Ortec Finance consultants were spending several days every quarter preparing complex investment reports for their clients. It was labor-intensive, opaque and prone to errors. Every time the deadline approached, it caused stress.
The company started searching to automate the process in order to free up time to focus on creating and delivering the high-quality models their customers rely on for investment decision making.
Thomas Hage, Senior Consultant at Ortec Finance explains the challenge:
“We deliver a standardized set of reports every quarter. It’s the same reports every time, just different numbers. Every time it was a huge amount of effort and a really complex process. It was costing us a lot of time, and it was also not really the best use of the consultant’s time – basically it comes down to just copying data from one location to another, running the models, checking the outputs and moving files around.”
Every quarter the team was experiencing stress peaks around the reporting timelines and were spending 4 or 5 days preparing and delivering reports, and the time-consuming process was preventing the company expanding as fast as they wanted.
"It's really the click of a button and we run the system"
The company set the goal of automating all the data processes that went into building client reports, replacing manual unconnected steps with streamlined, automated workflows built in CloverDX, which is now saving huge amounts of time.
“It's really the click of a button and we run the system. Instead of having typically a 4 or 5 day process of people preparing the data, running the models, checking the results and building the reports to send to the clients, we’ve reduced that to half a day or less.”
The process using the CloverDX workflows also includes monitoring, enabling consultants to see if things are flowing smoothly, with an exception handling framework that automatically sends a report of all the warnings triggered during the run.
The transparency of CloverDX processes has also helped Ortec Finance have more people work on the data workflows. Hage explains:
“What we really like is that we have a very visual way of showing our process, debugging our process and understanding what’s going on without having to do everything in command line or some text-based piece of code.”
"We're a small team, but we can cover a lot of ground"
By automating and standardizing their reporting processes, it enabled Ortec Finance to open up new markets and capitalize on new opportunities.
“By standardizing our processes, yet still maintaining the flexibility needed to appropriately serve our clients, we have reduced the maintenance and created a scalable solution. We’re a small team but we can actually cover quite a lot of ground”.
The reusability of CloverDX workflows is also leading to expanded usage across the business, with other departments taking and reworking parts of the process for different use cases – reducing the amount of effort expended throughout the organization.
Results
-
Processes that used to take 4 or 5 days a quarter are now reduced to half a day or less
-
Reducing labor-intensive manual data tasks has eliminated end-of-quarter stress
-
Visual interface for data workflows has enabled less technical teams to take on some of the work, freeing up developer time
-
Automated error-handling and monitoring means any issues are faster to find and fix, also saving significant time and improving accuracy
-
New market opportunities opened by increasing reporting capacity, making it easier to grow the company
About Ortec Finance
Ortec Finance are a leading global provider of technology and solutions for risk and return management. They have over 500 clients in more than 20 countries, and help them face the growing complexity of investment decision making through designing, building and delivering high-quality financial software models.
www.ortecfinance.com
Case Study: Reducing manual data processes with Ortec Finance
Read More: CloverDX Data Management Platform
