Caisse des Dépôts et Consignations (CDC)
Budgeting, Planning, Cost calculations, Consolidation and reporting
“One of the biggest advantages we’ve gained is having a solution that gives local entities the control and flexibility they need to effectively manage their businesses, while simultaneously supporting the CDC’s centralized management objectives and the very complex compliance reporting requirements we must address.”
Mathias Guérin, Deputy Managing Director and CFO, Informatique-CDC
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The Caisse des Dépôts et Consignations (CDC) is a state-owned organization with many subsidiaries and affiliates and multiple lines of business, including investments in economic development initiatives, the centralization and management of savings accounts and pension funds, and the development and management of properties.
As Guérin explained, while the CDC must have the ability to do enterprise-wide consolidations, budgeting and planning, and reporting, each of its business entities is run independently. And because of the diversity of businesses under the CDC umbrella, the management and financial rules as well as the reporting requirements for CDC entities vary widely.
In 2012, the budgeting and controlling team led a selection initiative to identify a solution that would support the diverse financial needs and processes of its decentralized business entities, as well as the CDC’s centralized management objectives and the detailed auditing and reporting requirements of the organization. After evaluating multiple responses, the team chose Tagetik.
Tagetik’s unified reporting allows CDC to centralize all financial data and ensure data consistency at any level of detail. Tagetik also provides improved documentation of management rules and automated auditing and tracking of data, which was not availablepreviously. At the same time, CDC entities can customize their processes andreporting in ways specific to their businesses.
In addition to significantly cutting data processing time and operating costs, Tagetik has eliminated most of the manual and repetitive work required previously. The solution has also simplified the work of IT engineers, who before had to manage the licensing, operation, and upgrading of seven different systems.
Tagetik has been fully adopted by hundreds of users in CDC entities. According to Guerin, training users was straightforward since Tagetik uses Excel and other Microsoft tools for data input and reporting. Users appreciate the ability to easily customize data entry forms and dashboards according to business needs and personal preferences. “I believe if we gave users a choice, no one would choose to go back to the old systems,” said Guérin.
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