For budgeting, planning and forecasting we were stuck in Excel, so an excel-based model and multiple models, data not
being validated or trying to each other manual human errors, having trust issues in what you're seeing and what's represented,
not being able to update information fast enough, those were our biggest pain points. The time it takes to go through our budgeting cycle is about 2 months,
so it's a long time from start to finish. For our company, for Sumitomo we are going through four quarterly budget cycles,
with complete P&L balance sheet and cash flow so, it is a very painstaking work.
We saw during the demonstration that CCH Tagetik was the most flexible solution for our needs. Every business is different,
when you're going through trying to find a solution for your particular business, even though most solutions will be able to provide a broad general solution,
you want to be able to work with a platform that can deliver and answer the requirements that you have for your corporation, so that's what CCH Tagetik does.
I think that the biggest benefits that we've currently seen are making the workflow process more efficient expedient we no longer have to have a manual
process where someone has to ping all the individual users and managers to gather operating expense information or capital expense information,
it's all done automated via the system, automated emails about deadlines, automated collection of the data, there's trust in the system
because only specific users can change the data. It's shortened the amount of time that Finance has to
invest in the process. I would recommend CCH Tagetik to other corporations that are looking for a solution that is able to
customize their platform to their specific requirements.