Tagetik CPM 2.0 and the new trend in corporate Performance Management

Unification of processes becomes even more strategic with new innovative functionalities that enrich all the core processes, a new Balanced Scorecard application, three new extended CPM processes and Flex 2 technology

Tagetik, a global provider of the new generation of Corporate Performance Management (CPM) solutions, today announced Tagetik CPM 2.0, a new product release that enhances the unification of processes. The new release includes new innovative functionalities for all the “core” processes as defined by Gartner (Budgeting-planning and forecasting, Profitability Modeling & Optimization, Dashboard and Scorecard applications, Financial Consolidation, Financial Statutory and Management Reporting). It also offers new extended CPM processes such as Credit Reporting & Analysis, ICT performance management and Governance risk compliance incorporated with a more sophisticated and intuitive interface, all supported by Flex 2 technology.

Tagetik offers a cutting-edge solution for Corporate Performance Management by extending the unification of CPM processes beyond the core applications supported by innovative technology. The new version of the product was design to help companies handle growing pressures created by increasingly competitive markets and adapt to new regulatory requirements such as IAS, Basel 2, SOX, Securities and Investment Laws, Regulatory accounting, etc. To top off this unification, Tagetik CPM 2.0 now delivers Balanced Scorecarding application that allows companies to measure corporate performance in an increasingly consistent manner.

“In today’s market, Tagetik CPM 2.0 is the only software solution that unifies all CPM processes in one single product”, says Manuel Vellutini, Chief Operating Officer of Tagetik. “Tagetik CPM 2.0 is a reflection of our entrepreneurial status. In fact, we are the only independent firm capable of competing with the big international players that are currently focusing on mergers and acquisitions that lead to integration of different products, not unification. The unification of technologies and processes is the only way to reduce TCO and maximize efficiency for organizations. This is a critical  issue that we face and resolve every day across the world with our 300 clients”.

Tagetik CPM 2.0 offers powerful, built-in functionalities that are already unified in a precise process workflow approach, managing all phases of the CPM cycle such as Budget/Forecasting, Statutory Consolidation & Management Reporting, Strategic & Financial Planning, Closing & Allocation, and Reporting all in one software, one technology, one database and one front-end. This is why data is unified, transparent, completely traceable and provides a single version of reality, thereby addressing the CFO’s real audit and control needs. In addition, the IT environment is simple and easy to use, ensuring user independence and low TCO.

The core CPM processes and the new functionalities:

Gartner’s most recent reports (“Understanding CPM Applications”), defined the basic Corporate Performance Management processes. Tagetik CPM 2.0 not only covers all these processes, but has also expanded a number of functionalities.

• Budgeting, planning and forecasting
  Tagetik CPM 2.0 features an even more powerful calculation engine to enhance budgeting simulations. The versioning functionalities are particularly innovative and flexible, enabling users to make simultaneous comparisons and store different scenarios.
• Profitability, modeling and optimization
  The new solution helps managing particularly complex processes by “decentralizing” them into blocks of calculation and responsibility managed by several users, all without losing the uniformity and consistency of the rules set by the central manager. Each block can therefore be managed by a “peripheral” user who defines its rules and retains responsibility for it, while the central level retains the partialization procedure and ultimate responsibility. This enables extremely simplified management in an environment where, for example, the cost allocation rules are numerous and complicated, as in the case of adjustments required for unbundling.
• Dashboard and Scorecard applications
  Version 2.0 now features a web dashboard based on Flex 2 technology that makes it easier to consult the solution and helps decision-makers monitor corporate performance with just one click. The Scorecard application generates a visual representation of the trend in Key Performance Indicators (KPI) selected by the company.
• Financial consolidation
  Tagetik CPM 2.0 guarantees more efficient calculation and supports enterprise consolidation processes with thousands of entities to be consolidated simultaneously. The new version, which includes reconciliation processes based on the Inter Company dashboard, is now even more flexible, allowing the user to select the type of data to be viewed based on current priorities and requirements.
• Financial, Statutory and Management reporting
  Thanks to this new functionality, users can set and customize style formats in accordance with corporate guidelines. The formatting is then automatically applied to all reports, including dynamic ones, with a degree of sophistication that drastically reduces report maintenance time and completely does away with useless, often laborious, time spent formatting individual reports.

New Extended Corporate Performance Management processes
Tagetik CPM 2.0 offers new applications capable of responding to the new, specific requirements of the market, such as:

• Credit reporting and analysis
  This application was created for corporate credit analysis and reporting, and is aimed primarily at users who are involved in debt collection for the commercial department, the sales network and management control.
• ICT performance management
  Tagetik created this application in response to the increasing need of large international groups and complex organizations to monitor the main non-financial KPIs of their IT divisions. The IT department can manage its own performance management processes: from drafting the budget to calculating the costs of services delivered (including using the ABC methodology) and constructing the main performance indicators (service levels, etc.).
• Governance risk compliance
  The application helps listed companies respond effectively to the requirements of the new governance regulations (for example, Law 262/05 in Italy and SOX). Specifically, the solution ensures maximum transparency and traceability of processes and activities underlying financial data.

Flex technology
Tagetik CPM 2.0 uses Flex 2 technology, which currently represents the most complete development solution for the creation and distribution of RIA (Rich Internet Applications) at the internal level and on the web, allowing companies to develop customized multimedia applications that revolutionize web-based interaction. The adoption of Flex 2 makes the new release even faster and easier to use, and has considerably improved the solution’s look and feel.

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