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Talking CCH Tagetik: 1 Minute on Consolidation with Vestey Group


Learn why Vestey Group can now focus on their numbers and returning capital thanks to CCH Tagetik's Consolidation and Reporting Processes.

Transcript


We had a database that was centralized in UK, we have companies all over the world who couldn't access the database so we had spreadsheets coming in from all over the place and we ad to load them manually into the database So, that was quite difficult, all the reporting was on Excel and getting data out of previous consolidation system was rather hard, so we had to do a lot of manual work, a lot ofmanual adding up and a lot of manual spreadsheets So that was my major issue after seven years the group was growing massively all over the world, so we just couldn't cope anymore.

They had to centralize the database, that could be accessed from anywhere using Excel only, or using Outlook another reason was the link to Excel, which are excellent and help our reporting and getting numbers in and out of CCH Tagetik.

Initially it was just the time it was taking us to get the data, we reduced fom 7 days to 2 days from starting the process we still use the seven days but it means we have less people we need to do that so my team is reduced significantly, which means we can focus more on the numbers, drilldown, understand the numbers and from that we've introduced new KPI's, and its helped us to focus more on the numbers rather than reacting to the time we had to deliver the numbers so we still deliver within a 15 days of the monthend but it means that we understand the numbers and we've developed KPI'S that are now more meaningful The CFO he now understands the numbers more because he's able to rely more on the numbers, there is nothing more embarassing than figures not adding up he's been able to take those numbers and focus more on returning capital which is now our biggest truck business and just expanding the KPI'S that we have, I couldn't recommend it more highly because It's so diverse and help you in ways you can't even dream of when you start.

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