Wolters Kluwer, a global leader in professional information, software solutions and services, announced today that Perfect World Entertainment selected its award winning CCH Tagetik expert solution to replace their legacy corporate performance management (CPM) systems.
China-based Perfect World is one of the world’s leading culture and entertainment industry groups, and owns the A-share listed company Perfect World Co., Ltd. Its products can be found in more than 100 countries spanning the USA, Europe, Asia, etc. At present, Perfect World covers a wide range of business sectors including film and television, games, e-sports, cinemas, cartoons, education and e-commerce, and has a strategic position in such fields as literature and mass media.
After more than 10 years of upgrading, operating, and maintaining its legacy consolidation, budgeting & planning management systems, Perfect World decided that their solution no longer met the company’s business needs nor had the ability to adapt and scale to the company’s business development strategy. Perfect World started to search globally for a market leading CPM software in 2019, and after rigorously evaluating several vendors, chose CCH Tagetik as the optimum platform to accelerate its financial transformation.
With CCH Tagetik, Perfect World will finally address deficiencies in the legacy budgeting system, improving technical bottlenecks such as meeting requirements of the complex data sharing logic and maintaining a quick performance response. What used to take several hours in their original budgeting system, now only takes a few minutes in CCH Tagetik. In addition, Perfect World will now be able to take advantage of a comprehensive approach to budget, planning & analysis linking finance and operations together. CCH Tagetik supports massive data depth using driver-based modeling without impacting the performance of the system, whereas the prior system required a manual approach. They will leverage CCH Tagetik SmartInsight to perform ad-hoc reporting and on-the-fly analysis.
The CCH Tagetik Financial Transformation platform provides unified budget and consolidation, while handling master data and data sharing. For the consolidated financial statement, Perfect World has chosen the CCH Tagetik financial consolidation module as a gateway to automation, which will lighten the manual workload for staff in its financial and management statement teams, improve efficiency, data sharing and data accuracy laying a solid business and financial data foundation for management decision making.