Streamlining Operations: How to Simplify Reporting and Data Management
No matter the size of your firm, implementing the right reporting tools as part of a comprehensive portfolio management platform helps your team save valuable time, automate repetitive tasks, reduce error, and streamline your daily operations.
When you’re able to effectively automate certain workflows (such as collecting and analyzing client data), advisors can spend less time behind a computer screen and more time being valuable partners to their clients.
Below, we take a closer look at the importance of performance reporting tools, and how they help advisory firms improve efficiency and streamline operations.
What Do Performance Reporting Tools Do?
Reporting tools vary widely in their capabilities and benefits. From collecting and analyzing data to automating workflows, these tools are designed to improve and expedite your firm’s backend processes.
The right reporting tools can help you reduce (even eliminate) manual repetitive tasks, integrate data for more streamlined workflows, and improve compliance efforts by automating recordkeeping.
With Pulse by AssetBook, for example, advisors can deliver precise and customized reports to clients. It also integrates with other platforms in your tech stack, giving you the ability to more effectively collect, manage, and analyze critical client data.
Let’s take a look at some common capabilities of performance reporting tools and how they can help your firm streamline and simplify.
Improve Efficiency Through Automation
Artificial intelligence (AI) has gone mainstream, already making its way into many financial service-focused tech platforms. Through the use of AI and other recent advancements, reporting and data management platforms give advisors the ability to incorporate automation into their day-to-day operations.
Consider the tediousness of manual data entry and organization. When done by hand, data entry is time-consuming and makes the data more susceptible to human error. Even just one typo can create serious recordkeeping issues for you and your clients. Automation not only allows firms to refocus employee efforts elsewhere, but it also eliminates the possibility of human error or typos. As a result, it improves accuracy and gives you the ability to generate reports much faster.
Effectively Collect and Integrate Data
Portfolio management platforms that integrate with other systems allow data to be extracted, translated, analyzed, and compiled quickly and with little (or no) human interaction. Again, integrated data collection is another way to eliminate repetitive, time-consuming tasks and reduce the possibility of error.
Depending on the portfolio management platform you use, reporting and data management tools may be able to identify potential discrepancies in client data and flag them for review. When creating a client-facing financial report, having a proactive safeguard in place to catch potential errors helps ensure you’re delivering the most accurate and up-to-date information available.
Create Client-Friendly Charts and Analyses
Your clients come to you because they don’t want to be bogged down with nitty-gritty details. They want the big picture and information that’s easy to digest, and they want to be able to understand it in the context of what’s important to them. That’s why reporting tools often include data visualization capabilities that can help advisors create sophisticated, yet easy-to-understand, charts and graphs for clients to review.
In addition, many reporting tools have the ability to forecast certain scenarios (such as retirement readiness under varying market conditions) and identify the most important performance indicators to be monitored.
Improve Collaboration and Reporting
Automating workflows is the key to streamlining operations at your firm. Portfolio management platforms with collaborative reporting capabilities allow employees to work seamlessly together on editing, sharing, and assigning or monitoring certain tasks. This essentially bakes in accountability and creates high-level oversight of firm operations.
Because these platforms offer real-time updates, any team member or advisor who has access to the platform can view and analyze the most up-to-date performance reporting information available. From both an internal and client-facing standpoint, collaboration and automated workflows are key to ensuring smooth and efficient operations.
Streamlining Performance Reporting with a Comprehensive Portfolio Management Platform
With so many platforms, software, and apps available today, it can be hard to determine what’s the best fit for your firm. But when it comes to streamlining operations and simplifying workflows, robust reporting and portfolio management software is a must.
To learn more about AssetBook’s ultra-customizable reporting capabilities and larger suite of portfolio management features, book a demo with our team today.