Wolters Kluwer, a global leader in providing specialized information, software solutions, and services, today announced that Toyota Finance Corporation (Headquarters: Nagoya, Aichi Prefecture; President and CEO: Toshiyuki Nishi; hereinafter referred to as “Toyota Finance”) We would like to announce the successful completion of the Part of Wolters Kluwer's CCH Tagetik corporate performance management (CPM) platform. As a result, Toyota Finance has significantly reduced the time its finance team spends monthly aggregating and reporting financial data, while freeing up staff time to add an insightful, data-driven perspective and improve business performance. We empowered departments to make more agile decisions.
challenge
Toyota Finance leaders understand that to adapt to rapid market changes, the company's business units need access to more diverse data sets to drive faster, more informed decisions. I was there. However, the company's traditional database software had limitations, making it difficult to manage and analyze the growing amount of financial and operational data. Additionally, the company's traditional database software relied heavily on human intervention to process data and insights, straining the productivity of valuable staff and making it difficult to expand the scope of analysis. To this end, Toyota Finance is increasing the speed and efficiency of its data aggregation and analysis processes, while eliminating the need for human intervention in the data collection process and providing the company's finance teams with the flexibility to process a variety of data. We decided to explore a new CPM platform that could dramatically improve our results. Management accounting allocation.
solution
After evaluating multiple CPM software providers, Toyota Finance selected Wolters Kluwer's CCH Tagetik platform. Toyota Finance selected CCH Tagetik for its key features: the platform's ability to process large amounts of data, the ability to create and implement diverse allocation patterns without the need for coding, transparent visualization of processing logic, and a user-friendly and intuitive interface. To date, Toyota Finance has leveraged his CCH Tagetik platform for three key purposes: budgeting and planning, performance management, and lifecycle P&L management.
Kumiko Minowa, CCH Tagetik Japan Managing Director at Wolters Kluwer, said:
“Toyota Finance recognizes 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 are grateful for the trust Toyota Finance has placed in our CCH Tagetik platform and look forward to continuing to find new ways that CCH Tagetik can support Toyota Finance's continued digital transformation of its financial processes.”
After successfully implementing the CCH Tagetik platform, Toyota Finance Corporation experienced the following results:
- Monthly aggregation and management reporting time is reduced by 50%, reducing the reporting process by approximately 10 business days each month.
- These significant efficiency gains allow the company's financial professionals to focus more time on producing high-quality reports packed with value-added analysis.
- Consistently, timely, and quickly aggregate, analyze, and deliver data to meet the demands of each business unit. The aggregation task was completed in just one day, reducing the time required to create analytical and management reports by approximately 10 business days.
- The ability to seamlessly connect budget and actual data provides superior analytical capabilities and increases the variety of data available for budgeting, planning, and P&L management.
CCH Tagetik Implementation Partner AVANT Corporation leveraged its extensive finance and accounting experience to collaborate with project leaders from Toyota Finance to ensure a smooth and efficient implementation of the CCH Tagetik CPM platform.
Read the full case study to learn more. Toyota Finance successfully implements CCH Tagetik CPM platform.
