In the meantime, the consolidation of budgeting and forecasting data runs completely on Tagetik. The benefits of the new system, however, have gone far beyond better data quality. The aggregated data from the financial controlling data mart is now centrally loaded into Tagetik from Microsoft SQL Server and consolidated to generate the budgeted balance sheet and P&L statement. Both the staff who collect the data as well as those who are responsible for creating reports are pleased to have a Web-based, user-friendly tool that connects headquarters and all profit centers. One highly regarded feature is the intercompany cockpit, which has significantly improved the process of managing relationships with the group.
Since the deployment of Tagetik, the financial controlling department at RBI’s headquarters in Vienna has profited from more transparent business processes. Since historical data is now completely documented including any manual changes, controllers can reconstruct the past at any time if necessary. In addition, this solid data foundation helps simplify future data collection processes as well. In Weese’s opinion, the Excel integration, which has since emerged as the standard at the head office, is a clear advantage of the solution. “Although it may not appear that way at a first glance, the Excel integration is very functional,” he continued. “If you are looking for specific data, you can quickly identify the error source, for example, if the wrong data was delivered in the first place.”
Due to its positive experiences as well as the realization of how powerful the tool really is, RBI has since rolled out Tagetik to support other processes as well. In the next stage, it plans to implement the software to collect all financial data from its profit centers. Once that project has been completed, the software will support approximately 50 local planners as well as 20 controllers and 200 users at RBI headquarters.