Wolters Kluwer offers enterprise-scale financial performance management (FPM) software solutions for the office of the CFO through its CCH® Tagetik solutions. Wolters Kluwer (WKL) is a global leader in professional information, software solutions and services for the following sectors: healthcare; finance, tax and accounting; governance, risk and compliance; and legal and regulatory.
The company helps customers make decisions by providing expert solutions that combine domain knowledge with specialized technologies and services. Wolters Kluwer reported 2020 annual revenues of €4.6 billion.
The CCH Tagetik expert solution provides a unified web-based platform for financial corporate management (financial consolidation and close; budgeting, planning and forecasting; 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 IFRS 16/17, ASC 842, Solvency II, account reconciliation and iXBRL. In addition, the CCH Tagetik Application Marketplace includes predefined starter kits, pre-packages and tech solutions developed by partners as well as CCH Tagetik itself. These include the out-of-box Smart NOW cloud planning apps for capital expenses planning, risk-adjusted planning and workforce planning.
From a planning perspective, CCH Tagetik is focused on integrated corporate planning and budgeting, with top-down, bottom-up and mixed approaches all supported. CCH Tagetik contains a predefined model for integrated 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 Finance Transformation Platform, powered by the Analytic Information Hub, was built with an open architecture based on a relational data model that supports implementations in Microsoft SQL Server, Oracle, PostgreSQL and SAP HANA.
Additionally, the Analytic Information Hub connects granular financial and operational data with more flexible and scalable possibilities in the context of open data modeling, FPM (e.g., regulatory reporting), operational planning and analytics. Customers leverage the Analytic Information Hub in many different ways (e.g., for driver-based planning, detailed profitability analysis and integrated business planning and reporting). From a technical perspective, the Analytic Information Hub is – like CCH Tagetik’s financial core – based on a relational data model (e.g., in Microsoft SQL Server or SAP HANA), which can be administered in business departments using a single user interface and modeling tools. CCH Tagetik also offers out-of-the-box or customized, embedded predictive models and trainable machine learning capabilities based on Python that can be leveraged to predict future outcomes and identify key variables. To extend CCH Tagetik’s financial performance management platform with sales and operations planning including supply chain management and predictive analytics, Wolters Kluwer agreed to acquire Vanguard Software in May 2021. Vanguard Software is a global provider of cloud-based integrated business planning (IBP) solutions.
In terms of analytics and reporting, CCH Tagetik pursues a two-fold strategy. The product’s integrated functionality is geared to end-user self-service with on-screen display of reports and dashboards. Furthermore, CCH Tagetik’s new web-based tool SmartInsight, which is embedded in the Finance Transformation Platform, enables dynamic self-service ad hoc reporting and analytics. These capabilities can be supplemented by third-party analytics products (OEM) such as Microsoft, SAP and Qlik using CCH Tagetik as the central data source to allow customers to use their BI and analytics tool of choice.
User & Use Cases
Besides planning, customers mainly use CCH Tagetik for ad hoc query and reporting (92 percent), standard/enterprise reporting (89 percent) and financial consolidation (86 percent). 38 percent of respondents plan to use it for dashboards/scorecards and 36 percent for advanced analysis in the future. CCH Tagetik targets large and mid-sized companies across all industries. 58 percent of our sample of CCH Tagetik customers come from large companies (more than 2,500 employees) with a median of 90 users (including 78 using planning functionality), but the mean of 223 users (160 for planning) indicates there are also several larger implementations. 70 percent of CCH Tagetik users are planning users – significantly above the survey average of 66 percent – reflecting the fact that CCH Tagetik is essentially an integrated platform for financial corporate management that includes strong planning but also financial consolidation functionality.
Current vs. planned use (besides planning)
Percentage of employees using CCH Tagetik
Planning users (as a percentage of all users)
Total number of users per company
Planning users per company
Company size (number of employees)
Want to see the whole picture?
BARC’s Vendor Performance Summary contains an overview of The Planning Survey results based on feedback from CCH Tagetik users, accompanied by expert analyst commentary.Contact us to purchase the Vendor Performance Summary