FinanceNovember 23, 2017

Aegon modernized their consolidation & reporting as a means to remedy their fragmented processes.

CCH Tagetik provides Aegon with complete control of managing finance processes and producing financial information with the confidence to make it seamlessly available to those who need it with accuracy and auditability.
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We are in a rapidly changing environment, technology is really impacting financial products and so we really have to be agile in bringing new products to market and, as part of that and in supporting that, the Office of Finance needs to be able to be agile as well in supporting product development and pricing on new products.Aegon asset management was using a very fragmented process sitting on top of a Hyperion Essbase platform, with a lot of Access databases in Excel spreadsheetso we had a lot of fragmented data, our planning and actual processes weren't on the same platform, and so it made it very difficult to report accurately our information.

It's two to three FTE's supporting that process, we've been able to eliminate through attrition … primarily in support of our new products ourallocation methodology was built in Microsoft Access so it lacked the ability to go as granular as we really needed to for a product support.CCH Tagetik has really helped get us to all the granularity within our data model, so we're really able to produce product pricing andproduct costing at a very detailed level.CCH Tagetik is the only platform that offered one unified solution, with all of our information in one centralized database.

CCH Tagetik implementation really centered around, bringing all of our data together in one solution.

We had a very fragmented process before, with the tools that we were using we really lacked access and process controls.

Utilizing CCH Tagetik we were able to implement a driver based planning process with the proper controls to enable us to meet SOX requirements, ensure that we have proper segregation of duties, but also meet all the internal needs that we have from allocations and a reporting perspective.The consulting team was top-notch, they did a great job meeting with our end users and really understanding requirements, recommending best practices.

I was quite surprisedthat we were able to do it in such a short period of time and the product itself far exceeds my expectations.CCH Tagetik positively impacts my team from a daily operational accounting perspective, automatinga lot of the processes that we have and interacting directly with our general ledger and eliminating the need for manual entries into our general ledger system, has really been a positive impact on our organization.Since implementing CCH Tagetik we have several processes that have we seen significant improvements, we have one cost allocation that had to wait for some data that we're able to feed into CCH Tagetik now and we've shorten that from business day 15 to business day 3, which is a significant improvement.

Other positive development for us is … we had 23 different feeds of data from ourasset warehouse that fed into our system, that have been replaced by one automated feed into CCH Tagetik, so it's really streamlinedour process from being a data gathering function that really should open us up to be able to do lot better financial analysis.CCH Tagetik has benefited our CFO by being able to better rely on the numbers and understanding that there are controls around the numbers that we're reportingand the efficiency that we're bringing in being able to deliver our numbers quicker.I would absolutely recommend CCH Tagetik to any organization that's looking to bring efficiency to their process and is looking for a top-notch customer service.
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