It often feels like the Financial Services industry runs primarily on Excel, making many believe that it must be the best tool for the job. The reality, however, is that dealing with huge volumes of data and formulae in this Microsoft Office staple actually leads to more problems than solutions. This is why the best way to improve multiple Excel cells data calculations is to leave Excel out of the equation. Here’s why.
The Limitations of Excel
Many of our fund management clients who use Excel seem to have the same problem: this software requires a lot of manual labour.
One client, for example, needed to order trades and apply a First-In, First-Out criterion to them. This seemed simple enough until they realised that Excel does not allow users to manage timestamps. To counteract this, the client had to get their team to do the job manually, costing them time and money, and making the process more prone to errors.
Moreover, many of our other clients have also become overwhelmed by the amount of cells, columns, and sheets they require to run the many complex calculations needed for their financial portfolios, making it practically unmanageable.
All this, understandably, hinders their day-to-day job, but it doesn’t need to be like this.
Looking for a Solution? Why Not Try Automation?
As frustrating as all of the above can be, we understand that the solution may not always be straight forward: after all, everyone else is using Excel, so it must be the best tool for the job, right?
Actually, no, it’s not.
While it’s a great piece of software and it does come with plenty of benefits, Excel is not the best tool for large volumes of data or complex calculations. Instead, what you should do is to run calculations outside of Excel and then import the already-formatted, outputted data into it, making the file smaller, the computations faster, and the file more manageable for all those involved.
To do this, what you need to do is use automation for faster data entries in Excel, which works using a coded algorithm to replace all the complex formulae and the manual work.
The AUTOMAN Revolution
AUTOMAN is our data-processing software that automatically collects, groups, transforms, sorts, and organises data from multiple sources and in multiple formats into a single database. It then applies all the parameters and formulae you need it to before exporting the data you require in your specified format to an Excel sheet.
The best part is that this software runs 24/7, ensuring you always have the latest data whenever you need it. So, on top of making your data management processes safer and more scalable, you will also be ahead of the competition when it comes to harnessing its power.
So, forget about manually conducting multiple Excel cells data calculations, and let AUTOMAN do the job for you, swiftly and accurately.
Get in touch with us to find out more!