You shouldn’t choose something incomplete when a more robust alternative exists!

Today, many legacy CPM providers are discontinuing their legacy solutions in an attempt to keep up with the needs of finance. The problem? The alternatives they’re offering are entirely different products that lack the functionality of their legacy on-premises predecessors. They’re also behind the curve when it comes to modernized solutions on the market. These legacy cloud solutions require multiple add-ons to achieve the functionality that modernized solutions have out-of-the-box.

As General Manager for South Western Europe at CCH Tagetik, I hear about the struggles of financial executives migrating away from legacy systems on the daily. These are the most common pain points that I hear described:

·      Costly customized scripts needed to keep consolidation running.

·      A costly and lengthy process to perform variance and what-if analysis.

·      Lack of an audit trail and workflow across close cycle.

·      Outdated UI and cumbersome integration with Microsoft Office.

·      Complex and expensive upgrades, with no real functional innovations.

These are pains that modern software should solve, not propagate! While marketed as upgrades, it’s clear that these legacy cloud solutions should soon go the same way as the floppy disc.

My advice? In your everyday life you shouldn’t choose something incomplete when a more robust alternative exists!

We should adopt the same mentality when considering legacy solutions. Yes, they have a purpose. But why not choose a complete solution that is less complex, less risky, and less costly?

The Characteristics of Modern CPM Systems

Other CPM software providers have risen to the challenge of meeting finance’s new needs, creating solutions that check all these new boxes in a single platform. Truly modern CPM solutions now include:

A unified platform for consolidation, close, planning, and disclosure management.

A process workflow that scales across an organization.

A solution that can fit any IT strategy, cloud or on-premises, Microsoft or any alternative.

A solution that can adapt without disruption should IT strategies change.

A foundation for predictive analytics plus advanced analysis like what-if scenario testing and variance analysis.

Easily configured to your unique strategy with no custom scripting.

Functions that enables transparency and enables smooth audits, like an audit trail and log.

Tools, features, and capabilities that include and surpass the functionalities you currently use. (Including: pre-packaged reporting, strategic planning, operational planning and regulatory reporting.)

How CCH Tagetik Can Help!

At CCH Tagetik, we’ve helped hundreds of companies revolutionize their CPM system, providing them with a solution that has miles more functionality than the legacy systems they’re used to.

To learn more about how CCH Tagetik can completely revolutionize your financial processes, check out the landing page “Beyond Historical Financial Management”.

If you could change one thing about your current CPM system, what would it be? Let me know in the comments!