CCH Tagetik Reviews

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.

We have been working on designing and implementing a financial planning and data integration solution, similar to CCH Tagetik, for our clients. We have a diverse client base and each client has unique forecasting and budgeting needs, so the solution needs to be flexible and adaptable to accommodate different requirements. To successfully complete our project, we want to ensure that the solution aligns closely with the requirements gathered from the clients. As we also work on complex calculations and reporting, it's important to ensure that the solution is user-friendly and that clients can easily access the insights they need to make informed financial decisions.

I appreciate its user-friendliness, especially for business users who may not be very tech-savvy. In many organizations, there's a mix of IT professionals and business users with varying levels of technical expertise. One of the strengths of the solution includes a feature similar to SmartView, is that it allows users to work with Excel. Since Excel is a widely familiar tool, it reduces the learning curve and makes it more accessible to a broader audience within the organization. The workflow feature within the solution is particularly valuable. It simplifies complex processes into a step-by-step sequence, making it easy for users to follow along.

We use CCH Tagetik to create detailed reports and forms. 

The most valuable feature of CCH Tagetik is form creation. 

Managerial consolidation and BPF (budgeting, planning, and forecasting), especially for big companies.

Strong relation of entity with workflow because its functions are very useful, but not arangible. I think customers like more flexible and independent functions.

It's user friendly, and it doesn't require code programming, with only the parameters needing to be entered.

It has enabled the automization of financial processes and overall workflow management.

The on-the-fly consolidation engine, including on-the-fly currency translation, allows for a very dynamic approach to consolidation and reporting. Calculating only the legal consolidation hierarchy allows for the real time presentation of alternative consolidation hierarchies (e.g. managerial, geographical, fiscal) without the need to calculate / consolidate those alternative hierarchies. In combination with the multidimensional datamodel this helps finance departments to quickly adapt to changing requirements in the business landscape.

Tagetik has managed to deliver a very complete, powerful, scalable and single database solution for amongst others, financial consolidation, budgeting & planning, and disclosure management. The financial intelligence embedded in the solution is a clear differentiator.

Depending, of course, on the way the solution is configured, we have seen several corporations reduce their monthly closing cycle by four to five days without changing the underlying processes in the transactional systems. The four to five days purely consists of a more efficient reconciliation, consolidation and reporting process.

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.