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The Vita Group now manages their financial consolidation process smarter and more efficiently with more confidence and less risk.


CCH Tagetik's Platform solution helps Vita Group streamline finance consolidation by providing robust automation, process-driven workflow, stringent controls to modernize legacy approaches all on the cloud!

Transcript


As a manufacturing business we have a very close control of margins, performance, reviews and business management needs to focus quite heavily on getting out performance and having a system to be able to achieve that is key for us.

We used an old legacy system, Hyperion Enterprise, which was quite a manual process, a lot of inefficient workflows and processes that we needed to manage manually, our main costs were inefficiencies rather than system running costs, but certainly the move to CCH Tagetik from having an on-premise to a cloud solution, has seen kind of a payoff certainly in terms of that reduced inefficiency, having a platform that we can run more flexibly different scenarios, different reporting perimeters, that's certainly something that our old system struggled to deliver.

We are using CCH Tagetik for management consolidation and statutory consolidation with a view to improving a lot of the internal on board reporting that we're required to do.

As a European business we have multi-currency requirements for our reporting, we have multiple group structures that we need to consolidate to, so having a consolidation platform that can do multi-currency quickly and in different scenarios, is a key requirement for us.

So, CCH Tagetik's IFRS 16 tool will add a lot of value to VITA the ability to capture very detailed data on our leases and run complex calculations quickly will help us to become compliant very quickly and with more confidence in our ultimate disclosures.

The improvements that we've seen already, workflow and process management has improved significantly the ability to capture data quickly from our different controllers and be able to consolidate and report on that in a more structured manner, has certainly been the biggest improvement that we've seen.

I would absolutely recommend CCH Tagetik to anyone looking to improve the Finance function.

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