LONDON, May 29 /PRNewswire/ --

- Examining Planning and Budgeting in Europe

At the 2008 Tagetik User Conference, Business Application
Research Center (BARC) released the preliminary results of its latest study
titled "Planning and Budgeting in Europe - Status quo and opportunities for
Performance Management". BARC researched different planning requirements and
approaches in 500 European companies.

"We focused on planning and budgeting due to the complex and
changing nature of these processes," explains Dr. Carsten Bange, CEO at BARC.
"As organisations grow and more stakeholders become involved, these processes
quickly become even more challenging."

The study found that in addition to traditional planning
approaches, a strong majority (68%) of the companies surveyed use cash-flow
and balance sheet planning. 54% of companies without subsidiaries rely on
one-year planning, with only 31% planning 3-5 years in advance. The opposite
trend holds true for corporations with subsidiaries where 52% conduct
long-term planning of 3-5 years and 36% planning only one year ahead.

The study reveals that there is a connection between
compliance and planning requirements. 72% of respondents incorporate
plausibility checks and tracking features in their planning processes with
over a third supporting tracking features for internal and external audits.

With regards to enabling technologies, 82% of companies still rely on
Excel in some form for planning and have high levels of dissatisfaction.
Companies that work with specialised planning software have the highest
approval level with 72% being rather or very satisfied.

The study confirms that planning is a long, expensive process.
On average, 42 days per annum is devoted to planning activities however,
planning is more time-consuming for multi-national companies, averaging at 55
days, and in the Banking and Insurance industry (45% longer than other
industries). Companies with specialised planning software reported 25%
shorter cycles compared to those only using Excel whilst those with a single
solution had a 50% shorter cycle than those using a combination of solutions.

"Tagetik has always aligned its strategy with customer
satisfaction and needs," explains Manuel Vellutini, Chief Operating Officer
of Tagetik. "It is important to understand how these changes have affected
the planning and budgeting processes."

"Our vision at Tagetik is to develop a software solution that
unifies budgeting, planning and forecasting at both strategic and operational
levels together with financial closing and reporting," summarises Vellutini.
"The findings in BARC's latest research study solidify our intuition and we
are pleased that our software development is on target with what companies
need and want."

BARC Business Application Research Center

Business Application Research Center - BARC - is a leading
independent software industry analyst delivering information to more than
1000 customers each year. For more than ten years, BARC has specialised in
core research areas including Performance Management, Business Intelligence
and Data Management as well as Enterprise Content Management.

Tagetik

Tagetik is a global provider of the new generation of
Corporate Performance Management and Financial Governance solutions. The
extensive experience in the Corporate Performance Management market has
enabled Tagetik to offer a software solution that helps companies automate
processes, obtain the necessary transparency and data accuracy for
compliance, improve governance, reduce costs as well as meet
industry-specific requirements.

Press Contact:
    Shak Akhtar
    +44(0)8708510540
    press@tagetik.com