While we have discussed the many flaws of human data management, the troubles of excel and the many advantages of custom databases, we now have the data to back it all up. No pun intended…

In a survey of fund administrators conducted by the software company “Confluence”. 115 respondents were polled on their data management habits. A whopping 84% of fund administrators are worried that manual processes are hurting their ability to control errors. As a result, senior management at these companies wisely invest in all sorts of technology solutions, all in an effort to eliminate the risks of manual error.

Manual data management in excel files or through other means is certainly more time consuming than the automatic nature of a custom database. 77% of respondents expressed concern that manual processes affect their ability to meet reporting deadlines.

Yet manual data management is still pervasive. 26% of respondents said that they use spreadsheets for more than half their fund administration processes. Another 25% said that they use spreadsheets for a quarter to a half of all processes.

Perhaps what is most striking is a Coopers & Lybrand study that found that 90% of spreadsheets with more than 150 rows contained errors. With that level of error, the risk in fund management becomes exponential. Most managers recognize this and 52% of respondents planned to centralize fund administration within the 12 months following the survey, with 62% of respondents selecting “replace manual process with technology” as their goal within the next 2 years, all in an attempt to reduce operating costs, improve scalability, and minimize risk.

A custom database that integrates data flow with data providers sounds pretty good about now, doesn’t it?

Permalink  |  Published in Business Strategy

The Joys of Filing

Practically everyone must deal with the thrilling joys of filing. Whether it be your personal filing cabinet at home or the gargantuan one at the office, the tabs, manila folders, labels and the paper cuts always make for an extremely enjoyable experience.

With all the documents, bills, and contracts that we keep, our files grow thicker, and storage space becomes scarce. Yet we still have this burning need to hold on to every piece of paper that crosses our path – it might turn out to be important! Audits are always possible and it’s important to go back to your contracts – even with the water supplier for the office water cooler – to make sure you aren’t being slapped with extra fees. What is perhaps the worst problem is locating the file you have been saving for JUST that occasion, yet you can’t find it in your jam-packed file drawers.

Store Your Files Electronically

As always, technology to the rescue! Scanning technology has significantly improved to the point that is possible to make perfect copies. Scanning your files gives you so many advantages that it would be silly not to. But scanning is simply not enough. Who wants to sit down after they have scanned all the office files and organize them into folders and subfolders for easy retrieval? While its true, with windows search and Google desktop, that sort of electronic organization might be really great, but there has to be, and there is, a much better way.

Technology to the rescue! (Did I use that line already?) Evernote is a really cool piece of software that can search images and recognize text. It’s primary usage is sort of a pictorial list, helping your remember things you would have otherwise forgotten. If you take a picture with your digital camera, you can set it up to be sent to your evernote account, ready and able to be searched. For instance, if you are at a friend’s house and watched a great movie or saw a book you were interested in, simply snap a photo of the dvd and Evernote will keep it for you. That way, if you search for “Hitchcock” the dvd picture will come, and you can now see the title.

In our case though, after you scan your files, Evernote has the ability to search through your scans and find the exact one that you are looking for. Maybe as an added measure, simply tag your files and use some basic electronic organization, but Evernote should be able to help you retrieve your files quickly and painlessly. It’s so useful and easy that it would be silly not to use this software.

A Quick and Painless Solution

When you need the document in physical form, simply reproduce it by clicking the print button. Additionally, if you are shy about tossing out your files, toss them in boxes and put them in storage so that you always have the original documents.

Make sure to start this process now, so that you do not accumulate files as you go along. And if you are interested in converting all of you old files electronically, the task can be outsourced accordingly. If all you have is a few filing cabinets, college students are always available.

It is not difficult to make sure your electronic files are secure – your computer should already be using software for protection. Perhaps more on that in another post…

A little movie about Evernote:

[youtube=http://www.youtube.com/watch?v=i_ncr1Ee9e8&eurl=http://evernote.com/]

Permalink  |  Published in Technology Tactics

So if you haven’t been living under a rock this summer, you know about the release of the iPhone 3G. Made faster and more universal, the new iPhone covets that special place in your pocket or belt-clip that your Blackberry and Treo occupy. But before you jump on the iPhone bandwagon, let’s take a quick look at the pros and cons.

The Pros:

-The new 3G technology allows the iPhone to tap into AT&T’s network, making internet usage slightly faster in places without a wireless connection.

-The price. Instead of paying $599 for the original iPhone, you can feel like you are spending less by paying a low $199 and have Apple slowly take your money with a higher service package from AT&T.

-Exchange full support. Perhaps the biggest problem with the old iPhones was their lack of support for Microsoft Exchange. Finally, iPhone graduated from toy to business tool.

-Touch Screen – its so pretty…and the on-screen keyboard is surprisingly easy to use. It is also a pleasure to watch video with a widescreen view by simply tilting your phone sideways.

-Applications – Apple opened up the iPhone to 3^rd party developers, allowing for creative applications that make your phone great. One app allows your iPhone to function as a GPS (though without voice instructions), another gives you the location of all the ATMs in your area. Probably the coolest app allows your iPhone to listen to a song and search iTunes for the title by simply placing your iPhone near the music. Ever wonder what song you are listening to on the radio? Your iPhone will tell you. Applications are constantly being developed and present an arsenal of tools for your phone, constantly updating and making your phone smarter and smarter.

Applications are available for specific business use: iSpend keeps track of your finances,

Stage Hand allows you to see index card-like notes on your phone for presentations, and a whole host of applications are available allowing you to password protect and encrypt your data. But the most popular apps are games. With amazing graphics, Texas hold em’ and sodoku never looked so good!

The Cons:

-AT&T. AT&T is really not the best network. It’s good, like everyone else, in the city and other densely populated areas, but it’s not pleasant in some other situations. Also, you are tied to a two-year contract with AT&T, at higher rates than before, and without text messaging included.

-The Battery. The new 3G network saps battery life. Under heavy usage, the iPhone will not last a full day and you will need to recharge.

-Lack of Support – The iPhone still does not support a host of features. No flash, window’s media, or Java.

-Applications? Sometimes the applications allow for Apple to be lazy. For instance, there is no cut and paste, but there can be if you download a cut and paste application. No voice dialing, unless you download the voice dialing application. Don’t get me wrong, the thrill of looking for more and more applications to buff up your phone can be really great, but at a certain point, you get frustrated when you have to download applications to make your phone operate basically.

Conclusion:

It’s great, but wait. Unless you got really excited by this review, or you have a physical attraction to the iPhone (a disease that is spreading rapidly), you’d best wait till the end of the year for Apple to release significant software and, perhaps, firmware updates. If you’re still excited, you could try it out as a second phone while you make the transition. There is no question that the iPhone has the most potential, but wait it needs to mature a bit. It’s like younger girls/guys – they sure are pretty, but they need to grow up.

Check out this MAD tv spoof on the iPhone’s many capabilities and the over-adoring fans:

[youtube=http://www.youtube.com/watch?v=xgZKjJt-TkU]

Permalink  |  Published in Technology Tactics