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Many businesses are still hesitant about adopting AI, especially when the benefits aren’t immediately clear. However, AI in CCH Tagetik can help streamline financial processes and better prepare companies for the future. Discover how AI features like predictive analytics and automated data analysis can give your organization a competitive edge. 
The facts about the rise of AI in organizations
Artificial Intelligence (AI) adoption has surged globally, with 72% of organizations integrating AI into their operations by early 2024. It has been up from 50% in previous years1. This rapid growth underscores AI’s potential to enhance productivity and drive revenue. For instance, companies utilizing AI in supply chain management have reported significant revenue increases.
However, only 26% of businesses have developed the capabilities to scale AI effectively and realize its full value2. Early adopters often face initial productivity declines but can achieve long-term gains with successful adaptation. Therefore, businesses should proactively adopt AI to familiarize themselves with the technology, overcome implementation challenges, and position themselves for future success.
The use of AI functionalities in CCH Tagetik
At Swap Support, we notice that many companies are not yet familiar with the CCH Tagetik AI functionalities. We don’t yet see a lot of use of these features, even though they can benefit your business. Still, many companies hesitate to allocate significant budgets toward AI adoption, especially when the immediate return on investment is uncertain. However, in the view of many experts, AI is a must-have instead of a nice-to-have for the finance department.
The 3 main purposes of AI for finance
AI is a broad term for multiple technologies, each serving a unique purpose. Within CCH Tagetik, we can bracket the implemented technologies into three categories.
- Predictive Analytics
This focuses on identifying patterns and forecasting future events, helping businesses plan more effectively by measuring the likelihood of trends reoccurring. - Objective AI
This is also known as Analytical AI, which takes pattern recognition a step further by automatically analyzing both structured and unstructured data at a speed and efficiency far beyond human capability. - Generative AI
This may be the most well-known purpose, and it is recognizable as it is like asking a smart home device about the weather. Generative AI (GenAI) is now integrated into CPM software to help finance teams. It enables users to quickly query databases and transform data trends into clear visuals or text, making financial analysis faster and more intuitive.
Our experts’ view of AI in CCH Tagetik
At Swap Support, we think that the objective AI tooling can be adopted by finance as a first step. CCH Tagetik has already integrated interesting advanced AI-driven functionalities into the platform. Our experts have deep-dived into the three key areas that help your financial planning and corporate performance management.
Firstly, ‘AI Automapping’ streamlines data collection while reducing the tedious manual effort that account mapping can have. Additionally, ‘AI Anomaly Detection’ reinforces data integrity by automatically identifying outliers and flagging unusual patterns before they impact your financial reporting accuracy. To further support strategic decision-making, ‘AI Driver-Based Analysis’ enables organizations to assess large datasets rapidly, pinpointing key business drivers and identifying growth opportunities.
In our upcoming webinar, we’ll dive into the powerful AI features in CCH Tagetik for finance and why they can make a real difference, for today and the future.
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