Timex Group USA Implemented CCH Tagetik for Corporate Finance and Consolidation, Budgeting, Financial Reporting
FinanceSeptember 01, 2017
Timex Group USA
This was our opportunity to do things better. We didn’t want to just rebuild what we had before. We wanted the ability to assess and present a situation in a meaningful way, rather than just presenting a bunch of numbers.
Timex Group is one of the largest watch makers in the world. In addition to watches sold under the Timex brand, the company also manufacturers watches under other well known brands such as Nautica, Guess, GC, Salvatore, Versace, Versus, Ferragamo, and Opex. The company has offices and manufacturing facilities throughout the world and approximately 4,000 employees.
According to Shelly Krpata, senior manager of financial reporting and consolidation, the company’s financial system, Hyperion Enterprise, did not have the flexibility in accounting and reporting to meet the company’s financial and information needs. When Oracle announced the sunset of Hyperion Enterprise, Shelly Krpata and her team, knew they would need to find a replacement. The team took about a year to evaluate multiple vendors for a single solution that would meet the company’s needs for managing corporate budgeting and financials, along with detailed financial reporting.
The CCH Tagetik solution
The new system is able to handle diverse and complex reporting needs at multiple levels: corporate, regional, country, and business unit. Because the system’s intended users are located worldwide, the system is relatively easy to use for regular and ad hoc reporting without extensive training. The system also integrate with the range of source systems used throughout the Timex Group, including Oracle General Ledger.
Today, approximately 80 people throughout the Timex Group use CCH Tagetik for reporting – from the CEO and corporate controller down to location users. Krpata’s team also uses CCH Tagetik to create regular report packages for the company’s board of directors.
“We’ve streamlined reporting immensely,” said Krpata. “Today, a single CCH Tagetik report can incorporate the data we previously presented in 30 different reports. A product or business change is made once and is automatically reflected everywhere.”
Main advantages
Single solution for budget and actualsrocess |
As the company’s only global system, CCH Tagetik provides a single source of financial truth |
Improved data integrity |
A single CCH Tagetik report can incorporate the data we previously presented in 30 different reports |
Ability to view and report data in ways meaningful to business |
Company CFOs and senior executives can now see data in ways meaningful to the business |
Integration with range of source systems used worldwide |
The system is also integrate with the range of source systems used throughout the Timex Group, including Oracle General Ledger |
Elimination of manual report updates |
By eliminating manual report updates, finance team saves many hours of time, reducing report maintenance time by approximately 60% |
Reduced number of reports |
Reduced the number of regularly created reports from approximately 5,000 to about 500 |
Financial Close & Consolidation
Manage your financial close and consolidation with CCH Tagetik's software from local close to group consolidation to regulatory reporting and disclosure.
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