While automation has gained more and more speed in recent years, many asset management firms continue to rely on spreadsheets for at least some of their operations. This spreadsheet dependence is often born through workarounds that are created when the normal IT channels aren’t able to meet needed deadlines. Spreadsheets can be perfectly functional tools, but their integration into daily processes can quickly become a problem by moving data away from core systems and introducing manual steps. These manual steps slow down the process and reduce efficiency, in addition to introducing greater potential for errors.
Automation technologies such as artificial intelligence are a powerful way to move from spreadsheets and manual processes. Making the shift to intelligent technologies can:
- Optimize the data processing workflow—Automation reduces the lag created by manual process steps.
- Maintain data integrity—Reduce the potential for data manipulation and inconsistency with the source system.
- Preserve historical data accuracy—Changes are accurately recorded across all dependent systems.
- Optimize the value of data—Leverage the full power of artificial intelligence by pulling data directly from a database instead of an offline spreadsheet.
- Avoid “Key Person Risk” with proper change control—Changes are centralized and not dependent on one individual’s knowledge or access.
So how do you know if spreadsheets have become too embedded in your business processes? Take the spreadsheet challenge. Download our whitepaper for details about the steps to take to evaluate how much your firm would benefit from using automation to shift away from spreadsheets.
SS&C GoCentral is our next generation of fund administration software, incorporating artificial intelligence, process re-engineering and client transparency to provide ultimate flexibility while maintaining the core data processing integrity. To learn more about the benefits of using intelligent automation to replace inefficient manual processes, and how SS&C can help, download the "How Intelligent Automation Rewrites the Future of Fund Operations" whitepaper.
