Wolters Kluwer, a global leader in providing professional information, software solutions and services, today announces that Toyota Finance Corporation (Headquarters: Nagoya City, Aichi Prefecture; President and Representative Director: Toshiyuki Nishi; hereinafter “Toyota Finance”) recently completed the successful implementation of Wolters Kluwer’s CCH Tagetik corporate performance management (CPM) platform. As a result, Toyota Finance has dramatically reduced the time its finance team spends on monthly financial data aggregation and reporting, while freeing up staff time to add insightful, data-driven perspectives to support business units in making more agile decisions.
The Challenge
Toyota Finance leaders understood that in order to adapt to rapid shifts in the market, the company’s business units needed access to a more diverse set of data to drive informed, expedited decision-making. However, limitations faced by the company’s legacy database software made managing and analysing ever-increasing volumes of financial and management data a challenge. Its legacy database software also heavily relied on human intervention to process data and insights – which strained the productivity of valuable staff and made it difficult broaden the scope of analysis. This led Toyota Finance to seek a new CPM platform that could dramatically improve the speed and efficiency of its data aggregation and analysis processes, while eliminating the need for human intervention in the data collection processes and providing the company’s finance team with the flexibility to process varying management accounting allocations.
The Solution
After evaluating multiple CPM software providers, Toyota Finance chose to implement Wolters Kluwer’s CCH Tagetik platform. Key capabilities that led Toyota Finance to select CCH Tagetik include platform’s capacity to handle extensive data volumes, its ability to create and implement diverse allocation patterns without the need for coding, its transparent visualization of processing logic, and its user-friendly, intuitive interface. To date, Toyota Finance has utilized the CCH Tagetik platform for three critical purposes: budgeting and planning, actual performance management, and lifecycle profit-and-loss management.
Kumiko Minowa, Japan Managing Director of CCH Tagetik at Wolters Kluwer, said:
“Toyota Finance realizes that strategic investments in transformational technologies like the CCH Tagetik CPM platform can drive true competitive advantage in today’s rapidly evolving business environment. We’re grateful to Toyota Finance for the trust they have placed in our CCH Tagetik platform, and we look forward to continuing to identify new ways that CCH Tagetik can support the continued digital transformation of Toyota Finance’s financial processes.”
After its successful implementation of the CCH Tagetik platform, Toyota Finance Corporation experienced the following results:
- A 50% reduction in monthly aggregation and management reporting time, expediting the reporting process by approximately 10 business days, each month.
- These significant efficiency gains have also freed up the company’s finance professionals to focus more of their time on developing higher-quality reports, filled with value-added analyses.
- Consistent, timely, and accelerated data aggregation, analysis and provision, tailored to the requests of each business unit. The aggregation task now takes just one day to complete, and the time required for generating analytical reports and management reporting has been slashed by approximately 10 business days.
- The ability to seamlessly connect budget and actual data with a considerable analytical versatility, yielding improved data variations that can be utilized in budgeting, planning and profit-and-loss management.
AVANT Corporation, a CCH Tagetik implementation partner, leveraged its wealth of finance and accounting experience to work side-by-side with Toyota Finance project leaders to ensure the smooth and efficient implementation of the CCH Tagetik CPM platform.
To learn more, read the full case study about Toyota Finance’s successful implementation of the CCH Tagetik CPM platform.
