Share your experience using CCH Tagetik

I am an external consultant for an insurance company where CCH Tagetik was implemented instead of Oracle HFM about two years ago. I support preparing data for CCH Tagetik by preparing files, loading data via IPL, and supporting integration from Oracle or any other general ledger that entities use. My role is not technical; I focus on learning how to use the solution and then providing knowledge to the client and consultant.

CCH Tagetik has the ability for automatic loading from systems like Oracle into CCH, which is very helpful. It also provides automatic validations that reconcile the phases of the balance sheet to the notes of the financial statements, which supports internal controls and helps streamline the reporting process.

The ability for integration and automatic loading from the Oracle system into CCH Tagetik is very valuable. Additionally, the automatic validations that reconcile the balance sheet to the financial statements are quite useful.

There is a need for improvement in the ability to generate all reports from one click, like both P&L and balance sheets, to be available together in Excel. It would also be helpful if the system highlighted errors during data uploads more clearly, especially for new users.

I have been using it for two years.

There were no stability issues related to bugs or breakdowns aside from technical breakdowns which were already known.

I have generally received answers and support when needed. However, the process of logging a ticket first and waiting for a response can be challenging when urgent support is needed.

Positive

We chose CCH Tagetik instead of Oracle HFM due to broader functionalities that corresponded with the IFRS 17 change and its implementation.

I am not informed about pricing, but CCH Tagetik was chosen over HFM due to more comprehensive functionalities related to IFRS 17. For larger companies, pricing might be less important compared to the functionality.

This solution is recommended for companies that do not have any special system for consolidation and especially for those still using Excel for data consolidation. The integration from various sources and the internal controls it provides are quite beneficial.

I'd rate the solution nine out of ten.

I've primarily worked with CCH Tagetik as a consultant, handling implementations and not providing day-to-day user support. I initially appreciated the unified platform, the Ownership Structure Register, which benefits certain entities. The workflow feature is great, but it can become overly detailed and lacks clear guidance on design. The solution is good in terms of storage. 

The tool's major drawback is the ETL process, which is not up to par with other solutions. 

CCH Tagetik is quite stable. You need to be careful with the data volume. It is strong but an old product. 

The tool's support is complex. While support from Italy is generally considered good, waiting for support during Central Europe time can be cumbersome. They only have a strong Italian support team and don't have one in the North American region. 

Neutral

The tool's deployment is complex. 

I rate the product a five out of ten.