23 March 2010
Stamford, CT (USA)
Tosoh America consolidates with Tagetik 3.0
Built-in capabilities make closing data available 2 weeks after month end
Tagetik today announced that Tosoh America, Inc. has selected and implemented Tagetik 3.0 to manage its consolidation and reporting processes. Tosoh investigated a number of software solutions before selecting Tagetik 3.0. The application’s built-in capabilities and open architecture were among the reasons they selected it over other competitive applications.
Located in Grove City, OH, Tosoh America, Inc. is the parent company to a number of Tosoh group companies within North America. Tosoh America integrates the corporate activities of its subsidiaries and provides corporate services including, finance, human resources and information technology support. Tosoh America is housed in the 275,000 square foot manufacturing and distribution facility of Tosoh SMD, Inc., a manufacturer of sputtering targets for semiconductor and electronics companies. Also, located in the Grove City facility are the warehouse and distribution operations for the Tosoh Bioscience companies. “Among our primary goals was to move from a quarterly close process to a monthly close process—eliminating 150 hours of manual work from our closing cycle. We also wanted to improve data quality and data availability—making it quicker to access,” explained Dan Rowell, Corporate Controller at Tosoh America. “We were impressed with the product’s out-of-the box financial consolidation functionality and built-in capabilities as well as their strong focus on our business requirements.”
“Being defined as the most attentive vendor Tosoh America evaluated reinforces our ongoing commitment to customer satisfaction,” states Mark Corsetti, Tagetik Vice President andGeneral Manager for Tagetik North America. “Tagetik 3.0 has been engineered to robustly cover all financial and control processes but, at the same time, leverages our acquired understanding of the varying needs of individual businesses. This innovative solution is proven to handle complex consolidation environments, its user-friendly system is one with which Tosoh’s finance staff can quickly familiarize themselves and its web-based with an Excel front-end is ideal.”
“Using the experience gained from working closely with CFOs and CIOs, we have developed the Tagetik 3.0’s built-in processes which are a step ahead in managing performance” added Manuel Vellutini, Chief Operating Officer at Tagetik. “These pre-packaged features embedded in the software, which avoid complicated programming code, have been designed to train users quickly and effectively, maximize user independence and, thus, minimizing the time to deployment. That is why global organizations, like Tosoh America, need a specialized vendor able to focus on financial process excellence and better understand companies needs in order to simplify the increasing complexity of managing consolidated financial statements.”
Tosoh Corporation is a Japanese chemical company established in 1935 and listed on the First Section of the Tokyo Stock Exchange. It is the parent of the Tosoh Group, which comprises 140 companies worldwide and a multiethnic workforce of over 11,000 people and generated net sales of ¥733.5 billion (US$7.5 billion at the year-end rate of ¥98.23 to the US dollar) in fiscal 2009, ended March 31, 2009.
Tosoh is one of the largest chlor-alkali manufacturers in Asia. The Company supplies the plastic resins and an array of the basic chemicals that support modern life. Tosoh’s petrochemical operations supply ethylene, polymers, and polyethylene, while its electronic materials business serves the global semiconductor and flat-panel display industries. Tosoh has also pioneered sophisticated bioscience systems that are used for the rapid diagnosis of life-threatening diseases, such as diabetes and certain cancers, and to prevent epidemics by identifying pathogenic microbes. In addition, Tosoh develops products and provides services to purify water and to monitor the environment as part of a commitment to a sustainable future.
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