Have you ever wondered why you should keep upgrading your CCH Tagetik application? Could you stop upgrading? The answer is never. Fast changes in technology, but also regulatory compliance and reporting, increasing needs in new functionalities are one of the many reasons why regularly upgrading your CCH Tagetik application is essential. Below we have highlighted some reasons why you should reconsider to upgrade your CCH Tagetik application.
CCH Tagetik provides multiple times a year a new release of their application in which the latest innovations and improvements are implemented. These releases ensure their clients have an all-in-one finance transformation platform that meets their business demands.
As mentioned earlier, the financial industry is changing continuously due to governmental compliance and reporting, but also changing demands and needs by companies’ management and C-level leading to increasing needs in new functionalities to be compliant. By upgrading your CCH Tagetik application, you are ensured being compliant with the latest regulations for Solvency II and IFRS and have the latest functionality to meet the demands and needs of the management.
CCH Tagetik versions are updated on a regular basis by the vendor. The latest developments from the vendor will only be released and supported on the versions which have not yet passed the end-of-life date. Using an unsupported CCH Tagetik version is strongly unadvised, due to the higher risk of facing bugs and security issues in your application.
The average CCH Tagetik application support is three years from the general availability of the release. However, due to the new functionalities it is recommended to upgrade your CCH Tagetik on a regular basis.
When using the CCH Tagetik application with other third-party software, it is important to ensure their compatibility. This requires regular updates both on your CCH Tagetik application as for the third-party software, such as database server (MS SQL, SAP HANA, Oracle), JAVA, Wildfly and Microsoft Office versions. If a not compatible software is used with a certain CCH Tagetik version, this could have disruption on the working of your CCH Tagetik application.
Based on our experience we perform upgrades of the CCH Tagetik application at our clients and guide their IT and financial department through the upgrade process. At Swap Support we have automated several upgrade tasks for our clients. This decreases the number of manual tasks and thus reduces the risk of facing issues, but also guarantees the financial department to continue its operations faster than expected and meet its deadlines.
Text: Jenny Leow