Modern-day trading would blow the socks off any high-flying investor from the 1980s: while 40 years ago, an investor would have had to be well-equipped to deal with the stresses of the physical stock markets, the amount of data required to make a knowledge-driven investment decision was hundreds of times less than it is today.
Even so, while we can all agree on that, many fund administrators continue to use tools like Microsoft Excel, which still require lots of manual work that takes time, costs money, and can lead to errors. But, for those who are willing to branch out and trust software, the answer lies in financial data processing automation, which, among its many benefits, saves you up to 100% of the time spent on this boring, tedious, and repetitive process.
Our Real-Life Case Study
We meet hundreds of clients every year and, like all other companies working in investment out there, they have to deal with huge amounts of data on their day-to-day job. One such client had a particular problem with creating their Fund NAV (Net Asset Value).
While the client had already invested in accounting software, some of the data being sourced was not in the correct format that the said software could operate with. This meant that the client and their team would sometimes spend hours manually transforming data from one format into another using Excel.
“We are accountants, not software developers,” the client told us on our first meeting. “We need this data imported but, since it has to be done manually, we sometimes spend up to five hours processing it. This often leads to a bottleneck in the process and stalls our productivity.”
The Pitfalls of Manually Entering and Formatting Data
Excel is undoubtedly a fantastic tool, but there are plenty of problems that can arise from having to manually add the data into those pesky cells.
- For a start, you need a small army of people willing to spend hours manually sourcing and entering data.
- Then you need an Excel wizard or two who can create the formulae needed to process it.
- And even when all this is done, the human error of inputting the wrong data (or else the right data in the wrong cell) is very real, especially when dealing with hundreds or thousands of entries.
- Moreover, all this costs money and time; time that could be spent on more important matters that require the brainpower you originally employed your team for.
Is There a Solution to This? Yes, it’s called AUTOMAN
We are in the business of offering financial software solutions, and that’s what we did for this client. We introduced them to AUTOMAN, our financial data processing wizard that can download, save, transform, check, compare, and report data from multiple sources in just a few seconds.
In fact, the process the client mentioned took up to five hours sometimes, was slashed down to just four seconds.
That’s a saving of almost 100% on the time previously spent on this task.
Plus, when you consider that more than one person had to be working on this process simultaneously, the amount of time being saved goes up to 400 or 500%!
It doesn’t do this through magic, though. AUTOMAN is software that runs calculations much faster than human beings can. It also isn’t prone to errors: if it’s properly programmed, it will work seamlessly. Moreover, it doesn’t get tired, go on holiday, or get sick, so the work will always be done accurately and in a timely manner.
Now, we’re not saying this because we believe you should fire your team, or ask them to stop being human. We’re saying this because this software will make you and your team happier by saving you time on manual work and giving you more time to focus on more important processes.
The best part is that this software is completely customisable, giving you the freedom to pick and choose which parts of the process you’d like automated, how the data is formatted, and how this data is presented.
So, if this is something you believe could help you out, or if you would like us to explain how AUTOMAN could revolutionise the way you work, get in touch with us!