Introducing a new module, the Analytic Information Hub, for capitalizing on the value and business insights often hidden in granular operational and financial data
Increasing transparency demands, regulatory requirements and digital disruption are impacting the Office of Finance. CFOs now have the opportunity to leverage emerging technology to transform huge volumes of financial and operational data into valuable insights. Today, Wolters Kluwer Tax & Accounting announces the CCH Tagetik Analytic Information Hub, a new module that extends the unified CCH Tagetik Finance Transformation Platform with new data management and analytics capabilities that take data-driven business decision making to the next level.
The CCH Tagetik Finance Transformation Platform seamlessly brings together corporate performance management (CPM) and granular data analysis and governance into a single platform. With the Finance Transformation Platform, the Office of Finance can efficiently orchestrate multiple financial processes and deliver deep financial and business insights with comprehensive visibility, transparency, control and confidence from start to finish.
Earlier this year, CCH Tagetik added the analytical layer to the Finance Transformation Platform with new data management and analytics capabilities for operational planning and profitability analysis. This layer extends traditional financial processes with an open data model, unlimited dimensionality, powerful mapping and modeling, optimized for fast performance on high volumes of detailed data. CFOs and business leaders have the ability to do integrated business planning, detailed operational planning and perform profitability analysis– all at very granular levels.
Within the analytical layer, the new Analytic Information Hub module expands on these capabilities by now also allowing for the collection, transformation and validation of all kinds of data from any source to create a single financial ecosystem for financial and operational reporting and analysis. The hub is designed to support organizations needing to process vast amounts of data, perform a range of complex analyses, and pull masses of data from multiple source systems.
The Finance Transformation Platform, with the expanded analytical layer now facilitates the digital transformation of finance with:
- A finance-owned and governed data ecosystem
- A unified platform for internal and external financial reporting, operational planning, business modeling, and unlimited ad hoc analyses
- A 360° view of financial data across the organization, with confidence in data consistency and accuracy
- Flexibility to support both finance and operational requirements, as well as those of subsidiaries and independent business units
- A foundation for processing high volumes of data for use in predictive analytics or applications using machine learning or other types of artificial intelligence
- New business insights that will solidify the CFO as a strategic business partner
According to research by a Big 4 firm, CFOs have to think beyond numbers. By taking greater responsibility for the company’s performance and direction, they can truly build upon their role as trusted advisor to the CEO.
“Increasing the speed of insight is the next big thing for the Office of Finance. CFOs must proactively lead enterprise performance by becoming the cornerstone of strategy, finance and analytics,” said Morris Treadway, Global Head of Finance and EPM COE of a Big 4 firm. “This requires finance teams to reassess the way they work, the technology they use, and to drive the transformation of their finance systems to deliver the capabilities they need.”
“In this digital age, the Office of Finance must be able to act as the financial and regulatory steward, strategic business advisor, and data steward for the enterprise,” said Marco Pierallini, executive vice president of product, CCH Tagetik, Wolters Kluwer Tax & Accounting. “The combination of financial and analytical capabilities within the Finance Transformation Platform provides our customers with the best of both worlds - all the CPM power and capability that drove their initial investment in CCH Tagetik, plus an analytical layer to extend the scope and impact of CPM by incorporating and governing any level of data into these processes with control and confidence. The Finance Transformation Platform enables a 360o financial and operational perspective to uncover hidden insights for more informed business decisions.”
To learn more about the new CCH Tagetik Analytic Information Hub, click here; for further details on the CCH Tagetik Finance Transformation Platform, click here.