagetik is certified to run natively on SAP’s in-memory HANA database, providing a powerful option for complex implementations.
- According to user feedback, CCH Tagetik customers are usually large, complex global companies and their implementations are similarly large and complex with phases for multiple solutions. For this reason, projects can take longer than average to complete. Implementation times will vary based on customer use cases and unique requirements.
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CCH Tagetik User Reviews & Experiences
The information contained in this section is based on user feedback and actual experience with CCH Tagetik.
The information and figures are largely drawn from BARC’s The BI & Analytics Survey, The Planning Survey, The Financial Consolidation Survey and The Data Management Survey. You can find out more about these surveys by clicking on the relevant links.
Summary of user review highlights from CCH Tagetik
What users like about CCH Tagetik and where the product scores best in a user comparison.
Why users buy CCH Tagetik and what problems they have using it
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Full user reviews and KPI results for CCH Tagetik
All key figures for CCH Tagetik at a glance.
- Get independent information on software solutions, market developments and trends in data, analytics, business intelligence, data science and corporate performance management.
- Make data & analytics decisions based on numbers, data, facts and expert knowledge
- Access to all premium articles and all our research, including all software comparison studies, scores and surveys.
- Unlimited access to the BARC media library
- Consume unlimited content anywhere
Individual user reviews for CCH Tagetik
Number of employees
Industry
Source
What do you like best?
The concept of processes to manage combinations of scenario-period-entity-accounts-diagnostics. The functionality and dynamicity of the Excel add-in (the matrix wizard). The ease of implementation with parameters and little or no scripting. The spreading and breakback functionality in the planning module. The Q&A section on the Tagetik community.
What do you like least/what could be improved?
Documentation.
What key advice would you give to other companies looking to introduce/use the product?
Find an implementation partner with lots of Tagetik experience. No juniors from big-4 firms. Contact reference customers.Take the opportunity to simplify your data model (COA) and monthly submission procedures. Start small and then add more functionality over time.
How would you sum up your experience?
Very good. I now have more than 10 years of hands-on experience with Tagetik. All our users - from Europe to HongKong - are also very satisfied with ease-of-use.
Number of employees
Industry
Source
What do you like best?
Wolter Kluwer CCH Tagetik accelerate our close and budget process, we got complete transparency of close or budget process. It's one solution for the entire record-to report process. Close and budget data is used in our planning & forecasting. It's improved our efficiency.
What do you like least/what could be improved?
You have many options and flexibility in the system, which makes it sometimes difficult for end-users to understand.
What key advice would you give to other companies looking to introduce/use the product?
Start small and built on an agile way the system to his end state.
How would you sum up your experience?
Best in class corportate performance mangement system at the moment. On top of innovation.
Number of employees
Industry
Source
What do you like best?
The ability to create reports visible for every user and create own workflows.
What do you like least/what could be improved?
Better communication of planned software updates.
What key advice would you give to other companies looking to introduce/use the product?
We are a group in constant changing, buying and selling companies. Tagetik has the capability to cover all the exceptions we were experiencing. We would highly recommend Tagetik.
How would you sum up your experience?
We are very satisfied over the whole process - from implementation to the go-live and even after the implementation they are still available for questions or suggestions.
Number of employees
Industry
Source
What do you like best?
Eine Lösung für alle Anforderungen. Software von Fachexperten entwickelt.
What do you like least/what could be improved?
Preis.
What key advice would you give to other companies looking to introduce/use the product?
Unter die Motorhaube schauen, nicht von bunten Dashboards und flinken Analysen blenden lassen.
How would you sum up your experience?
Lehrreich.
Number of employees
Industry
Source
What do you like best?
Modularité.
What do you like least/what could be improved?
Pas intuitif.
What key advice would you give to other companies looking to introduce/use the product?
Prendre le temps de s'approprier le produit.
How would you sum up your experience?
Très bon produit.
Number of employees
Industry
Source
What do you like best?
Durch ein hohes Maß an Zuverlässigkeit und Flexibilität war Tagetik immer das passende Tool, ganz egal um welche Problemstellung es dabei ging. Neue Produkte und Features waren stets eng abgestimmt und passend zu unseren Bedürfnissen.
What do you like least/what could be improved?
–
What key advice would you give to other companies looking to introduce/use the product?
Es lohnt sich ordentliche Datenstrukturen aufzubauen.
How would you sum up your experience?
Eine enge Zusammenarbeit, die es uns ermöglicht hat, mit dem System und seinen Möglichkeiten kontinuierlich zu wachsen und unsere Aufgabe als Controlling Abteilung besser wahrzunehmen.
Number of employees
Industry
Source
What do you like best?
Le principe de workflow, la flexibilité qui en découle. Le lien avec PowerBI (à venir pour nos restitutions) et les nouvelles briques proposées (offre telle ESG...). Possibilité de volumétrie importante. Les évènements fréquents qui permettent de voir les futures évolutions et de partager avec d'autres utilisateurs.
What do you like least/what could be improved?
Trop nombreuses montées de version (impossibilité de suivre le rythme et donc gros gap à franchir).
What key advice would you give to other companies looking to introduce/use the product?
Prendre un intégrateur qui maitrise l'outil.
How would you sum up your experience?
L'outil est bien perçu en interne et assez évolutif pour suivre nos nouveaux besoins.
Number of employees
Industry
Source
What do you like best?
Der hohe Grad an Flexibilität durch den Einsatz des Analytical Information Hubs sowie die enorm starke Verankerung im Fachbereich.
What do you like least/what could be improved?
Fehlende Ad-hoc-Analyse Werkzeuge sowie Planungsfunktionalitäten zur operativen Planung (z.B. zur Treiberplanung).
What key advice would you give to other companies looking to introduce/use the product?
Die Wahl des Implementierungspartners ist sehr wichtig; Referenztermine mit bereits bestehenden Tagetik Kunden vereinbaren (Community Feeling mit großer Hilfsbereitschaft und Wissensaustausch).
How would you sum up your experience?
Äußerst positiv und sehr erfolgreich. Mit der Einführung von Tagetik konnten wir die Qualität unserer Planung deutlich verbessern.
Number of employees
Industry
Source
What do you like best?
The comprehensive planning solutions. Data integration possibilities. Reporting possibilities. Flexible and dynamic.
What do you like least/what could be improved?
N/A. Very satisfied with how it's working.
What key advice would you give to other companies looking to introduce/use the product?
Make sure you create a clear business and implementation plan upfront. It's an excellent tool with many possibilities, sky is the limit, but you need to draw out yourself what you need of course.
How would you sum up your experience?
Simply excellent. It goes beyond the tool itself, also their support team is meeting all (high) expectations.
Number of employees
Industry
Source
What do you like best?
Workflowsteuerung und damit zusammenhängende User-Guidance.
What do you like least/what could be improved?
Performance bei Verarbeitung großer Datenmengen.
What key advice would you give to other companies looking to introduce/use the product?
Prozessprojekt und Prozessdefinition vor Einführung der Software.
How would you sum up your experience?
Hohe Flexibilität, dadurch bei steigendem Umfang hohe Komplexität mit hohem Aufwand.
Number of employees
Industry
Source
What do you like best?
The people, the continuous innovation.
What do you like least/what could be improved?
They are more corporate once Wolters Kluwer acquired them
What key advice would you give to other companies looking to introduce/use the product?
Select a good partner and project manager. Write out the requirements, design, and planning.
How would you sum up your experience?
I'm very happy with CCH Tagetik.
