Tagetik, the CPM vendor, has announced the release of Tagetik 3.0 – Collaborative Disclosure Management. The solution is designed to add structure to the highly manual disclosure process by facilitating teamwork across multiple systems and stakeholders. Tagetik says that companies can either use the software as part of Tagetik’s unified performance management platform or standalone on top of existing ERP and consolidation systems.
“Closing the books has never been a fast or simple process but, in the past few years, the work involved with creating statutory filings and fulfilling external and internal reporting requirements has jumped dramatically,” explains Manuel Vellutini, Chief Operating Officer at Tagetik.
“Instead of a handful of people in finance, you now also have stakeholders from investor relations, sales, legal and other departments working together to produce a single document. If the systems supporting these processes aren’t connected, a huge gap emerges between the knowledge of the individuals involved and the data itself which, in turn, delays progress and increases the risk of errors. That’s why we have developed Tagetik 3.0 – Collaborative Disclosure Management to structure the process of collecting financial data, integrating background information and personal notes, producing the respective documents and, if desired, even publishing them as XBRL files.”
“Despite the vast CPM investments in recent years, most companies still have highly manual and fragmented disclosure processes,” states Marco Pierallini, Chief Development Officer at Tagetik. “By automating tasks, adding controls and improving collaboration, companies can finally reduce the amount of error-prone, manual work to close the books faster and release timely, accurate information to a wide range of audiences.”
Tasgetik says that using its newly released Collaborative Disclosure Management module, companies can integrate information from structured ERP, CRM and CPM systems or data warehouses as well as unstructured spreadsheets, e-mails and instant messaging applications. And due to Tagetik’s unified CPM and GRC software platform, users can then leverage the finalized data in management reports, press releases, CSR reports, notes and exhibits in statutory filings, or even SEC filings with full XBRL support.
“Our goal was to make public disclosure and management reporting processes more efficient and interactive while eliminating hidden costs,” added Vellutini.
