Tagetik is being used by our CFO structure. We have built planning/budgeting applications and reconciliation between accounting and DWH data.
A big problem we had before Tagetik was the absence of a structured system for the collection of data. We now have the ability to manage a simple workflow, and keep it monitored.
- integration with many databases
- flexibility of ETL system
- very strong audit tools
- reduce the number of options: sometimes you can do the same thing in too many ways
- reporting and dashboarding: in truth you can easily use third party software (if you have them), but I think there is ample room for improvement in the native reporting
I think the native application (Consolidation) is probably the best, but there is much opportunity to structure effective planning processes. In this case there needs to be more effort in terms of both function and implementation.
Another very effective application is cost allocation. Tagetik provides a lot of native features that allow analysts to deploy allocation systems, even very complex ones.
- Easy to use for the end user
- Great for consolidation
- Broad reporting functionalities
- The combination of a single data source and validation processes ensure accuracy
- Has to be updated regularly to ensure performance standards
CCH Tagetik Review: "Flexible. Scalable. Consistent. The one stop solution for your financial reporting needs."
- Data entry procedures. The integration with MS Office suite applications made data entry activities easy like filling an Excel spreadsheet, with the only difference that any detail is stored in a consistent database which can be easily analysed.
- Reporting utilities. For the same reason the reporting tool makes data report and analysis easy and faster than before.
- The consolidation processes can be easily controlled thanks to a work flow utility which shows the main steps of the process and the state of completion validated by any single user.
- Data quality and auditability. Data are stored in a solid a consistent DB structure which contains also all the details suitable for any system audit need.
- ETL tools can be easily customized, thus allowing a fast incorporation of new companies into the consolidation perimeter with a specific ETL routine.
- A specific feature of Tagetik let you create multiple scenarios in which you can vary for the same period the consolidation perimeter. This is very useful if you are looking for implementing what-if analysis tool or you need to make restatements to your previous closing.
- The communication between users on the same platform could be improved by means of a private chat system. It seems that they have worked on it and included in the last version.
- Automated consolidations have saved our company nearly one day of our consolidation close process, which was 1.5-2 days previously.
- Customer service. During implementation and even now, Tagetik has a great team of associates who are always willing to help with problems or questions as they arise.
- Improved retrieve functionality. While the tool offers this, it is hard to use and the system doesn't appear to fully support it
- Easy to import and export data.
- Easy to manage data for regulatory requirements because it is easy to get the xbrl code.
- Strong data governance with the Tagetik data flow facilities.
- The Tagetik code is not easy to manage and to explore. You need an IT specialist if you want to change some features or functionalities otherwise you need Tagetik support.
- It is not easy to manage data of different periods. There is significant room to improve this.
- More functionality to integrate Tagetik APM and CPM.
It's well suited to implement a solution that does not require a calculation engine and stochastic approach. For example to manage closing for an accounting department and to manage the repository for IFRS requirements. It's very powerful for CFO needs. Tagetik is also well suited to provide collaborative disclosure management applications.
Today it's not appropriate to provide solutions in the risk management area.
- Ease of use
- Flexibility in addressing different issues with a different approach
- Tailored approach to the customer
- it is very good with its standard functions but not so much when the standard function is not available
- Menus and manuals are sometimes too technical
- It meets our business requirements in regards to the way of reporting.
- Data is easy to use and convert.
- It is easy to use with MS Office.
- Great customer support
- It takes time to understand how Tagetik works (menu options, place of the menus etc).
- Improve the add-in functionality for Excel and Word. For example, make the copy paste functionality more generic and easier to use when copying and pasting between DBs.
- Provide more and better explanation than the current manuals provided.
CCH Tagetik Review: "Smart and helpfull software, that can help you in managing your business processes"
- I like the way I can make an autonomous report using an Excel interface, that is in my opinion very simple and user-friendly. Also, the process cockpit is very helpful to manage processes.
- I don't like the SQL query tool included in the Excel reporting interface.
- The reporting with use of Tagetik has become faster and more effective.
- You can organize the report fitting the users needs.
- The consolidation process works well.
- A good thing is that the consolidator can follow step by step the data entry process of the subsidiaries.
- The online guide is poor of contents. It could be good for a beginner but it lacks of specific topics. In particular for CDM's section.
From a month we're using it also for Disclosure Management
- Each end user is able to easily manage the application and his reporting.
- Easy integration with other business.
- When you have Tagetik and you have to do a new project, you think ..... "Can I do this project with Tagetik?"
- Development times are much faster.
- I would like to use all client features on web pages.
- Tagetik is extremely flexible and customizable to your business needs.
- It creates financial statement reports extremely fast and gives us the ability to slice and dice financial metrics in more ways than you can imagine.
- I see Tagetik as a long term business partner to help us solve problems.
- A solid implementation team and process.
- Until you get familiar with the software, screens, buttons, etc, are not necessarily intuitive. It just takes time
- Without being involved in the implementation process. A new user might have some difficulty getting up to speed on writing reports and using the system.
- Having a liaison at Tagetik that really understands our business needs so they can help guide us at various stages on implementing parts of Tagetik that we may not be aware of.
- Tagetik has allowed us to create multiple hierarchies to customize numerous reporting requirements.
- Tagetik provides us with the flexibility to easily create reports in-house. Each report has sparked interest in additional reports that we have been able to create with little or no outside help.
- As our business has expanded and use of "best of breed" sub-systems has grown, Tagetik has provided us a means to bring all the data together and view on one report.
- We are on an older version, so some things may have changed, but some of the commands are in Italian, which can be a little frustrating (or an opportunity to learn a new language).
- Non-financial directors have wished it to be a little more user friendly. I don't think it is a problem, but in order to be flexible users may have too many choices to make.
- Formatting of reports (once again we are on an older version) could be easier.
- It caters for and provides solutions to complicated processes
- It can be rolled out over a wide geography
- Handles large data sets
- The same product can be used for multiple business processes
- It's very flexible
- It's sometimes too complicated i.e. the reporting building is more difficult than it needs to be
Can the product manage existing processes?
- Integration with Excel.
- Easy to create and maintain dimension elements and hierarchies.
- Automation and scheduling of data uploads.
- Error messages can be difficult to understand - particulalry when written in Italian!
- It does a good job of assisting with the mapping of accounts to entities. Unlike other programs that require you to add an account for all entities, Tagetik knows to map new accounts to all entities.
- The interface is very user friendly and intuitive. Once you have a basic understanding of how it functions, it is very easy to navigate.
- Any time there has been issues with the tool, the Tagetik team has been very quick to assist in solving the issue. They really provide a great deal of support.
- When setting up accounts, there are some fields that are not applicable to my company that I am still required to populate (i.e. exchange rate).
- Making changes to existing reports is not the easiest thing.
- Really fast consolidation routine
- Data Drill-down
- Easy to use for reporting
- Flexibility and scalabity
- Improve financial budgeting cockpit
- Improve some IC reconciliation report
- Improve something regarding Equity reserves in consolidation routine
- Improve exchange rate management DB
- Consolidates more than 150 entities quickly and precisely.
- Scalable planning for more than 1000+ users.
- BI intergrated.
- Workflow process over all dimensions.
- New MDM process flow for better ERP intergration and management of mapping of the metadata.
- Consolidation per counterpart at all dimensions.
CCH Tagetik Review: "Tagetik - the Cuprinol of Financial reporting solutions - does exactly what it says on the tin"
- Really quick and simple to create new reports
- Retention of previous structures
- Some of our reports are extremely large and complex (our fault) so can be a little slow to run during which time Excel is tied up on the users local PC. We have solved this by a Citrix Xenapp deployment but Tagetik could consider implementing multi threading to speed things up.
Like most solutions you need to really understand what you are looking to deliver and ensure that your data structures are well thought out - Tagetik consultants will help with this.
Do you have sufficient internal resources to work with the Tagetik consultants during the implementation?
Don't set unrealistic implementation timetables. This is a complex extremely powerful product so don't rush things or you will not get delivery of the benefits.
- Quick access to all my Tasks and always up to date what is next.
- Every change or simulation in planning, forecasting or budgeting now gives us immediate insight into the changes in the P&L AND balance sheet.
- Tagetik makes it easy to collaborate now.
- Reporting is very flexible with Tagetik and therefore extensive in the preparation.
CCH Tagetik Scorecard Summary
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|Deployment Types:||On-premise, SaaS|
|Operating Systems:||Windows, Linux, Mac|
|Mobile Application:||Apple iOS, Android, Windows Phone|
|Supported Countries:||All regions|
|Supported Languages:||English, Spanish, Italian, French|