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“There’s a way to do it better.” - For financial transformation, it’s the mantra

Jun. 24 2020 by Fabrizio Tocchini, Head of Innovation for CCH Tagetik and Head of Global Presale service - CCH Tagetik

Performance Management

When it comes to performance management and the financial transformation process, “do it better” is, basically, our mission. But to do it better we need to learn from the past, and then adapt: the critical factor for a new and better approach is innovation.

At CCH Tagetik the innovation stream for CPM relies on four pillars:

  • Dedicated team: a group of people with a clear mandate to generate, manage, process, and test ideas from all kinds of sources, while keeping an eye on what is happening in technology, from AI to BI, and how this can match up with the needs of the office of finance.
  • Closeness to customers: contextual design and customer advisory boards are the means we use to benchmark our product roadmap, brainstorm future trends and devise solutions that are relevant.
  • Partner collaboration: the passion, talent and knowledge of people collaborating with our company is a treasure not to be squandered. The contribution of those out in the field is a source of inspiration and a guarantee of action.
  • Culture: at CCH Tagetik we live and breathe the office of finance and are involved in an ongoing process of capturing social and business trends, evolving expectations and behavior of users, and changes in the context in which people work. Blogs, seminars, social media and books are part of this endless cycle of renewal.

The synergy between these pillars is our inspiration and drives our development process.

How do we assist the finance transformation process, to enable the CFO to become the trusted advisor to the CEO and other business managers?

Helping finance address key challenges in order to enable a closer connection to operations:

1) Big data: more granular, transactional or semi-transactional information is requested to facilitate better business performance.

2) Greater modeling ability: to steer and predict business more effectively, in addition to classic drivers like quantities, discounts, promotions, more internal and external drivers must be considered, like market trends, macro and micro-economic indexes, customer attitudes, competition etc.

3) Fast reforecast: to make the right decisions, the ability to predict with speed and confidence plus the ability to run simulations and “what if” analyses is a must. The presence of masses of data complicates things.

4) End user: solutions for professionals should be plug & play. It is no longer acceptable to assume technical skills to be able to consume technology.

5) Appealing data surfing: the data presentation layer must be intuitive, effective and cool!

In the FSN Innovation Showcase 2020, well-known Finance Expert and Analyst Gary Simon explains how CCH Tagetik answered all these points with the release of the CCH Tagetik Analytical Information Hub. With this embedded component, our innovative solution provides a strong and easy modeling ability, massive data collection, enrichment, check and processing possibility, all under the mantra: owned by the office of finance.

In addition, adoption of advanced artificial intelligence techniques, like Machine Learning, allows efficient automation of predictive analytics, providing an explainable and actionable forecast.

When it comes to navigation of calculated results, the strong integration with best of breed BI solutions, like Microsoft PowerBI and SAP Analytics Cloud guarantees an unparalleled experience.

To learn more about the FSN Innovation Showcase 2020, and to download the entire report click here.

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