Caisse des Dépôts et Consignations (CDC)
Caisse des Dépôts et Consignations (CDC) implemented CCH Tagetik’s software solution for 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 Challenge
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 CCH Tagetik.
Benefits
A unified perspective of financial and operational data and a single source of truth
A 50% to 70% reduction in operational costs gained by replacing seven technology systems
Reduction in data processing time by up to two-thirds
A single database and unified financial platform for corporate budgeting, planning, and reporting
Flexibility to allow each business entity to set up its own business rules and meet its own specific finance and reporting requirements
The system helps the team to eliminate hours of manual processing and improved the accuracy and timeliness of reporting
The Solution
CCH Tagetik’s unified reporting allows CDC to centralize all financial data and ensure data consistency at any level of detail. CCH Tagetik also provides improved documentation of management rules and automated auditing and tracking of data, which was not available previously. At the same time, CDC entities can customize their processes and reporting in ways specific to their businesses.
In addition to significantly cutting data processing time and operating costs, CCH 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.
CCH Tagetik has been fully adopted by hundreds of users in CDC entities. According to Guerin, training users was straightforward since CCH 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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