Automated reporting software has the ability to monitor your data and alert you to any risks that may jeopardise your financial strategy. Even so, many financial companies opt to populate their databases manually, resulting in fewer checks and balances, including those related to human bias.
We have been in the financial data business for over 20 years and, throughout this time, we have seen many things evolve. Yet one thing that has sadly remained a constant is the amount of financial companies that continue to expect their employees to manually populate their Excel sheets.
This is a thankless task that comes with multiple pitfalls:
But what is this human bias?
According to Psychology Today, human bias is the ‘tendency, inclination, or prejudice toward or against something or someone’. Of course, some of this could be positive, but in terms of trading, what this often means is that traders may interpret data in an inaccurate manner due to their past experiences, fears, or dislikes.
Automated reporting software does away with human bias simply by following a strict set of rules based on your strategy. This results in reports that are based solely and purely on data that is devoid of human bias, giving you a clearer picture of what you truly have to work with.
Having said that, this software is not here to replace the hard-earned expertise of traders. In fact, it still requires people with knowledge of the markets to determine the path it should follow, while the reports it issues are simply meant to offer unbiased insight into markets, liquidity prices, and so on.
Moving on to automated reporting software ensures your company has the latest data analysed in a way that is unprejudiced, thus opening new avenues for opportunities.
If you’d like that for your company, then get in touch with us to discover how our systems can be tailored to your needs at a fraction of the price of other customised software.