WEBVTT 1 00:00:10.021 --> 00:00:19.404 The biggest thing that we've done with CCH Tagetik now is automating the consolidation process before are completely closed I guess the close calendar for the month is a 2 00:00:19.405 --> 00:00:28.789 stats about 8 days long and the last two days would be completely focus on just the journal entries for the consolidation and that was me doing 3 00:00:28.790 --> 00:00:38.173 manual entries hours and hours of time now it's really everything's on the front end all of our segments are doing their work we literally 4 00:00:38.174 --> 00:00:47.558 you literally push a button a couple buttons get it going and then CCH Tagetik finds all those errors that the segments have made during their close process we go back them 5 00:00:47.559 --> 00:00:56.943 instead of us fixing it on our end during our close, it's a lot more seamless and it's more accurate. The biggest issue 6 00:00:56.944 --> 00:01:06.327 that we had with the system before CCH Tagetik was the fact that we did not have enough dimensions so we had to actually 7 00:01:06.328 --> 00:01:15.712 force multiple dimensions into the entity dimension and that made the system very complex to mantain 8 00:01:15.713 --> 00:01:25.090 so within the entity we had legal entity we had product and we had country so whenever you have to add a product you have to add it 9 00:01:26.459 --> 00:01:36.217 to any country in any legal entities it was a lot of a lot of work involved in doing that. With the existing solution 10 00:01:36.218 --> 00:01:45.976 the hardest thing really was getting consistent data using Excel spreadsheets we had with monthly data but then really being able to 11 00:01:45.977 --> 00:01:52.736 analyze that at a group level it was very difficult, 12 00:01:55.737 --> 00:02:05.495 it really was the consolidation package, that really is the key thing, giving good consolidation. Good ease of how the consolidation fits together both from a management accounting and Statutory accounting purpose. 13 00:02:05.496 --> 00:02:15.255 CCH Tagetik had the capabilities that we needed, it had the multiple dimensions and also we felt that it would be easy 14 00:02:15.256 --> 00:02:25.014 for our users to use because it was my based. One of the most important parts of the decision was the fact 15 00:02:25.015 --> 00:02:34.773 that it's a single solution for both Budgeting and Consolidation, the other products that we looked at did not have that. 16 00:02:34.774 --> 00:02:44.533 The consolidation how, I guess how easy his that once you get everything set up to maintain it was something that was pretty awesome, we're just making sure that we're reaching out to our segment 17 00:02:44.534 --> 00:02:54.292 controllers every month and making sure we're getting all those updates on the front end but I thought it was pretty neat that it catches everything, we have some check spreadsheets built, and if you 18 00:02:54.293 --> 00:03:04.052 miss one thing it's going to pop out and tell you hey this is $0.05 off so the fact that we can get down to that exact number that we know is correct is 19 00:03:04.053 --> 00:03:10.811 pretty unique compared to what we were doing. 20 00:03:14.812 --> 00:03:23.570 At the corporate level for consolidation it went from one person one full FTE for 5 days to 1 ft for 2 days and more 21 00:03:23.571 --> 00:03:33.330 accurate results. I think the fact that we have CCH Tagetik working with us now we see where some of the places we can improve on our closing process 22 00:03:33.331 --> 00:03:43.089 so I think the CFO world will sleep better because he will have not as much pressure to get the numbers on time and he will have a little bit of time to look at those numbers before giving 23 00:03:43.090 --> 00:03:52.849 them away. Something great that came out of this is just process improvements, we cut down some time made some more efficiencies through CCH Tagetik 24 00:03:52.850 --> 00:04:02.608 I think if someone was considering CCH Tagetik, especially if their main thing is consolidation, then I would say that you really need to look at the product 25 00:04:02.609 --> 00:04:12.352 because that really is its strength