Banca Italease chooses Tagetik as sole CPM solution provider

The project quickly enabled Banca Italease to manage the processes for the preparation of the financial statements, statutory consolidation and segment reporting pursuant to IAS 14

Tagetik expands its presence in the banking industry with another major Corporate Performance Management project. Banca Italease, a leading Italian leasing and factoring company that for 38 years has been a financial partner in the development of more than 150,000 Italian companies, turned to Tagetik for an innovative Corporate Performance Management solution that will help it achieve three primary objectives.

The first objective was to implement a single tool to manage the preparation of both the individual financial statements and the statutory consolidation process for Group companies. The second objective was to develop a chart of accounts that conforms to the new international accounting standards and is capable of generating a supervisory, statistical and prudential reporting flow that is integrated with the consolidation process. The third objective was to fulfill the requirements demanded by the new financial disclosure rules and generate reports broken down by segment (IAS 14) while ensuring perfect reconciliation between published financial results and the supervisory reports sent to the Bank of Italy.

The collaboration between Tagetik and Banca Italease led to the development of a multi-step project, which got under way in November 2005. After a preliminary analysis phase, the application was configured by populating the database tables, and implemented in compliance with the new IAS. To give the customer full operational autonomy, Tagetik organized an ad-hoc training course that allowed Italease to close its statutory consolidated accounts for 2005 using the new tool. In April-May 2006, Italease for the first time used the Tagetik CPM package to generate a flow of supervisory reports (statistical and prudential) for the Bank of Italy. In the same period, the first close complying with segment information disclosure rules (IAS 14) was carried out. Thanks to the powerful allocation capacities of the system and the skills of the Tagetik team in handling management data, the Tagetik CPM package enabled Banca Italease to produce separate segment reports, in line with IAS 14, to a very tight deadline.

“The speed with which the project went live is attributable to the technology content and flexibility of Tagetik CPM, a single tool that, thanks to its built-in processes operating on a single database, unifies all the application processes," declared Manuel Vellutini, Tagetik’s Executive Vice President of Marketing, Sales & Alliances. “With Tagetik CPM, Banca Italease has not only been able to fulfill its statutory reporting obligations, but has also acquired a system that offers full decision-making support to top management,” he said.

About Tagetik 

Tagetik is the first Italian company to become an international player in the Corporate Performance Management (CPM) market. More than 10 years of experience in the CPM market working closely with CFOs have enabled Tagetik to offer an innovative single CPM solution that leverages cross platform technology and delivers faster process cycles, powerful scalability, short implementation time and lower TCO.

Tagetik CPM is the first software solution with built-in, yet flexible, unified financial, operational CPM and application processes such as budgeting & forecasting, financial planning, statutory consolidation, management reporting, profitability analysis and ABC modelling.

With more than 250 customers and 200 employees, Tagetik shares its commitment to success with worldwide customers who provide valuable feedback, a network of reliable partners that strengthen the delivery and a dedicated team of young qualified industry experts.

Tagetik’s major clients include: Unicredit, Telecom, Mediaset, Barilla, De Agostini, Fininvest, Mediobanca, BNL, Snamprogetti, IFI-Ifil, CIR, Marzotto, Valentino, Banca Popolare di Milano, Impregilo, Astaldi, ERG, Gruppo Lombardini, COOP Adriatica, COOP consorzio Nord Ovest, AEM Torino, Acea, Brembo, Cremonini, Il Sole 24ORE, Yamaha, Techint, Milan, Menarini.