Global, unified financial planning and analysis platform enables improved matrix management
TOKYO, Nov. 16, 2023 /PRNewswire/ — Wolters Kluwer, a global leader in providing professional information, software solutions and services, today announces that Kyowa Kirin Co., Ltd., has fully implemented CCH Tagetik as its global, cross-functional corporate performance management (CPM) platform. Kyowa Kirin (Head Office: Chiyoda-ku, Tokyo; Representative Director of the Board, President and Chief Executive Officer: Masashi Miyamoto; hereinafter “Kyowa Kirin”), is a company engaged in the research, development, manufacturing and sale of medicinal drugs.
The challenge: A myriad of disparate, Excel-based budget management systems made cross-functional financial planning and analysis (FP&A) time-consuming and limited.
Kyowa Kirin introduced the “One Kyowa Kirin” structure in April 2019, to achieve sustainable growth. This is a global management structure that combines a regional organization comprised of four regions: Japan, North America, EMEA, and Asia/Oceania; a global functional organization comprised of functions such as Research & Development and Quality Assurance; and a product organization consisting of product franchises. In the past, Kyowa Kirin handled budget planning and performance management using different systems and Excel spreadsheets for each region, resulting in the following issues:
- Challenges in obtaining detailed financial information and conducting variance analyses.
- Difficulty aggregating and visualizing financial data, particularly on a global scale.; and
- A heavy burden on finance and accounting staff when it came to formulating and controlling globally consolidated budgets.
The solution: The implementation of CCH Tagetik to digitally transform Kyowa Kirin’s global finance function.
To address these challenges, Kyowa Kirin fully implemented CCH Tagetik as its global, shared CPM platform for all regions and functions. CCH Tagetik has been implemented by many major global companies in Japan and by thousands of companies, globally, to:
- Manage consolidated financial indicators for multiple groups, regions, businesses, and functions.
- Better manage large volumes of data, in a variety of codes, characteristics and formats, from shared functions and regions, on a single platform; and
- Strengthen governance and cost control efforts through the visualization of financial data.
As part of this global implementation of CCH Tagetik, Kyowa Kirin will eliminate its traditional Excel-based data management processes and instead empower all internal finance teams to formulate budgets directly within the CCH Tagetik system. With the significant time savings and efficiencies it gleans from CCH Tagetik, Kyowa Kirin also plans to shift its finance professionals’ time away from manual data collection and analysis to higher value, strategic work that can help the company achieve its corporate performance goals.
Motohiko Kawaguchi, Chief Financial Officer (CFO) & Global Finance Head at Kyowa Kirin, said:
“Kyowa Kirin’s vision is ‘to realize the continuous creation of Life-Changing Value as a global specialty pharmaceutical company from Japan that brings smiles to the faces of people facing illness.’ As a financial indicator, we aim to promptly achieve a return-on-equity figure (ROE) of 10% and maintain and improve it over the medium-to-long term. To achieve this goal, we need to establish a stable, global profit structure and sustainable growth. This means it’s essential to strengthen business management across the entire group. We needed to streamline budgeting, visualize financial data, and upgrade our cost control and analysis/forecasting functions. By utilizing CCH Tagetik as our global business management platform, we will be able to achieve these goals, provide more useful information for management decision-making, and reach our business objectives.”
Kyowa Kirin is also expanding the scope of its CCH Tagetik use beyond the FP&A area, to include global cash management, global tax and internal transactions within the group.
Kumiko Minowa, Japan Managing Director of CCH Tagetik at Wolters Kluwer, added:
“Companies with global operations, such as Kyowa Kirin, are taking full advantage of the unified platform features of CCH Tagetik to drive the digital transformation of their finance operations. We will continue to help such companies draw out even greater levels of value from CCH Tagetik and further increase the sophistication of their corporate performance management processes, by expanding the usage of the platform’s budget management, profit-and-loss management, cost analyses and predictive intelligence capabilities.”
About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software, and services for professionals in healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, and corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.
Wolters Kluwer reported 2022 annual revenues of €5.5 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 20,900 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
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