Budgeting, Planning and Forecasting on the cloud with CCH Tagetik - ABN Amro case study

ABN Amro implemented CCH® Tagetik Budgeting, Planning & Forecasting on the cloud. Now they are able to organize plans, processes and data in one single solution.

For an organization like ABN AMRO, it is crucial to be able to look five years ahead and make reliable forecasts about the course of business during that period. This is important for making the right strategic and business decisions at corporate level. On the other hand, this ‘5-Year Outlook’ is also used to fulfil reporting obligations to national and international regulators, such as the Dutch Central Bank and the European Central Bank. 

The software used by the bank to collect and consolidate all the necessary data and generate the 5-Year Outlook had reached the end of its lifespan. The moment when the maintenance or support of this application would no longer be available was rapidly approaching. For security reasons, ABN AMRO puts high requirements on SaaS solutions. One of the teams supporting the bank’s controlling processes was given the opportunity to create a cloud solution for the budgeting, planning & forecasting process.

ABN AMRO chose CCH Tagetik’s most comprehensive solution: Budgeting, Planning & Forecasting. This solution helps organizations to organize plans, processes and data in a single solution. CCH Tagetik was the solution that was fulfilling all these requirements and therefore selected by ABN AMRO’s Team Fuego. As early as the selection phase, ABN AMRO’s dedicated team had ample opportunity to work with the software. The company ensured a smooth implementation in close collaboration with ABN AMRO and consulting firm KPMG.

Using CCH Tagetik' software, ABN Amro business has changed: the possibility to create custom dimension and make simulations allows them to create versions of forecast or budget and have more data and a dept analysis on what could be happening in given situation. Another advantage of CCH Tagetik is the Academy, which offers free trainings and courses that let people have a basic knowledge about the logic behind Tagetik.

Currently, ABN AMRO mainly uses the solution’s basic functionalities. In the future, the bank will gradually make use of more features. Various forecasting processes that are currently carried out mainly in Excel, for example, will eventually be transferred to CCH Tagetik. In addition, the bank is working with CCH Tagetik on a budget transfer module, based on the Analytic Information Hub, which makes it possible to automatically transfer budgets from one entity to another and make them auditable.