Gary Casagrande, Confluence Vice President of Global Market Strategy, on the power of end-to-end processes.
“ For too long, those of us who were and are concerned with back-office operations and ensuring efficiency, compliance, and quality have had to make-do with a variety of “best-of-breed” point solutions, simply knitted together. Take financial reporting, for example. Yes, there have been some good data-centric tools (like ours at Confluence) to help with the organization and validation of data, but they typically stopped short of being able to create stylized output or documents, never mind filing. Once completed in those systems, documents required operations staff to jump across to other systems or send the output to outside, third-parties to complete the typesetting and fulfill essential regulatory filing requirements with the SEC”.
Gary continues: “This way of working may have been ‘good enough’ in the past, but the industry now demands better. The costs associated with maintaining multiple systems and third-party relationships along with the risks associated with handing data and documents back and forth for typesetting and filing are no longer acceptable. Today, better tools are required to help a sector already experiencing wide scale cost-cutting and layoffs to stave off ever-decreasing margins. The tide has begun to turn; third-party administrators, self-administration asset managers, and other companies that need to collect data, as well as deliver it to both the regulator and shareholders, are demanding the entire better process with automation, all in one place.”
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