The Secret to Successfully Automating Repetitive Financial Tasks

Like many other practices, finance and investment come with numerous tedious and repetitive tasks, like reconciliation, checking bank and broker statements, and so on. These can be done by a computer yet the process of automating repetitive financial tasks can only be successful if you are aware of the actions you and your team take on a daily basis.  

Let’s see why.


Computers Lack Intuition

Your company’s financial portfolio is a reflection of the choices and actions taken by numerous members of your team; actions that include analyses, decision-taking, risk monitoring, and so much more. 

In other words, even something seemingly as simple as buying, selling, or holding onto securities results from decisions that stem from experience, expertise, and intuition.

These are virtues that computers don’t possess. Instead, they rely on instructions in code to do anything from informing you about the latest market valuations to conducting electronic trading on your behalf.

In other words, to automate your repetitive process or for trading idea automation, you’re going to have to think very clearly about what you do, how you do it, and how it could be improved – at least if you want the computer automating repetitive financial tasks to be a success.


Our #1 Tip To Successfully Automating Repetitive Financial Tasks

To automate such processes, you essentially need to replace your mind and actions with a computer, which is something that is far easier said than done. 

This is because when we automate processes, the software has to take many things into consideration:

  • It has to know the parameters in which it should operate so it can work according to your needs;
  • It has to know which information it should prioritise so your investment plan can work successfully;
  • It has to know its soft and hard limits, so you don’t miss a deal over a small margin of difference;
  • It has to know when it should suspend the automation to give you the opportunity to assess more complex situations.

All this is particularly hard to do with off-the-shelf software or even a brilliant developer with no experience in finance because, well, how do you explain a whole life’s worth of learning to someone who has never lived it or doesn’t understand the basics?

Instead, it would help if you went for a team of financial software experts that understands both the financial and technological side of things, and that also knows which best programming language for finance will work for you.

A team that, through in-depth discussions about your work habits, your train of thought, and your decision-making processes, can decide what would work best for you, your team, and where you’d like to go next. 


A Quick Recap About Automating Repetitive Financial Processes

Choosing the right developers to help guide you in your quest to automate your repetitive financial processes is crucial because teaching and instructing a machine how to do your day-to-day tasks is not as straightforward as it sounds. 

It also pays to work with the right software providers, like our partners TIBCO, whose software we have used to create new blueprints that will help us automate your repetitive financial processes faster.

So, why not get in touch with us to discover how we can help you with everything from data analysis and modelling, through to predictive modelling, complex modelling, and strategy automation?

P.S. Join us next week as we discuss what’s best for SMEs when it comes to working with financial software developers?