Case Study: Alcatel-Lucent Enterprise accelerates reporting and cuts annual close time with Wolters Kluwer CCH Tagetik

Alcatel - Customer Case Study

Alcatel-Lucent Enterprise, a major telecommunications company, faced significant challenges with the reliability of its financial data and its complex reporting and consolidation processes across 20 subsidiaries in 42 countries. Using Excel for group reporting led to errors, version control issues, and a time-consuming audit trail. To address this, the company turned to vendor Wolters Kluwer ELM Solutions and implemented its CCH Tagetik performance management solution.

Wolters Kluwer implemented its cloud-based CCH Tagetik platform to unify financial data and automate consolidation and reporting. This solution provided a single source of truth, a detailed audit trail, and the flexibility for local entities to meet their specific reporting needs. The results were substantial: monthly reporting time was cut from 10 to 8 days, annual account closing was accelerated by over two months, and the reporting team was reduced from six to four people. This led to annual operational cost savings of €500,000.

Alcatel

Bernd Stangl

Chief Financial Officer