Tagetik Wins Ventana Technology Innovation Award for the Office of Finance

Tagetik recently received the Technology Innovative Award for the Office of Finance from Ventana Research for our Collaborative Disclosure Management solution (CDM). 

According to Ventana, the award is designed to:
“recognize pioneers that have developed clear visionary and transformative technology that can be used to drive improved efficiency and productivity as well as the outcomes and performance of an organization.”

We’re honored to receive this award because it perfectly describes why we decided to develop CDM. In the short time Tagetik CDM has been on the market, we’ve had the pleasure and satisfaction of seeing it literally transform financial reporting in customer companies. Ventana’s public recognition of CDM’s innovative approach to financial reporting is, as they say, “the icing on the cake.”  

Financial reporting remains a painful and time consuming process for most finance organizations.  It’s common to see even technically sophisticated organizations still juggling piles of spreadsheets and struggling with compiling data from multiple sources, managing multiple versions, converting it all to the proper format, and tracking changes and comments from multiple people.  Many still even have to manually check reports scaled to millions or billions to make sure they foot correctly and manually “plug” the final number to account for the impact of rounding and scaling.

It was a common complaint we heard from our customers and we knew there had to be a better way.

When Tagetik CDM originally hit the market, we expected it to be primarily used for   complex regulatory reporting - which CDM does very well.  For instance, one customer company, one of the biggest insurance companies in the world, uses CDM for multiple regulatory filings in the United States and Canada.  The manual work involved in these reports has been reduced by 95% and instead of taking days, the reports now take less than an hour to run.  

But, even then we knew that regulatory reporting was just the beginning of what companies would use CDM for. We have seen a rapid adoption of our customers for all types of internal reporting – such as quarterly executive reports, monthly performance reviews, annual reports, press releases, and board books.  Customers take advantage of the built-in workflow functionality to set a calendar and keep the completion of collaborative reports on target.  They also love that can have multiple people collaborating in a single word document and still  track who did what and when, the percent completion of the entire report, and who the bottlenecks are and what the impact will be.

For instance, Finmeccanica, one of the world’s largest companies in aerospace, defense, and security, uses Tagetik CDM to create monthly CFO reports that compare actual revenues, orders, EBITA, cash flow, and other KPIs to forecasts for multiple business units.  The business managers add narrative explanations of variances and suggest possible actions to mitigate risks.  All of this is done right within the report and timing can be set so that each user has to add their commentary prior to the monthly meeting.  Since there is no longer any debate about the accuracy of the numbers and the explainations and mitigations plans have been documented prior to the meeting, the focus of the meeting is on driving the future rather than debating or rationalizing the past.  (See the full case study here.)  

The really exciting thing about CDM is that because it is so simple and quick to implement customers are constantly looking for new ways to take advantage of it.  For example, several use it for sustainability reporting, and value creation (vs. financial-only reporting) such as the Integrated Reporting Framework . The premise of the IIRC is that investors need to understand how the company is protecting its core assets, its long-term strategy, and how it plans to continue to create value.  This is the future of reporting and CDM is a way to address both financial reporting requirements and non-financial ‘value reporting’ from the same source.

Solving these types of finance challenges is what Tagetik is all about.  We thank Ventana Research for recognizing our contribution to the finance profession and our customers for the innovative ways that they are extending the value of Tagetik CDM.


Tagetik Collaborative Disclosure Management

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