The finance function has become increasingly complex, particularly in areas such as planning, budgeting, forecasting, and reporting. Factors contributing to this complexity include rising regulations, the expanding scope of performance metrics, emerging risks, and the interconnectedness of various parameters that impact company performance. Additionally, there is a growing demand for ad hoc and real-time insights, reflecting the expectations set by online retailers.
Our latest webinar, 'How CCH® Tagetik can support your Enterprise Performance Management (EPM) journey' featured insights from our industry experts Stéphanie Struelens and Arshak Shamoun on what an EPM journey with CCH® Tagetik looks like. They zoomed in on trends and best practices, and together, they demonstrated how CCH® Tagetik can support your Financial Planning & Analysis FP&A and Reporting challenges.
Why are EPM solutions so important?
EPM integrates and analyzes business data to optimize performance by connecting strategy to operational plans and execution. Covering planning, budgeting, forecasting, and financial consolidation, EPM provides the foundation for effective FP&A.
An EPM tool, like CCH® Tagetik, simplifies these financial processes improving decision-making and efficiency. It unifies data from various sources into a single platform, offering configurable dashboards and reports tailored to strategic and operational needs. With workflow management and scenario analysis, CCH® Tagetik enhances collaboration and helps anticipate performance. It also improves data quality, automates controls, reduces errors, and ensures transparency with built-in audit trails, delivering a reliable and streamlined financial solution.
Trends in EPM and the answer of CCH® Tagetik
There are several trends shaping the EPM landscape today.
- AI and machine learning. While artificial intelligence is still in its early stages, it is expected to evolve rapidly and play an increasingly important role in EPM solutions. CCH® Tagetik integrates AI/ML with features like AI Automapping, Anomaly Detection, and predictive intelligence
- Another key trend is the integration of Financial and Non-Financial data. The platform seamlessly integrates financial and ESG data, aligning with global frameworks like IFRS, GRI, and the EU Taxonomy. This enables companies to consolidate both financial and sustainability data for comprehensive reporting.
- Self-service and user-friendly capabilities: CCH® Tagetik’s new unified interface and "Ask AI" tools empower users to independently interact with data using natural language, create visual dashboards, and perform ad-hoc analysis, enhancing flexibility and user empowerment.
- Cross-departmental accountability: CCH® Tagetik’s extended planning modules foster collaboration across finance and other departments using integrated planning tools, scenario modeling, and workflows, thereby enhancing accountability and supporting organization-wide strategy.
- Focus on security and compliance: The platform ensures compliance with evolving regulations through robust security measures, including cloud monitoring, data encryption, and adherence to key standards.
- The last one is a broader industry trend toward integrated (EPM) platforms, where automation, data integrity, and regulatory compliance are prioritized to support smarter decision-making and operational excellence.
Why CCH® Tagetik
CCH® Tagetik offers a robust platform built specifically for finance by finance professionals, providing flexibility with a cloud-based solution (with an on-premise option, albeit without AI capabilities).
Its pre-configured, no-coding approach ensures ease of use, while seamless integration with various ERP systems and advanced ETL capabilities enable efficient data handling, even for large volumes.
With a commitment to delivering "one version of the truth", CCH® Tagetik unifies financial and non-financial data, including ESG and sustainability metrics, for comprehensive reporting and budgeting.
Its flexible configuration capabilities allow for configurable dashboards and reports tailored to different functional needs, offering views that range from high-level strategy to detailed operational insights.
Additionally, CCH® Tagetik ensures a strong level of service with dedicated support during implementation (which varies between 2 months and 1 year for the more complex projects) and ongoing aftercare.
Last but not least, CCH® Tagetik is recognized as a Leader by Gartner in the Magic Quadrant for Financial Planning Software.
“CCH® Tagetik doesn’t just support your financial processes; it transforms them by enabling scenario planning, collaboration, and automation, all while fostering accountability and operational excellence.”
