The on-the-fly consolidation engine, including on-the-fly currency translation, allows for a very dynamic approach to consolidation and reporting. Calculating only the legal consolidation hierarchy allows for the real time presentation of alternative consolidation hierarchies (e.g. managerial, geographical, fiscal) without the need to calculate / consolidate those alternative hierarchies. In combination with the multidimensional datamodel this helps finance departments to quickly adapt to changing requirements in the business landscape.
Tagetik has managed to deliver a very complete, powerful, scalable and single database solution for amongst others, financial consolidation, budgeting & planning, and disclosure management. The financial intelligence embedded in the solution is a clear differentiator.
Improvements to My Organization:
Depending, of course, on the way the solution is configured, we have seen several corporations reduce their monthly closing cycle by four to five days without changing the underlying processes in the transactional systems. The four to five days purely consists of a more efficient reconciliation, consolidation and reporting process.
Room for Improvement:
Because of the on-the-fly functionalities, we do see that especially with larger databases, the response times of the reports are under pressure. More in memory computing capabilities should safeguard proper response times. The vendor is working on this, amongst others by adapting the SAP HANA technology.
Use of Solution:
I've used it for three years, implementing the solution at nine customers from different sizes; smallest customer at EUR 100 million annual revenue and largest customer at EUR 17 billion annual revenue.
Given the wealth of product functionalities, we do run into software related issues from time to time. Tagetik does pick up on these issues quickly by generally releasing a software patch within the week.
Stability issues generally are related to latency and server capacity. When the IT infrastructure is properly configured, we see Tagetik as a very stable solution.
As long as server capacity goes hand in hand with database size, scalability should not be an issue. We do notice at our largest Tagetik customer that the run-time of some of the larger reports could be improved. This is partly due to the on-the-fly execution of consolidation calculations when running a report.
10. Tagetik absolutely is a frontrunner when it comes to customer service. The support team is very responsive, and in case of blocking issues, the team really works on delivering a quick software fix to ensure the continuity of the reporting process for their customers.
Installing the Tagetik software is done within a day. In a standard setup there are only two servers needed – a database server and a web server.
Before starting the configuration of your application, think about the trade off between using the Original Scenario compared to the Consolidation Scenario. This may sound a bit cryptic to those unfamiliar with Tagetik, but the choice between the two is fundamental for how easy maintenance of the solution will be, and how easy changes in business landscape are adapted in the application.