Over the past three weeks, we have looked at the benefits of data processing software through various scenarios. Nevertheless, we understand that there are some investment managers out there who have a wealth of knowledge in trading but aren’t so tech savvy.
So, here’s a breakdown of what data processing actually is and how the benefits are achieved.
What Is Data Processing?
In a nutshell, data processing is a three-part act:
- Collecting data from specific sources;
- Transforming it from one format into another; and
- Reporting it.
To make things even clearer, let’s use an example that you may be familiar with as an investment manager.
- On a day-to-day basis, you and your team probably collect data about your securities, bank and broker statements, and so on from different sources, including websites, emails, and financial exchanges.
- Then, you need to transform that data from one format into another. For example, changing it from a complex CSV file or PDF to an Excel spreadsheet.
- Finally, you also need to create reports that you and other users can use to inform and implement your financial strategy.
The Current Problem
Obviously, computers have made this process much easier and simpler, but even with all the technology that’s about, many investment managers still expect their teams to do this work manually or semi-manually.
And so, while you may use Excel, emails, and websites for the job, there are still employees collecting, transforming, and reporting information manually.
And that’s where software processing automation of data comes in.
The Benefits of Data Processing Software
So, what are the benefits of using software that can automate the process? We’re glad you asked!
- Save Loads of Time! As we explored in our first article – Here’s How Much Time Speeding Up Your Financial Reporting Could Save You – it is estimated that employees waste as much as 22% of their time at work on repetitive tasks (research by Cognizant). These tasks can easily be automated thanks to the right software. So, when it comes to data processing, you can use software to collect, transform, and report data automatically!
- Have a Centralised Database! In our second article – How Using Database Query Can Speed Up Financial Reporting & Reduce Errors – we explored how not having a centralised database often leads to duplicate data and double the work. Using data processing software that can create a centralised system that is always updated and complete will save you a lot of time and hassle in the long run!
- Automatically Create Reports! Finally, in our Are Different Types of Financial Reporting Giving You a Headache? Here’s How Robot Automation Software Can Help, we looked at how such software can automatically create different types of reports for you. This saves you even more time and allows your employees to focus on your financial strategy instead
Are You Ready To Take The Leap?
This software we’re speaking of isn’t some far fetched dream… It already exists! In fact, we’ve created one of the best and easiest-to-set-up examples that is affordable and comes with loads of pros!
To get all the benefits of data processing software, get in touch with us.