We use Tagetik for our statutory and management consolidated reporting processes. The recent stress test on this tool has been given by our latest M&A operations, in which we had to consolidated many companies with lots of intercompany relationships between them and within our Group perimeter. Tagetik let us manage this transition easily and in a short time lapse. With an appropriate configuration of the environment these new incorporations did not require additional resources (in terms of time and people). The absence of information duplicates and the use of an automated data entry platform allowed us to manage the communication with our new contributors in an efficient and effective way. In this process it is worth mentioning the contribution of the Tagetik consulting team that has supported us with prompt interventions on our main technical issues.
Pros
Easy to use and configure for the ongoing routines (a first implementation by a skilled consultant is required and suggested). - Familiar look-and-feel which replicates the tipical MS Excel interactions. - Easy to install on remote terminals (works also on mobile devices) for external contributors. - Data are managed in a consistent way. - Scalable architecture which lets you add new modules and manage large consolidation perimeters. - Possible automation for the most common consolidation routines (intercompany eliminations, consolidation adjustments, etc.). - Tangible returns in terms of time spent on reporting generation and time-to-market.
Cons
Depending on your business, the implementation of this platform could require a consistent effort in terms of architecture and data flow projecting. The assistance of a skilled consultant is largely suggested. This step is crucial in order to take the maximum benefits from this product.
Rating breakdown
Likelihood to recommend: 9/10
Pros
Tagetik has succeded to develop a Corporate Performance Management system which can fullfill the reporting needs (including legal compliance requests) of a great number of companies. Doesn't matter if you are a small firm or a large company, if you are an industrial company or a service provider. Tagetik offers a scalable solution which can easily implemented on your existing transactional applications, creating a consistent set of data which can be used for different proposals such as the draft of the financial statements, or a reporting package for internal use, or even a CSR report. Moreover the integration with the MS Office suite application (such as Word, Excel and Powerpoint) establish a familiar interface, thus empowering the day-by-day activity of data entry, report creation and data analysis. Last but not least, one of the key factors that make Tagetik your choice for your financial reporting activities resides in its consultants, who are focused on delivering a solution which fits perfectly to your requests. When you buy Tagetik you don't only buy a software. You buy a valuable service for your business.
Cons
Like any business software, Tagetik needs to be updated in order to increase its performance and to meet the hardware and software standards always evolving. If you are looking for a "one-shot investment" which could solve all your problems for the next 10 years look elsewhere. Even if it means that you are still running Office 97 on a Windows XP machine. And even if I'm not sure you are going to find what you are looking for.
Rating breakdown
Likelihood to recommend: 9/10
I've used Tagetik for 3 years now and I find it to be a very flexible system, it's at times too complex because it offers so much. It is very reliable and the data structure is relatively easy to understand. It is also a pretty seamless integrating Tagetik with other software using one of the many standardized ETLs.
Pros
Can cater for pretty much any scenario with new features being added all the time.
Newer versions of the software are very impressive, some of the additions i.e. Tagetik data analytics look amazing.
They offer a lot of support through a Tagetik community and Tagetik Insiders. The social community is growing very fast.
Cons
Some parts of the system, in particular, the native Excel reporting is difficult to understand.
It is quite expensive.
Rating breakdown
Likelihood to recommend: 6/10
Tagetik is a wonderfully flexible product which we use for contract forecasting, year end statutory accounts and monthly management accounts production.
Pros
It's very flexible, the software can cater for almost any process quirk you can throw at it. The interfacing process between other software solutions is pretty seamless and the data structure is relatively simple to understand.
Cons
Because the software can cater for so many different solutions it has an awful lot of inbuilt complexity and it's very tricky to navigate the program at times (especially for administrators) and the report building process is very complex.
Rating breakdown
Likelihood to recommend: 8/10
The company I work for is a health Insurance company with around 2300 employees. We started to use Tagetik since 2015 and the reason to do so is to simplify our reporting process. By using Tagetik we are able to deliver our reports faster and with a much better quality. For now, we are even planning to start using budgeting and planning, which is on the calendar for 2017.
Pros
1. Easy to use; the learning curve is big.
2. Great customer support with updates about the status.
3. Good knowledge and support by Tagetik consultants and third party consultants
4. Fast software.
Cons
1. Lay out a bit confusing; some menu options can be/should be placed clearer and on better places in the menu bar.
2. PDF Manuals are very basic. They should be written in a more practical way and with examples.
Rating breakdown
Likelihood to recommend: 9/10
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