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The industry that we work in being marine, oil and gas,  ecc... is very heavily regulated, this obviously has a major impact both on the financial results

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that we produce and also on the decisions and strategy that the company takes.

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Prior to CCH Tagetik, we used both manual systems and an IBM TM1 system to do our consolidation for either management accounts and for statutory accounts.

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As the company has grown these 2 methodologies were not appropriate anymore and we could not get to the level of detail

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and the time of closing that was required for a company of our size.

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We produced an RFP and sent it out to 6 vendors, we short-listed it to 3 ... 3 vendors came in the demonstrations and from those we chose CCH Tagetik, primarily because the system

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was designed fundamentally to do consolidation, it was exactly what we needed.

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When it was demo to our financial consolidation team, they found it easy to understand, the people who did the demo were extremely good and ... it did

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what we needed, more so than the other systems that we had looked at.

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We are a global company and therefore we work over many time zones and our contributing companies are far away from us to get them to adhere to a similar process and to report at a similar time,

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it's probably one of the biggest challenges that we have, to ensure that everybody is reporting same the type of information in the same place, and that these are then statutory consolidated

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our management accounts consolidated, in the system. The great thing about CCH Tagetik is there's one source of information that could be used for both management and statutory reporting.

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We chose CCH Tagetik on the cloud because we feel that we are there for less dependence on IT, we think the cloud gives us more flexibility,

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we think that we are always using the most recent and up-to-date version of CCH Tagetik and the responsibility to bring that updated version to the company is CCH Tagetik's,

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we don't have the problem of disaster recovery, CCH Tagetik, obviously, has worried about that as well, some people would say that the cloud version, actually, is slightly more green 

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and has a more environmental footprint, as we do not have to cope with expanditure or keep servers, ecc... and the final thing that I'd like to say about the cloud, is that you can access CCH Tagetik anywhere.

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CCH Tagetik benefits us, now that we have implemented it, in terms of the time of close from month-end to closing,

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the detail and level of information that we are able to drill down to, the fact that we are confident that we have one source that can produce 

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2 types of reporting, both management and statutory, and that all sites or entities are reporting in under a similar methodology.

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I would recommend CCH Tagetik to someone, particularly if they have a need for a group consolidation tool.