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Give construction and engineering the finance tools for a resilient future

Dec. 3 2020 by Kumiko Minowa, General Manager - CCH Tagetik Japan

Performance Management Budgeting & Planning

Plan a future powered by profitability, real-time performance and better business decisions. Does it sound like some sort of utopia against the real-world backdrop of lump-sum turnkey contracts and international competition which project-based construction and engineering work face 

It all comes down to your ability to leverage corporate performance information to ensure the business decisions and plans you make are optimal. 

Multiple legacy systems and spreadsheets are a cumbersome way to achieve an accurate, consolidated view of all projects. Without timely information about individual project progress and related financials and risk, the impact on profitability is real. 

By contrast, through CCH Tagetik for Construction & Engineering, simplification of complex processes, exposure of the impacts of decisions on cash flow and the provision of a single version of the truth for planners, provides the visibility needed to make profitable, long-term decisions. 

At CCH Tagetik, our close cooperation with visionaries in project-based finance shines through in these key benefits, helping to lay out the roadmap for evolutionary CPM planning:

  • Cut planning cycle time by days
  • Optimize use of resources project-by-project, site-by-site 
  • Align Finance & Operations 
  • Allow constant finance technology modernization 
  • Raise your game in terms of accuracy, efficiency and control 
  • Reduce risk 
  • Reduce TCO 

CCH Tagetik for Construction & Engineering lets you focus on your business because you’ll know the full implications of cash flow on projects, you can match resource requirements to capacity constraints and enjoy real-time visibility into projects. It provides the granularity of data to support actionable, forward-looking insights.  

CCH Tagetik stands out as a finance-owned, reliable and unified CPM solution, which is equally applicable on premise or on cloud, with no compromise either way. Above all, through this industry-specific package for construction and engineering, it is designed for project-based businesses to evolve through modernization. CCH Tagetik Planning for Construction & Engineering is targeted with precision at the needs of this project-based sectorthrough 6 simple but powerful milestones for daily planning and forecasting:

1. Align finance and operations with unified planning. Increase accuracy and confidence in your numbers with budgets, plans, forecasts and models using a single version of the truth thanks to CCH Tagetik’s automated real-time and historical data

2. Reduce planning cycle time. CCH Tagetik’s single unified source for all planning financial and non-financial data, shaves weeks, days, even months off the planning cycle and addresses bottlenecks before they happen

3. Get a 360˚ view of profitability. Use cost allocation methods to assess profitability by business division. CCH Tagetik makes costs and profits transparent at any level to allow resources to be allocated strategically.

4. Optimize the supply chain and production. Understand how resources and capacity impact production, supply and demand. With CCH Tagetik, play out what-ifs and take advantage of pre-built, embedded manufacturing logic for bills of materials etc., by project

5. Integrate sales and operations. Connect the value chain while analyzing profitability and optimizing the product mix. CCH Tagetik integrates sales forecasts and operational plans so long- and short-term goals are aligned with corporate objectives

6. Sophisticated resource allocation. CCH Tagetik automates MRP II and resource planning to see where operational and financial plans coincide. You can allocate direct, indirect and activity-based costs by specific drivers like clients, project and region in order to assess profitability

CCH Tagetik gives project-based companies the depth of analysis, agility and automation they need to achieve a future powered by profitability, real-time performance and better business decisions 

Many companies have already started their modernization journey with CCH Tagetik. We asked HH Hunt what is making the difference in daily business life while using CCH Tagetik and here is what we heard from them:  

“The workflow capabilities as well as scenario management of CCH Tagetik is enabling us to build the planning process based on the business needs instead of settling on what excel can support. We can keep track of progress and easily model different scenarios all based on one-source-of-truth, in a more lean and efficient process”. 

The coming years are bound to be dogged by uncertainty. Which is why agility and creativity are essential for the survival of project-based businesses. This can only be fed by reliable, accurate and actionable data, not legacy systems. 

Check out the full capabilities and features of CCH Tagetik’s Budgeting, Planning and Forecasting for Construction & Engineering here. 

CCH Tagetik B&P

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