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The #1 Regulatory Reporting Challenge That’s Slowing You Down

DASHBOARDS DESIGNED WITH YOU IN MIND

To do your job well, you need access to the right information at the right time. Unfortunately, that’s not always an easy task.But it can be. By designing effective dashboards you can view what matters most, so you’re able to make faster, smarter decisions.


» Download the Guide


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If your organization is spending too much time and resources collecting and reconciling data, and not enough time assessing information, optimizing operations and mitigating risk—you’re not alone. 

In fact, most companies today confess their reconciliation process is a very time consuming, manual process. Gaining notoriety as one of the riskiest end-user applications used by business professionals, the spreadsheet along with silos of disparate data is doing more than just slowing you down. 

Daily headlines have many questioning the quality of data financial institutions use in the reports they file with the regulatory authorities in addition to the manner in which they do it. Facing these challenges and more, financial institutions continue to produce core regulatory reports manually, putting them at greater risk. 

Gartner research found that “many firms’ reconciliation processes are mainly manual (with no enterprise technology solution)” and cited several critical challenges that come with manual reconciliation management.

It’s time to rethink reconciliations in 2016

In recent years, The Association of Certified Fraud Examiner’s Report to the Nation ranked account reconciliation as a top five occupational fraud detection tool. One of management’s best defenses against financial statement misstatement and fraud, ensuring reconciliation accuracy and integrity is vital to maintaining confidence within financial statements. 

Additionally, today’s reconciliation solutions include versatile, powerful and multifaceted technologies that quickly enable reconciliation for many types of global assets, currency or financial institution. Automating the reconciliation function can also flag and resolve exceptions based on customized business rules, improving the ability to identify and minimize risk exposures while responding rapidly and cost-effectively with sensitivity for local market regulations and business-models.

Moving away from manual reconciliation processes can address a high priority of many financial services firms: providing automated and centralized risk management across reconciliation processes enterprise-wide to help diverse financial firms identify, evaluate and remedy common and costly exception patterns in real time. 

Finally, with the Federal Reserve Board finalizing the liquidity requirements for US financial institutions and the US operations of foreign banks last month, their aim to improve the view of liquidity across institutions by mandating specific reporting procedures will take effect this week. As 2016 progresses, the reporting requirement will become more and more granular in nature, with the final format in place by 2017. Given the FRB’s rising bar on data accuracy, firms should consider strategic solutions that can improve their data reconciliation. This includes overhauling data infrastructure, enhancing data and upgrading analytics capabilities.

Automated Reconciliation: The gift that keeps on giving

With a laundry list of benefits, it’s time to kick off the New Year with significant process improvements finance executives can seize. Account reconciliation automation removes the challenges associated with traditional reconciliation management so that your finance team can remove administrative distractions and focus more on work that matters.

At DIO-soft our knowledgeable team has been helping some of Wall Street’s most recognized financial institutions address reconciliation challenges and more while dramatically reducing time and money. Contact us today to start your New Year off in the right direction.

Enterprise Reporting: 4 Ways Financial Service Firms Can Unleash Insight

DASHBOARDS DESIGNED WITH YOU IN MIND

To do your job well, you need access to the right information at the right time. Unfortunately, that’s not always an easy task.But it can be. By designing effective dashboards you can view what matters most, so you’re able to make faster, smarter decisions.


» Download the Guide


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One of the most useful features of a successful enterprise reporting implementation is the collection of company data. Gathering facts and figures is almost automatic—providing powerful reports that enable businesses to do more with less. In cases where manual or specific reports generation is needed, harnessing data with useful tools makes generating reports quick and easy.

Unlocking the power of data is perhaps the most underleveraged corporate asset. In fact, many organizations fail when it comes to understanding or implementing these great solutions. A recent survey published by Forbes indicated that 45-percent of financial institutions still fill reporting needs through manual extraction and data cleansing tools, feeding the information to spreadsheets or PDF formats.

“A large percentage of companies still are focused on department-specific BI type initiatives. A very large percentage were using a lot of manual data manipulation, or relying on batch results generated daily, weekly, monthly or at the end of the year financial periods. They are taking the data and bringing it into separate databases and doing analysis, so a lot of analyst time is spent moving data from databases to spreadsheets and back to something else and then analyzing.”

Supporting the ever changing needs of business environments, enterprise reporting solutions are designed to help organizations manage data in countless ways. With improved insight, employees can optimize new products, control costs, decrease risk and improve customer loyalty.

Organizations taking advantage of enterprise reporting solutions can expect the following:

1. Real time insight—anytime, anywhere.

Flexible BI solutions make it possible for users to access key business metrics, reports and dashboards on mobiles devices, giving sales and marketing teams the ability to access critical business information on the fly.

2. View, edit, analyze and distribute reports using flexible third party tools

Strategic business intelligence solutions don’t require access to expensive computer software and hardware systems. Because most organizations don’t have multimillion-dollar budgets at their disposal, third-party tools can be readily employed—and in most cases it pays for the BI implementation itself.

3. Quickly identify and respond to business trends

Whether you’re tracking customer trends or other sales/operational parameters, BI solutions allow you to pull all your information into a single, intuitive dashboard so you can spot patterns as well as areas of cost savings.

4. Easily create financial, operations, customer and vendor reports

Highly flexible, organizations can create custom reports based on only the information they need. Additionally, reports can be configured to run on schedule or on an as-needed basis. 

Enterprise reporting has never been so easy or useful. Contact DIO-soft today find out how different management levels can use BI software to reach their goals.

Managing Regulatory Compliance: Top 3 Challenges Financial Firms Face

DASHBOARDS DESIGNED WITH YOU IN MIND

To do your job well, you need access to the right information at the right time. Unfortunately, that’s not always an easy task.But it can be. By designing effective dashboards you can view what matters most, so you’re able to make faster, smarter decisions.


» Download the Guide


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Fallout from the global financial crisis has left financial service firms surrendering to a multitude of regulations. Additional pressure to comply with a dynamic set of challenges has left organizations big and small feeling the increased pressure.

In fact, a global financial services study conducted by Robert Half uncovered some interesting statistics. A whopping 88% of global execs said they are challenged in managing regulatory changes. On top of that—66% of them said their workloads have increased due to regulatory demands. And this past year alone, 99% percent of executives in the U.S. believe their compliance burden will increase or remain steady over time.

A common theme amongst these executives also emerged, shedding light on three of the most challenging aspects of managing regulatory change in a global environment. Do they make your list?

1. Managing External Auditors

Having a third party come in to examine every last detail of your financial records can be a nerve wracking experience. Preparing ahead of time and communicating with your team is key—however last minute reports can slow up the process, especially if you don’t have a solution in place that allows you to quickly access the info you need.

2. Managing Costs

When it comes to data, some business leaders hesitate to move away from paper filing and home grown systems. Leveraging solutions with cloud-based servers can help streamline processes—and the technology is invaluable when it comes to decreasing costs associated with the compliance process.

3. Meeting Deadlines

Communication is vital when it comes to meeting regulatory compliance demands. Aside from letting teams know their exact responsibilities, training employees on key compliance policies makes it easier to troubleshoot issues when they arise so deadlines can be met.

Helping financial institutions overcome these obstacles and more, DIO-soft offers data management solutions and regulatory response framework that enables organizations to better manage regulatory compliance challenges while saving time and money. Contact us today to learn why leading Wall Street Firms have placed their trust in DIO-soft.

6 Practical Reasons Why You Should Migrate to Open Source BI Software

DASHBOARDS DESIGNED WITH YOU IN MIND

To do your job well, you need access to the right information at the right time. Unfortunately, that’s not always an easy task.But it can be. By designing effective dashboards you can view what matters most, so you’re able to make faster, smarter decisions.


» Download the Guide


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Everywhere you look, companies are migrating to open source software to better manage their organization along with the demands of their users and customers.

Financial giants like Bank of America, JP Morgan and HSBC have all participated in open source projects—and exchanges like the New York Stock Exchange are spearheading open source initiatives. With a long list of reasons they’ve made the move, we’ve listed the most common below.

Reasons to Migrate to Open Source BI

  1. Cost: Often less expensive than a proprietary solution, open source software allows enterprises to start small and scale up depending on their needs. In addition—saving millions per year in licensing fees will help your bottom line.
  2. Innovation: Open source allows for more ideas to flow from the development community, often resulting in innovative new features being implemented regularly. And unlike their proprietary counterparts, open source features are often patched, improved and built-out regularly.
  3. Agility: Freeing yourself from the constraints of proprietary development cycles, you can roll out new features and updates on an iterative basis. Open source enables technology agility, offering multiple ways to solve problems on the fly without having to wait. 
  4. Speed: If you’re organization isn’t competing on speed, it will be. With open source software like Jaspersoft, you gain the flexibility, agility and the ability to get started quickly and inexpensively, so you can generate complex financial reports and process data in seconds.
  5. Customization: With software like Jaspersoft, users can take a piece of open source software and tweak it to meet their unique needs. You won’t dare try that with propriety software.
  6. Support Options: Offering a world of support at your fingertips, communities surrounding open source software offer excellent info, documentation, forms, newsgroups and even chat. Leveraging hybrid offshore development firms like DIO-soft, paid support options are also available enabling you to reduce costs over time.

 

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The Power of Incremental Change in IT Projects

DASHBOARDS DESIGNED WITH YOU IN MIND

To do your job well, you need access to the right information at the right time. Unfortunately, that’s not always an easy task.But it can be. By designing effective dashboards you can view what matters most, so you’re able to make faster, smarter decisions.


» Download the Guide


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Change. It’s a small word that can pack a big punch. It causes mixed emotions—it has the power to transform the ordinary into extraordinary—and sometimes the reverse. In any case, change is inevitable. And when introduced in small, gradual steps, its impact can be huge.

3 Methods to Make Change Work for You

1. Embrace the Change Curve

The Change Curve is a popular and powerful model used to understand the stages of personal transition and organizational change. It helps you predict how people will react to change, so that you can help them make their own personal transitions, and make sure that they have the help and support they need. The bottom line: big changes can amplify the effect of the curve, whereas small changes are easier to swallow. 

 change curve it

2. Focus on the 20%

Also known as the Pareto Principle, the so-called 80/20 rule helps organizations better manage and implement IT changes. A valuable analytical tool for any tech-oriented enterprise, understanding the effects of the Pareto Principle in advance can give you a leg up on your competition. And it’s fairly simple. Rank your IT initiatives, then prioritize the 20% of projects that will satisfy 80% of your business needs. 

3. Practice Incremental Change

Incremental change occurs when you make many small, gradual changes to a project instead of a few large, rapid changes. The role of incremental change in Agile Software Methodology is a powerful one. By focusing on small, attainable steps, our customers see finished products faster. Following this methodology we are able to finish projects on time, in scope and aligned with changing priorities. It’s a win-win. 

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The New Face of the CIO: 7 Core Traits

DASHBOARDS DESIGNED WITH YOU IN MIND

To do your job well, you need access to the right information at the right time. Unfortunately, that’s not always an easy task.But it can be. By designing effective dashboards you can view what matters most, so you’re able to make faster, smarter decisions.


» Download the Guide


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A new breed of CIOs are emerging. Wearing many hats, the job of the modern CIO has become increasingly complex, as technology continues to leak its way into finance, operations, marketing and nearly every other division. From their prior roles as back-office, data-processing geeks, they’ve morphed into the driving force behind the implementation of technology and innovation—a critical foundation to today’s digital enterprise. 

A recent Harvard Business Review survey of 750 business executives found that 41% look to the CIO to lead their company's digital transformation. In contrast, just 20% think the CEO could do that job. 

So what traits do the CIOs of tomorrow need in order to get the job done and do it well?  

7 Key Traits of the Modern CIO

1. Innovator

Not only do today's chief information officers need to bring new ideas to table—they must leverage insight and experience from other IT executives who have addressed similar problems and opportunities. Using proven methods, tools and techniques along with new ones doesn’t just keep the lights on—it helps the business grow. 

2. Combination Leader + Tech Guru

Today’s CIOs aren’t only great leaders, they’re tech gurus too. In an environment where business needs change almost as quickly as technology, a chief information officer has to stay a few steps ahead of technology and business trends alike.

3. Communicator

Not only do leaders need to be able to work with staff to make sure their goals are met, they need to be able to communicate with team members. Translating the capabilities of complex technology to end-users, communication skills can make or break the career of any leader, especially the CIOs.

4. Cross Functional

New CIOs need to understand the growing technology needs of each department, so that they can deliver solutions that achieve synergies (ugh that word.) CIOs of the future will be responsible for integrating technology across marketing, sales, HR, operations and other departments to create highly accessible information that travels at the speed of innovation.

5. Big Picture

A growing reliance on the CIO to make strategic decisions requires a shift in the way they are groomed to make decisions. No longer is hands-on experience the ultimate skill - an increasing focus on strategic management, innovation and leadership are required traits. 

6. Analytical

With so much new data being created, transferred and crunched daily, new CIOs must be able to sort the wheat from the chaffe. All IT initiatives should be driven by key metrics and analytics transformed into actionable business insights for the C-Suite. 

7. Nimble

Technological innovation is accelerating at an exponential rate, and corporate IT infrastructure cannot afford to be stagnant. CIOs must increasingly learn how to make micro-pivots in order to scale existing systems to meet the ever-changing needs of the market. 

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Expert Round-Up: Actuate vs. Jaspersoft Comparison

DASHBOARDS DESIGNED WITH YOU IN MIND

To do your job well, you need access to the right information at the right time. Unfortunately, that’s not always an easy task.But it can be. By designing effective dashboards you can view what matters most, so you’re able to make faster, smarter decisions.


» Download the Guide


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When it comes to software, most experts would agree not all solutions are created equal. This is especially true when it comes to reporting solutions—and more specifically—Actuate vs. Jasper.

At DIO-Soft our team of experts are huge Jasper fans. From the flexibility it provides end-users, to the amount of money our clients save—choosing Jasper to us is a no-brainer. That got us thinking what experts outside of DIO-Soft thought. So we took to the web and sought out reviews from other experts and users and have noted them below.

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Data-Driven Rock Stars: 6 Revealing Characteristics

DASHBOARDS DESIGNED WITH YOU IN MIND

To do your job well, you need access to the right information at the right time. Unfortunately, that’s not always an easy task.But it can be. By designing effective dashboards you can view what matters most, so you’re able to make faster, smarter decisions.


» Download the Guide


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Data-driven people often encompass traits that go unnoticed. However, it’s important to seek out and find these individuals as they can help you unlock answers to some of your biggest questions. From identifying trends to uncovering business opportunities, these rock stars might be camouflaged as executives, managers or employees. Yes—even the guy who tells terrible jokes and listens to opera could fit the bill.

Outlining six highly popular characteristics of data-savvy movers and shakers, Info Week’s Lisa Morgan highlights what traits to look for when searching for your data hero.

1. They Understand Data

Data-driven rock stars are expected to have a keener understanding of data than their peers, but what exactly does that mean? Whether a data scientist or a business professional, the person should know where the data came from, the quality of it, the reliability of it, and what methods can be used to analyze it, appropriate to the person's role in the company.

2. They're Curious

Data-driven rock stars are genuinely curious about what data indicates and does not indicate. Their curiosity inspires them to explore data, whether toggling between data visualizations, drilling down into data, correlating different pieces of data, or experimenting with an alternative algorithm. How they use numbers is also a telltale sign.

3. They Actively Collaborate With Others

Although data-driven rock stars tend to know more about data structure, management, analytical methods and statistical analysis than their peers, they don't operate in isolation because others possess knowledge they need.

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