Tools of the Trade (TotT): CPM Product Focus-CCH Tagetik
Good day readers. We continue our series of articles that focuses on some of the tools, software, and methods used by many I.T. and business professionals. We've reviewed many of the key I.T. and business professional roles in previous articles here in our #thatssuccess blog page. If you haven't read them, take a look at our in-depth analysis in those article here: #corporateteam #data #datateam.
We previously reviewed the concept of Corporate Performance Management (CPM) software in a previous article. In this article, we will look deeper at the CPM tool CCH Tagetik. We will look at why, how, and where it is used and the professionals who use it. We will compare it to some of its major competitors in the CPM tool market.
What is CCH Tagetik?
CCH Tagetik is a software solution designed for corporate performance management (CPM) and financial governance. It is developed by Wolters Kluwer, a global information services company.
CCH Tagetik aims to streamline financial processes, improve reporting accuracy, and facilitate compliance with regulatory requirements. The software is particularly known for its capabilities in budgeting, planning, forecasting, consolidation, and financial reporting.
Key Features of CCH Tagetik
As with any tool, CCH Tagetik has some its key features and functions that its makers hope help to set it apart from its competitors. These features include:
Financial Consolidation: CCH Tagetik allows organizations to consolidate financial data from various sources, providing a unified view of the company's financial performance.
Budgeting and Planning: The software facilitates the creation of detailed budgets and forecasts, helping businesses align their financial plans with strategic goals.
Reporting and Analysis: CCH Tagetik offers robust reporting tools to analyze financial data, enabling informed decision-making.
Regulatory Compliance: The software assists in ensuring compliance with financial regulations and reporting standards, reducing the risk of non-compliance.
Key Users of CCH Tagetik
There are specific positions who will generally use and interface with a CPM tool such as CCH Tagetik. The marketing of the tool is generally focused to these users, as these kinds of tools impact these users' roles. These key users include but are not limited to:
Finance Professionals: CFOs, finance directors, controllers, and financial analysts use CCH Tagetik to streamline financial processes.
Corporate Planners: Professionals involved in strategic planning and budgeting utilize CCH Tagetik to create accurate forecasts aligned with organizational objectives.
Accounting Teams: CCH Tagetik aids accounting teams in financial consolidation and reporting.
CCH Tagetik Pros & Cons
Each tool, regardless of audience, will have its pros and cons, depending upon the needs and requirements of businesses and users. Some of the pros and cons for CCH Tagetik include:
Comprehensive financial consolidation and reporting capabilities.
Robust budgeting and planning tools.
Integration with various data sources for a holistic view of financial data.
Regulatory compliance support.
High implementation and maintenance costs.
Steeper learning curve for some users.
May require customization to meet specific business needs.
Limited scalability for extremely large enterprises.
CCH Tagetik's Top 4 Competitors
Many companies have a great need for CPM software and tools. This makes the space for competitors very lucrative. CCH Tagetik faces competition from many software tools that offer similar and different CPM functionality. Below is a list of CCH Tagetik's top 4 competitors, with their own pros and cons.
Oracle Hyperion Financial Management (HFM):
Powerful financial consolidation features.
Integration with other Oracle applications.
Robust security and data governance.
Extensive scalability for large enterprises.
High upfront costs.
Complexity in implementation.
Requires skilled IT resources.
Limited flexibility in some areas.
SAP BPC (Business Planning and Consolidation):
Integration with SAP ERP systems.
Strong planning and budgeting capabilities.
Real-time reporting and analytics.
Scalable for medium to large enterprises.
Costly licensing fees.
Steeper learning curve.
Limited flexibility in certain scenarios.
IBM Planning Analytics:
Powerful modeling and analytics capabilities.
Integration with IBM Cognos Analytics.
Scalable for large enterprises.
Cloud and on-premises deployment options.
Higher upfront costs.
Steeper learning curve.
Limited out-of-the-box financial consolidation features.
Cloud-based platform for flexibility.
Collaborative planning and modeling.
Limited financial consolidation features.
Pricing based on usage can be expensive.
Customization may require expertise.
Limited offline functionality.
Bringing it all together
CPM tools offer great budgetary, planning, and consolidation functions for businesses of all size and scale. CCH Tagetik is one of such tools. It has some standout features that make it unique. There are many competitor CPM tools on the market, giving businesses a broad range of options for any use-case, need, and budget. Each offers their own strengths and stand-out features.
Ultimately, it's important to note that the choice between these solutions depends on the specific needs, size, and complexity of the organization, as well as budget considerations.