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Choose your fuel then evolve and modernize financial planning for automotive

Feb. 17 2021 by Sadek Fahmy, Senior Solutions Specialist - CCH Tagetik NA

Performance Management Budgeting & Planning

For technical disruption and market transformation, it’s hard to outdo the automotive industry. With competing alternatives to fossil fuels, the drum beat of digital and ownership models which, pundits predict, mean “your current car might be the last one you own”, there is everything to play for in financial planning. In domestic and commercial markets, it’s never been more important to understand the impact of strategic plans and assess the return on the financing of innovation.

Industry-specific opportunities exist in automotive: connected cars and commercial vehicles yield data “by the truckload” for analytics and to predict parts replacement. The accuracy and volume of this data is set to provide for predictions and forecasts of unprecedented reliability. The integration of granular operational and financial data to support data-driven decisions will have a direct positive impact on the bottom-line. But this relies on a willingness to take an evolutionary attitude to CPM planning – to modernize continuously in line with the industry itself and work smartly with the entire supply chain.

Take the evolutionary road

At CCH Tagetik we have been working with visionary automotive finance leaders to set the roadmap for a CPM planning evolution that could revolutionize the process by:

  • Cutting planning cycle time by days, weeks, even months
  • Optimizing use of resources
  • Bringing finance and operations under parallel scrutiny
  • Allowing constant finance technology modernization
  • Raising its game in terms of accuracy, efficiency and control
  • Reducing risk
  • Reducing TCO

The insights achieved through this evolutionary approach will reveal performance strengths and weaknesses. That’s how CCH Tagetik is enabling the crafting of strategic budgets, agile planning and smart allocation of time, resources and human capital into the activities which provide the best return for automotive organizations.

CCH Tagetik Budgeting and Planning is targeting the automotive sector’s needs directly, enabling 6 simple but powerful milestones to cope with daily planning and forecasting:

  • 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
  • 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
  • Cash flow planning and forecasting. CCH Tagetik automates the cash in, cash out impact of budget line items. When rates change, cash flow plans are updated instantly so you can make assessments quickly and change the plan as financials require.
  • Optimize the supply chain and production. Connect business objectives to resource requirements with pre-built logic embedded in CCH Tagetik’s solution. With CCH Tagetik, you can plan and model at any level, from production line to VIN.
  • Integrate sales and operations. CCH Tagetik enables connection of supply chain, distribution and logistics with execution, play out what if scenarios and allocate costs to optimize the product mix for profitability
  • Allocate resources intelligently. 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, region and even SKU in order to assess profitability.

So how agile you are in providing actionable forward-looking information? What bottlenecks and shortcomings do you experience with your current planning, reporting and analysis system and what is their impact? If decision making is not optimized because of the rigid processes and architectures of legacy systems, this could prove costly, fatal even, to a business.

Adaptability, agility and creativity are the most important characteristics necessary for an automotive company to survive. This needs to be fed by reliable, accurate and actionable information with context through a modern cloud-based planning and reporting system that goes beyond traditional planning and permits evolution through its very structure.

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 its industry-specific package, it is designed for automotive companies to evolve through modernization.

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

“Today, everything is automated using CCH Tagetik, from data collection to emails about deadlines. We trust the system because only specific users can change the data. CCH Tagetik has shortened the time that Finance invests in the process.”


Check out the full capabilities and features of CCH Tagetik’s Planning for Automotive here.

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