Automating Fund-Performance Reporting Saves $1 Million Annually
Investors and portfolio managers requested faster and more comprehensive monthly and quarterly fund-performance information. The organically constructed reporting process involved numerous operations performed by several disconnected teams using non-integrated systems, lacked proper documentation, and relied on key-person contributions. Despite the obstacles, management resisted upgrading due to fear of disrupting such a critical activity.
Conducted a thorough study of the total procedure and used the acquired data to establish a baseline with which to evaluate the effectiveness of any change. Centralized calculation and reporting functions in one state-side group and added support in the form of offshore members to facilitate follow-the-sun processing. Replaced purchased software with purpose-built applications that eliminated manual operations and facilitated competent documentation. Built leadership’s trust in the revised methodology through three months of parallel processing prior to changeover. Reduced dependence on individuals’ knowledge by providing extensive cross-training to all users.
Reached delivery goals ahead of schedule and produced annual net savings of ≈$1 million.