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Moving from the Monolithic Age in financial consolidation

Jul. 28 2020 by Rob Konferowicz, Principal Product Experience - CCH Tagetik North America

Performance Management Consolidation & Closing

Sticking with a Historical Financial Management system is a losing proposition. You’re always playing catch-up, patching together costly fixes, and waiting on IT to get their work done just so you can get your work done. 

Gartner summed it up: “Legacy systems were developed in monolithic fashion that prevents rapid adoption of other technologies.”

Switching to a modern CPM solution not only moves you from the monolithic age, it puts your finance executives in position to offer key strategic insights that drive better business results also automating your team effort in its day to day activities, definitively improving accountability and consistency of information.

Here are five ways you win by making the switch.

1. You work faster: Just how many applications does it take for you to get the job done? If it’s more than one then that’s too many. Your team has to constantly toggle from product to product, many of which don’t play well together, just to get baseline functionality. Meanwhile, CCH Tagetik is built on speed and efficiency, with all the tools you need in one platform. Automating many tedious and repetitive tasks frees your time to focus on high-value data analytics and insights.

2. You become a better business partner: If you’re working with an Historical Financial Management system now you know the constant struggle of trying to align with business partners in operations. When collaboration is killed by your system, consequentially agility and capabilities to quickly generate insights and analysis that business partners find useful and relevant will be missed. CCH Tagetik puts the power to collaborate in your hands – as well as the hands of key business partners. You get the benefits of built-in workflow, simple communication tools, easy to access dashboards, and an audit trail that keeps everyone up to speed.

3. You’re more cost efficient: What does your legacy Historical Financial Management system really cost you? That’s hard to answer. So let’s just go with ‘plenty.’ There are the hidden costs buried in legacy systems, such as constantly having to involve IT in scripting and maintenance, which devours time, and slows down your consolidation process. After an initial investment, the total cost of ownership of a modern solution easily beats your actual expenditure, while also giving you the tools to do key data analysis that can have positive impacts on the bottom line.

4. You crush it on consolidation: Consolidation is clunky and time intensive if roll out through legacy monolithic systems. Meanwhile, it’s a breeze with CCH Tagetik managing every phase of your consolidation process seamlessly—from loading in data all the way through to disclosure. You no longer waste time constantly verifying the validity of your data. And it’s fully traceable, providing an up-to-date audit trail that’s all but nonexistent with many legacy solutions.

5. You’re future focused: Historical Financial Management solutions make updating the latest data challenging. So little wonder that there are limited capabilities—or time—to forecast what the future might hold. That changes with CCH Tagetik, which provides the capability for financial forecasting, modelling and setting a foundation to better leverage artificial intelligence, machine learning and predictive analytics.

If you want to know more check out our detailed whitepaper "From Historical Financial Management to CCH Tagetik".

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