Transforming a threat into an opportunity through Fintech
FinanceFebruary 23, 2022

Coty develops true customer profitability by product line level with CCH® Tagetik

Read this blog to learn how Coty develops true customer profitability by product line level with CCH® Tagetik

Coty is a world leading beauty company making cosmetic, skincare, fragrances, hair color and styling brands loved by many. Coty choose CCH® Tagetik for CCH® Tagetik Budgeting & Planning.

To learn more about how CCH® Tagetik has enabled Coty’s digital transformation, we spoke with Natasha McKenzie, Financial Analyst, about the challenges faced before CCH® Tagetik and the benefits gained using our comprehensive CPM solution. 

How did you manage your budgeting and planning process before CCH® Tagetik? 

After a merger of seismic proportions, we had two systems, two processes, two of everything. We also lost some of our traditional reporting tools. We used to use an old solution for budgeting and planning. But then, since it was no longer supported, the system couldn’t handle the size of our growing business. It was very rigid. Instead of relying on systems, we ended up building our reports in Excel, which resulted in a lot of data and user issues. 

What set CCH® Tagetik apart from other vendors? 

First, the look and feel of the solution sets CCH® Tagetik apart. Second, we can easily configure the platform. We don’t need any IT input, which always slowed down the changes we needed in the past. Agility is especially important since the finance world is changing and because our business changes quite a lot. We need to make quick decisions, and easily reconfigure any analytical tools we use. Finally, the fact that we can store data in a cloud that is accessible from anywhere makes CCH® Tagetik stand out from the rest. 

Now that you have implemented CCH® Tagetik, how do you use it? 

We now report accurate and timely customer profitability by product line level. The data that goes into that report is quite granular. To get useful information out of it, we need to ensure that our data inputs are as accurate as can be. 

How does CCH® Tagetik benefit you and your team? 

Using CCH® Tagetik, we now budget at a granular level. We build our budget bottom up. We plan at the SKU-level in some areas. We build all types of hierarchies and recreate processes at a minute level. This is working wonders for us. The biggest benefit? Now that we can keep consolidation as a finance function, the process is instantaneous. CCH® Tagetik also gives Finance data ownership. We don’t have to rely on IT for any fixes. We don’t have to rely on changes to any structures. We can implement anything that we see fit. We can produce anything we’re asked for immediately. That is truly beneficial to the way we work. 

Do you want to watch the full video interview? Click here

 

Nancy-Di Cosola
Global Customer Marketing Manager - CCH Tagetik
Nancy manages the CCH Tagetik's Customer advocacy program, her focus is to help make customers successful and highlight their success. Obtaining a tight pulse on our happiest of customers and have creative ideas for increasing our customer advocate base.
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