Capricorn is one of Europe’s leading independent oil and gas exploration and production companies and is listed on the London Stock Exchange. Capricorn has discovered and developed oil and gas reserves in a variety of locations around the world.
Capricorn was experiencing issues with their Consolidation system, with a lack of support, and difficulty in keeping up with changes within the organisation, such as shift in structure or diversifying into new locations. There was a clear lack of stability and a need to look for a new and improved solution.
The business wanted a system that was stable and produced accurate results with no issues, allowing them to be self-sufficient with their consolidation.
Deciding on CCH® Tagetik
Capricorn selected CCH Tagetik as their chosen FPM solution. CCH Tagetik was chosen as the preferred solution over four other FPM software competitors, including OneStream. Unlike other solutions, CCH Tagetik allowed Capricorn to use the specific consolidation module, as opposed to paying for a whole ecosystem. Selecting the essential functionalities, without paying for unnecessary features was a huge selling point.
Additionally, Capricorn appreciated the user-friendly interface and ease of maintenance. This was another key reason CCH Tagetik was selected as the vendor of choice.
Chris Hebden, Head of Finance comments,
“Compared to the rest of the products we looked at, we liked the ease with which you could maintain Tagetik, and the front-facing interface for the users was very impressive. When it came to the final decision, the user experience was the strongest compared to other solutions we considered”.
The Project
Following a couple of demos, the decision was made to work with HAYNE Solutions deliver the project.#
Capricorn was looking for the most efficient way to use CCH Tagetik, and HAYNE provided several best practices to help get the most out of the solution.
Chris continues
“I like the way that HAYNE interacted with us and approached the project from the very beginning. They listened to what we wanted and identified several ways to navigate the solution to get the most out of it”.
Project Success
Capricorn was looking for a finance-owned system and CCH Tagetik was the perfect fit. This resulted in the avoidance of internal consultants for system maintenance. HAYNE would handle any upkeep of the solution.
Chris continues:
“We used to raise tickets with our previous consultant regularly. Since using CCH Tagetik, and working with HAYNE, we have not had to raise a single ticket”.
The issue that Capricorn had with their previous system was the time spent fixing errors after consolidating. Countless hours were spent on this, and with the move to CCH Tagetik, this was no longer a concern. There is now confidence that the consolidation will always be correct.
The Outcome
Capricorn now has a solution that it can rely on in CCH Tagetik. With a seamless transition, they can now consolidate with confidence, and use a solution with a strong user interface, and easily accessible support from HAYNE Solutions.
With confidence in their consolidation process restored, Capricorn now enjoys a robust system that meets its needs efficiently and effectively.
If you are having an issue with your current financial consolidation process, reach out to HAYNE Solutions today.