Wolters Kluwer (WKL) offers enterprise-scale performance management software solutions for the office of the CFO while expanding to other financial and operational adjacencies through its CCH® Tagetik expert solutions. The company is a global leader in professional information, software solutions and services for the following sectors: finance, tax and accounting; legal and regulatory; governance, risk and compliance; and healthcare.
The CCH Tagetik expert solution provides a unified web-based platform for financial corporate management (financial consolidation and close; budgeting, planning and forecasting; integrated business planning including S&OP and supply chain planning; profitability analysis; cash flow management; financial reporting and analytics), compliance regulatory reporting and disclosure management. Used by organizations of all sizes, CCH Tagetik is particularly appealing to mid-sized and large companies (or groups of affiliated companies) with many users involved in corporate planning and/or financial consolidation processes. The comprehensive platform also extends into areas such as ESG and sustainability, IFRS 16, IFRS 17 and LDTI, solvency II, account reconciliation, transaction matching, and iXBRL. In addition, the CCH Tagetik application marketplace includes predefined starter kits, pre-packages and tech solutions developed by partners as well as Wolters Kluwer itself. CCH Tagetik is available for deployment in the Amazon (AWS) cloud (Microsoft Azure is also available on request) and on-premises. According to the vendor, more than 1,700 customers worldwide across all industries currently use CCH Tagetik.
From a planning perspective, CCH Tagetik is focused on integrated business planning, with top-down, bottom-up and mixed approaches all supported. CCH Tagetik contains a predefined model for financial planning (balance sheet, P&L, cash flow) that can be used by individual subsidiaries or at group level. Consolidation of plans is possible thanks to integrated functionality for financial consolidation and close. Comprehensive workflow and governance functionality (especially for bottom-up approaches) is available to control planning and consolidation processes involving lots of users. The CCH Tagetik platform is underpinned by the Analytic Information Hub, which connects granular financial and operational data with flexible and scalable possibilities in the context of open data modeling, FPM (e.g., regulatory reporting), operational planning and analytics. CCH Tagetik offers extended planning capabilities beyond finance including sales and operations planning as well as functionality for supply chain planning and production planning. From a technical perspective, the CCH Tagetik platform was built with an open and extendable architecture based on a relational data model that supports implementations in Microsoft SQL Server, Oracle, PostgreSQL and SAP HANA. For predictive planning and forecasting, CCH Tagetik offers out-of-the-box or customized embedded predictive models and trainable ML capabilities based on Python that can be leveraged to predict future outcomes, identify key variables or extend financial close and regulatory solutions.
In terms of analytics and reporting, CCH Tagetik pursues a two-fold strategy. The product’s integrated functionality is geared to self-service with on-screen display of reports and dashboards. Furthermore, CCH Tagetik’s embedded web-based tool SmartInsight enables dynamic ad hoc reporting and analytics. These capabilities can be supplemented by third-party products (e.g., Microsoft Power BI, SAP and Qlik) accessing CCH Tagetik data via an OData API to allow customers to use their analytics tool of choice.
User & Use Cases
64 percent of CCH Tagetik users are planning users – slightly below the survey average of 69 percent – reflecting the fact that CCH Tagetik is essentially integrated platform for financial corporate management that includes planning and financial consolidation functionality. Customers leverage CCH Tagetik mainly for financial planning (80 percent) but also operational planning (46 percent). Here, planning takes place at different aggregation levels. CCH Tagetik is used for budgeting (86 percent), forecasting (74 percent) and strategic planning (51 percent). Besides planning, customers mainly use it for standard/enterprise reporting (88 percent), financial consolidation (86 percent) and ad hoc query (62 percent). Many respondents also plan to use it for strategic planning (37 percent), operational planning (26 percent) and forecasting (23 percent) in the future.
CCH Tagetik targets mid-sized and large companies across all industries. 59 percent of our sample of CCH Tagetik customers come from large companies (more than 2,500 employees) with a median of 100 users (including 50 using planning functionality), but the mean of 155 users (97 for planning) indicates there are also several larger implementations.
Current vs. planned use (planning use cases)
Current vs. planned use (besides planning)
Total number of users per company
Planning users per company
Percentage of employees using CCH Tagetik
Planning users (as a percentage of all users)
Company size (number of employees)