WEBVTT

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Knowing that we are in a highly regulated market and a market that is indeed very fraud sensitive because 

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we're dealing with a lot of money and cash,

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we do need to include a lot of internal controls, we need to be able to rely on systems that allow us to fulfill all regulatory requirements

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in an efficient and objective way, and specifically in our case what really caused a revolution was the acquisition of the company by private equity funds.

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Key pain points: there was no process in place, no monthly reporting, no management reporting, there's no understanding of the business by finance, so in fact

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there was a totally mismatch between the current or the actual activities of the finance department and the expectations people had from finance.

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When we were looking at the different systems, what really impressed us

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from CCH Tagetik, was as well the fact that it was very intuitive, it was very user-friendly, having a team that was not at all experienced

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in having a process as management reporting, intercompany reconciliation and things like that, that was very important for us. Also the fact that we could

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easily maintain it afterward, that we didn't have to call consultants in every other month to include new features or to adjust the 

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scope to our business needs, that was a very important factor, but we were also impressed by the technical possibilities of the system,

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for instance the use of the financial statement version is something the FST's were very impressed about.

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We do have a lot of legal entities which need all to be included, we do have a lot of intercompany reconciliations which have to be monitored and

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put in a certain workflow ... having the possibility of having one version of truth,

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really having one system that was combining as well the management reporting as the statutory reporting for sure, because the management reporting is

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really something we use day to day, it's really a tool to support the business and to let it grow, while the 

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statutory reporting consists at least of a minimum requirement that has to be done and if it can be integrated and if you are talking about the same figures,

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you do not lose time in comparing figures and explaining where the differences are coming from, but you can really spend your time on evaluating the content of the reports.

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The efficiency impressed me: the fact that it was people learned to work with it, so quickly, they 

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immediately got around in the system, they could easily assist our consultants, we were not at all depending on them, we could easily find the

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things ourselves, the fact that it's intuitive, 

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it looks and feels like Excel, 

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it's very much something people are easily

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getting used to. The second aspect that impressed me was the logic behind it, the fact that we could work with scenarios and the

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consolidation process as such which allows us to shorten the reporting deadlines from day one.

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The benefits from having CCH Tagetik as a system for reporting and consolidation are, first of all,

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in enabling us to work in a more cost-efficient way,

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in eliminating non-value-added activities by not having to compare different data sources, by not having floating around Excel files

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which have to be checked and compared. We really have one single version of the truth, one database,

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that's a cost-efficient way of working, 

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it has helped us to reduce headcount in the department, also it has helped

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us to reduce the reporting deadlines so we could lower them by 50%

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so we save a big amount of time,

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but for me the most important one is really the added value of having

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a data warehouse or a source where you can find as well operational as financial data, that gives me the opportunity to really focus on the content,

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to see how the business is evolving and how we can forecast this, rather than focusing on the process before the results of the report.

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The benefits for me as a CFO is really having a system available which is reliable, available 

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at all times, and which contains all relevant information, as well as the financial ones, as the operational ones, as well the past, as 

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the futures so we have budget included and not only the P&L reporting but also allowing us to look at

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cash, at cash forecast and including in fact some forward-looking KPIs and some analytics in one big system.

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Yes, I would for sure, recommend CCH Tagetik to someone else.