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Learn how Ledvance solved its consolidation and regulatory reporting challenges using CCH Tagetik.


Ledvance replaced several legacy systems with CCH Tagetik and are now able to successfully calenderize consolidated financial statements to deliver IFRS and PRC GAAP requirements.

Transcript


We are working in a very emerging market that we need to react on changes that we are facing very quick, we also need to speed up systems which are unable to react as well very quick and fast.

We were faced by a very complex system landscape and in general, I would say that the complexity was really too high, we had to get rid of that kind of high of maintenance cost, license cost and that was what we were facing.

We also wanted to improve the general situation about how we report and how we organize ourselves, and so we were searching for a new tool.

We were using the Hyperion Financial Management system for management reporting, we were using the Adstar reporting for additional statements reporting, we used the SAP BPS system before, it does not fit to the size of our corporation and that's why we had this choice to shift to CCH Tagetik to fulfill all needs that are required on our own side.

First of all CCH Tagetik is an end to end system that provides, from the data delivery to the consolidation and even to the reporting purposes, the correct answer and it revealed that if you would establish such a system landscape that we would have to implement as well as different systems but we wanted to include one system to lower the maintenance costs and that's why I think CCH Tagetik was the best one to use.

The big benefit is that we condensed plenty of systems in one system.

What we are currently using is legal consolidation according to PRC Republic China GAAP.

This is a specific need we had to establish.

We also had to react very quick on one big requirement, that was to deliver calendarized financial statements.

The system setup was planned and organized during the first phase according to a closing scheduled for September 13th and in this case CCH Tagetik is very powerful, it delivers a second layer where we can shift the data to a calendarized layer which in general is very helpful for our reporting requirements and needs.

CCH Tagetik is a system which is more dedicated to work groups who are working with scenarios and so on to analyze how the organization will perform in the future and this is very powerful and in general, as I already said, the reaction on the PRC GAAP reporting… I wonder how we could have done this with other reporting systems, and that was why CCH Tagetik was absolutely powerful and helpful in this case.

I would always recommend to have one system for all core functionalities, you need one single source of truth and you need slicing and dicing, and you need a system which fits to the size of your departments, of your organization and that's why I would always recommend CCH Tagetik for I think, not only small companies but also the big ones should use CCH Tagetik and think about a general change on the working methodology … This is why CCH Tagetik is pretty powerful.

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