Lots of data formats and fragmented operations
The firm’s process for gathering data, producing reports, and conducting analysis had become a big problem in the eyes of both its financial advisors and clients. Many of its clients hold assets, especially alternative assets, with multiple custodians that deliver data in a variety of formats, including Excel spreadsheets, PDFs, images, faxes, and paper documents. All these different formats resulted in a lot of unstructured data that took a long time to process and analyze.
Without the right technology to work with, advisors ended up creating their own manual ways of doing things. To make matters worse, the firm had outsourced several steps to outside partners. There were four parties (two external partners, an internal analyst team and the advisors) all trying to work together on the same process, but in a very fragmented way. All this, led to slow, error-prone reporting to customers. It often caused inaccurate billing, too.
The firm realized this wasn’t going to work anymore – it needed to streamline and automate.