Wolters Kluwer supports finance digital transformation of Business Engineering Corp. through CCH Tagetik

With CCH Tagetik, Business Engineering Corp. improved its forecast frequency and accuracy, while reducing forecast development time by 50%

Wolters Kluwer, a global leader in providing professional information, software solutions and services, today announced that Business Engineering Corporation is now utilizing the CCH Tagetik Intelligent Platform to automatically consolidate company-wide data, making faster, more informed business decisions, and dramatically improve budgeting process efficiency.

Kumiko Minowa, Japan Managing Director of CCH Tagetik at Wolters Kluwer, said:

“Business Engineering Corporation needed an end-to-end management system that could streamline everything from individual projects to departmental P&L, while accommodating diverse business models, and enabling faster monthly reporting. CCH Tagetik is now addressing all these needs and more – and we look forward to continuing to partner with Business Engineering Corporation to drive the continued digital transformation of its budgeting, planning and financial processes.”

Business Engineering Corp.’s budgeting system challenges – and solution

Business Engineering Corporation wanted to revamp its 20-year-old budgeting and planning system, by implementing a new platform that would significantly improve budgeting process efficiency and forecast accuracy, automate data aggregation, eliminate siloed budgeting processes and reduce its reliance on Microsoft Excel.

After evaluating multiple corporate performance management (CPM) software providers, Business Engineering Corporation chose to implement the CCH Tagetik Budgeting, Planning and Forecasting solution. The company selected CCH Tagetik primarily because it integrates project-level revenue management and enables sophisticated, multi-dimensional data analysis. The company also selected CCH Tagetik because Wolters Kluwer proposed a phased approach to implementing the new platform, which would cause minimal disruption to the company’s financial operations.

Just months following its CCH Tagetik platform implementation, Business Engineering Corp. is already experiencing the results of digital transformation, including:  

• Improved efficiency and profit forecast frequency: CCH Tagetik has reduced Business Engineering Corp.’s profit forecast aggregation time by 50% – forecasts that used to take 23 days to complete, now take just 12.This improved efficiency has in turn enabled the company to increase the frequency of its profit forecasts from quarterly to monthly.
• Improved financial analysis accuracy: By centralizing detailed order and sales forecast data, enabling multi-axis analyses by customer and product, and serving as a consistent management system for project-level profitability and departmental P&L, CCH Tagetik is now improving the accuracy of the company’s financial analyses.
• Smooth transition and adoption: By allowing users to maintain familiar interfaces, like Microsoft Excel, for project managers’ input screens, the implementation of CCH Tagetik had minimal impact on finance team operations.

Mr. Shigeaki Betsuno, Representative Director, Senior Managing Director and CFO, Business Engineering Corporation, said: "With our previous system, it took 23 days to grasp quarterly profit forecasts, but after implementing CCH Tagetik, this was reduced to 12 days — approximately 50% improvement in efficiency. CCH Tagetik also enables monthly business status monitoring and multifaceted analysis, allowing us to provide information for swift management decisions."

To learn more, read the full case study about Business Engineering Corp.’s successful implementation of the CCH Tagetik Budgeting, Planning and Forecasting platform.