FinanceApril 17, 2023
Switching to the cloud with CCH Tagetik for Kelvion
By switching to CCH Tagetik on Cloud, Kelvion has reduced hardware, infrastructure and resource costs and now enjoys seamless, stable operation. The company is now better equipped to tackle the future and can easily benefit from the latest functionalities.
Global heat exchange, cooling system, and engine specialist Kelvion’s on-premise system was badly in need of an operating system update in order to benefit from the latest CCH Tagetik functionalities. As a more efficient and forward-looking approach, CCH Tagetik proposed a transition to the cloud platform.
The transition from on-premise to cloud system needed to be completed in the context of tight monthly reporting deadlines for both internal and external stakeholders.
To improve the overall performance within the system, Kelvion also decided to switch to the future-proofed CCH Tagetik in-memory consolidation engine to obtain overall performance improvements.
The replacement of the externally-managed Excel reporting tools through CCH Tagetik standard reporting tools and the replacement of a competitor solution through CCH Tagetik Budgeting and Planning finalized the migration to the Cloud project.
The CCH Tagetik cloud based solution
The chosen solution was CCH Tagetik for Consolidation, Budgeting & Planning, Financial and Management Reporting, and Disclosure on Cloud. With switching to the cloud Kelvion gains functional enhancements, and stabilization and performance improvements of the specified financial information system.
Kelvion decided to boost the existing business functionalities for financial consolidation. In addition Kelvion elected to replace a competitive financial planning application with CCH Tagetik Budgeting and Planning and replace their Excel-based management reporting system with CCH Tagetik standard reporting tools.
Main advantages Kelvion gains with CCH Tagetik cloud software replacing the competitor's application
Lower TCO |
According to Kelvion CFO Mark Bevan, by switching to the CCH Tagetik on Cloud, Kelvion has reduced hardware, infrastructure and resource costs and now enjoys seamless, stable operation. |
Safe, secure, and easy to upgrade system |
Kelvion’s objective was for an easy to upgrade and secure solution, benefiting from the latest functionalities of CCH Tagetik software, which would manage: consolidated financial statements across actuals, forecast, and budget; management reporting (at on-group and subgroup level); disclosure management; and extraction, transformation, and loading (ETL) of data. |
99,9% uptime guaranteed |
The switch to CCH Tagetik software was a seamless transition without impacting the ongoing monthly financial close. |
24/7 Monitoring & Support |
The CCH Tagetik Services Team performed the migration of the on-premise solution to the cloud solution, then enacted the switch from standard to in-memory consolidation. |
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