Transforming Corporate Performance Management with CCH Tagetik by Walters Kluwer

Transforming Corporate Performance Management with CCH Tagetik

In a significant stride towards enhancing corporate performance management, Walters Kluwer announced that artience Inc. has successfully implemented the CCH Tagetik Intelligent Platform. This integration has markedly reduced the time spent on aggregation and reporting from three days to just one, while enabling monthly visibility of Return on Invested Capital (ROIC) for different business segments.

artience, a chemical company originally focused on printing inks, has expanded its operations to include sectors such as energy, electronics, and bio-healthcare. To navigate the challenges of transforming its strategic business portfolio and enhancing capital efficiency and shareholder value, the company has prioritized a robust management structure aimed at sophisticated management practices.

Challenges Faced by artience

The finance department at artience faced numerous hurdles. Their management data was scattered across multiple systems, and they heavily relied on Excel to aggregate data from around 60 domestic and international companies for board meetings and monthly reports. This reliance resulted in challenges such as preparing reports in Japanese, English, and Chinese manually, which was time-consuming and prone to errors. The manual nature of data integration heightened the risk of mistakes, affecting decision-making processes.

To tackle these issues, artience evaluated several systems and ultimately selected CCH Tagetik for its capability to integrate global statutory and management accounting data and support extensive transformation. The platform’s seamless integration with SAP and its adaptability to evolving business requirements were significant factors in this decision.

Expert Insights

Kumiko Minowa, the Director of CCH Tagetik for Asia-Pacific and Japan, expressed her enthusiasm, stating, "It is a true honor to support artience in their advanced management transformation efforts. The CCH Tagetik Intelligent Platform exemplifies a strong case for how we can assist in integrated data management from reporting efficiency to data-driven decision-making."

Achievements with CCH Tagetik

The adoption of CCH Tagetik has led artience to achieve remarkable results, including:

- Reduction in Reporting Time: The time required for aggregation and reporting has decreased from three days to just one, leading to reduced personnel engagement and enhanced operational stability.
- Efficiency in Template Preparation: The multi-language functionalities have virtually eliminated the need to create and maintain individual reporting formats in different languages, thereby drastically cutting down on preparatory work.
- Real-Time Reporting: Stakeholders now have real-time access to up-to-date, consistent data, facilitating swift decision-making.
- Enhanced Data Accuracy: Automation has reduced manual data processing, minimizing errors and enhancing the reliability of reports.
- Strengthened Data-Driven Decision-Making: With monthly ROIC visibility by business unit, the company can directly apply insights to investment allocation and business exit strategies, enriching their investment and business portfolio strategies.

Kenji Arimura, Executive Officer in charge of Finance, IR, and Information Systems at artience, commented, "The introduction of CCH Tagetik has significantly boosted our operational efficiency. The time saved has allowed us to achieve monthly visibility of ROIC by business unit and foster internal awareness. I believe this has been a starting point for our transformation towards more capital-efficient management."

Moving forward, artience plans to further mature its data-driven management by integrating CCH Tagetik with SAP and BI tools. The finance department is committed to continuously promoting capital efficiency while accelerating the adoption of data-based decision-making across the organization.

This successful implementation was spearheaded by Dentsu Research Institute, a solution partner of CCH Tagetik, known for its extensive experience and in-depth product knowledge in the manufacturing industry.

For more details on this successful implementation of artience’s CCH Tagetik Intelligent Platform, read the complete case study available online.

About Walters Kluwer

Walters Kluwer (Euronext: WKL) is a global leader providing information solutions, software, and services to professionals in health, tax and accounting, finance, legal, and regulatory compliance, corporate performance, and ESG fields. By combining deep expertise with technology, we deliver specialized solutions to help our customers make vital decisions daily. With expectations of generating annual revenues of €6.1 billion by 2025, Walters Kluwer serves customers in over 180 countries, operating in more than 40 countries, and employing roughly 21,100 staff worldwide. The company is headquartered in Alphen aan den Rijn, Netherlands.

Walters Kluwer’s shares are listed on Euronext Amsterdam (WKL) and are part of the AEX and Euronext 100 indices. Additionally, the company offers a sponsored Level 1 American Depository Receipts (ADR) program, with the respective ADR traded on the OTC market (WTKWY).

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