Reduce Financial Data Inputting Costs Via Automation

In less than a century, we have gone from huge, mechanical calculators that semi-automated mathematical formulae, to mobile smartphones that have practically compressed our whole office into a gadget that fits in the palms of our hands. We take that for granted and trust that it will function as it should. Of course, we have every reason to, but it also raises a pertinent question: why do so many fund administrators continue to put their faith in large manual financial data inputting processes when there is software that can easily get through this tedious task and save them money?

Our Real-Life Case Study

All our clients have one thing in common, and that’s that they are looking to automate the time-consuming, money-guzzling, and error-prone financial tasks that take up so much energy and focus from their employees. 

As we have seen over the past two weeks through our conversation with one of our clients, our financial data automation software, AUTOMAN, has already helped them in two ways:

• To save time with financial data processing automation, and
• To reduce errors through automated financial data inputting.

But, as we all know, there is another element that makes or breaks whether investing in this software is worth it, and that’s how much it will cost.

“Although we knew about this type of software, we always assumed that it would be out of our reach,” the same client explained. “We are a small-to-medium enterprise, not a global bank, and our funds and budgets are obviously limited. Even so, once we looked at how much the manual task was costing us, it became clear that this would actually be an investment that would pay for itself much faster than we had realised.”

What Are the Costs Of Manual Financial Data Inputting?

We understand what our client means – after all, the type of software we offer often goes for a lot more than we are able to offer it for. But before we explain how we manage that, let’s take a look at all the ways financial data inputting done in the traditional way costs you money.

• For a start, you need to factor in the hourly cost of each employee you assign the task to. When calculating that cost, keep in mind that this includes the time spent sourcing the data from websites, emails, PDFs and so on, inputting it into an Excel sheet or another system, applying formulae, and searching for and fixing errors.
• But that’s only the tip of the iceberg as you also have to factor in the cost of finding those employees, training them, retaining them, and, if either of you decide to part ways, replacing them. 

AUTOMAN Doesn’t Need Any of This

AUTOMAN is software created to automate your financial data inputting. But it’s not off-the-shelf software, instead it has a blueprint that is set but which has endless customisable possibilities. This means that you can get the same, tailor-made software large corporations use, but at a fraction of the price.

AUTOMAN isn’t just more affordable than other customisable software, though. It’s also cheaper in the long run than doing the job manually. 

• That’s because this software can work on collecting, transforming, and inputting data from your chosen sources 24/7, without ever needing a cigarette break, a holiday, or sick leave. 
• It also never gets bored or side-tracked. If anything, it becomes better at what it does the more you use it through its scalable technology that finetunes growing needs. 
• More importantly, it is not prone to making errors. Given it’s been programmed correctly – that’s our job – you can rest assured that the data in your report will be the same data found at the source. Every single time.
• Plus, it can send you automated alerts so you never miss out on any important changes.

This is why many fund providers are realising that they need to change the way they operate and that automation is there to help in the process.  

If you think it’s time you did the same, get in touch with us to find out how we could help you.