CCH Tagetik, what else.
Updated January 06, 2017

CCH Tagetik, what else.

Arshak Shamoun | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User

Overall Satisfaction with Wolters Kluwer (CCH Tagetik)

CCH Tagetik is being used within the finance department of the organization. It is currently used for financial reporting. Hereby we focus on collecting data from external resources, like ERP systems and Excel, but also in turn from the CCH Tagetik database. By using CCH Tagetik we are able to collect the data, store them in one database (CCH Tagetik) and then meet the requirements with regards to financial reporting.
  • 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.
  • Faster and more accurate way of reporting
  • Increase in efficiency
  • Decrease in issues with regards to data collection

Some of the reason(s) for us to choose for CCH Tagetik are as follows:

  • XBRL implementation and support: CCH Tagetik convinced us that it will develop, provide and support us with regards to reporting according to the XBRL standards.
  • Great support, both from CCH Tagetik Benelux as from CCH Tagetik Italy (Head Office). One of the requirements was that the vendor should be also located in the Netherlands.
  • flexible software
As stated previously, CCH Tagetik is very usefull in using for financial reporting. However, other scenarios are difficult to mention, since we haven't used CCH Tagetik for other purposes to have an opinion on that. Nevertheless, as far as I know, it cannot be used as a CRM package, which does not have to be a disadvantage, but more an advantage. But at the same time, yes, it is less appropriate as a CRM system.

Wolters Kluwer CCH® Tagetik Feature Ratings

Long-term financial planning
Financial budgeting
Scenario modeling
Management reporting
Financial data consolidation
Journal entries and reports
Multi-currency management
Intercompany Eliminations
Minority Ownership
Local and consolidated reporting
Detailed Audit Trails
Financial Statement Reporting
Management Reporting
Excel-based Reporting
Automated board and financial reporting
XBRL support for regulatory filing
Personalized dashboards
Color-coded scorecards
Cost and profitability analysis
Key Performance Indicator setting
Benchmarking with external data
Flat file integration
Excel data integration
Direct links to 3rd-party data sources

Using Wolters Kluwer (CCH Tagetik)

32 - 

Our users are mostly financial controllers and managers of the finance department.

Hereby the users are divided into different teams. Some users focus on the annual and quartely reports, while others focus on the solvency reports. Besides of that, we also got reports considering the investments.

Since a couple of weeks we also implemented budgetting and planning in CCH Tagetik.

1 - 

For now I, as a Functional Application Manager, am the only one who provides non-stop in-house support for CCH Tagetik regarding the functionality and requirements of endusers and managers.

However, we aim at increasing the knowledge of some users by creating a CCH Tagetik poweruser group, who will take some decisions regarding the demands of the business. By doing this, we will not only increase and share the knowledge, but also take more control of CCH Tagetik, and more specific the data model.

Furthermore, we also have non-stop support from CCH Tagetik Benelux, when needed.

  • Reporting
  • Solvency
  • Budgetting and Planning
  • CCH Tagetik provided the best solution for Solvency. Solutions that best met our requirements.
  • Increased efficiency in reporting
  • We might expand CCH Tagetik more though other divisions, making it the main reporting tool within the company. Still thinking about it....

Based on our business requirements, its current implementation and way of use (in terms of the efficiceny) it's more than certain that we will renew our contract with CCH Tagetik. CCH Tagetik increased our efficiency regarding reporting and provides more features which made it easier to take decisions.

Besides of that, it provided he best solutions for reporting according to the Solvency II standards. Since this is still the case, it is also a reason to stay with CCH Tagetik.

Evaluating Wolters Kluwer (CCH Tagetik) and Competitors

Yes - Before CCH Tagetik we used Microsoft Office Word and Excel in order to make our reports. However, this was not very efficient, since during the proces we came accross a lot of problems and it was also time consuming. Since using CCH Tagetik the proces of making our reports has become more efficient. We tackled the most important problems, standardized our way of working and saved enough time.
  • Product Features
  • Product Usability
  • Analyst Reports
The single most important factor in our decision was the the features the vendor and product provides or will provide. For example, and maybe one of the most important features is XBRL. XBRL is a new standard to share financial information with other parties. CCH Tagetik provides a way to convert our reports to meet the requirements needed in order to report in XBRL formats. This was one of the reasons for us to choose for CCH Tagetik.
If we would have been going through the selection process again, we would have put more focus on the way CCH Tagetik would go through the implementation and training proces, since the implementation (mainly by third parties) was a bit hectic and at the end, none of the users had efficiënt knowledge to use CCH Tagetik properly. Therefore, we would have used more CCH Tagetik consultants and less third party consultants, which would be our requirement.