The amount of time it takes to comb through financial data feeds, collect that data, and compile regulatory filings, can push financial analysts to their limit. With these demands, teams are constantly looking for ways to get their jobs done more efficiently. But businesses often reject the tools that can help the most.
Standard processes are often adhered to based on cost constraints and a fear that faster processes mean lower quality financial analyses and reporting. In this article we’ll focus on the latter point.
The theory that quality must be sacrificed for efficiency falls flat when you consider that more time and attention are typically devoted to collecting the data than developing proper standards for vetting and analyzing it. New platforms are changing that, however, and paving the way for more efficient financial reporting without sacrificing quality.
Learn more about your business
The reporting tools available in new software platforms enable analysts to go deeper into financial and non-financial data. This allows financial teams to uncover valuable insights that can impact daily tasks, and the entire business.
MAKING DECISION WITH GLOBAL FINANCIAL DATA
DOWNLOAD DATA SHEET NOW
New technologies can help you learn more about your business landscape more quickly, so that you can generate reports and maintain SEC compliance — all in a lot less time. You can scan hundreds of thousands of disclosures for hundreds of KPIs in seconds, not hours or days.
Instead of combing through data feeds, new platforms are offering textual search and analysis tools to dig deeper into financial and non-financial data on public companies. In addition to the standard information you’re looking for, such as management discussion and analysis (MD&A), earnings releases, and data to maintain SEC compliance, you can search public information on things like patents, Department of Transportation data and FDA drug approval. This takes you far beyond EDGAR/SEC data to include non-EDGAR data.
Going in depth with better quality data allows you to do much more than generate an Excel spreadsheet, and enables you to uncover valuable insights and visualize the data in a way that can impact daily tasks and the entire business.
When it comes to analysis, that means you’ll be able to identify outliers or find SEC comment letters addressed to like companies to help you avoid SEC correspondence. And, when it comes to sharing data across your business and with upper management, it means providing higher-quality data so that your role as an analyst makes a positive impact across your entire company.
At idaciti, our robust financial platform delivers quality data, without sacrificing efficiency by providing an in-depth view of the information that will help you navigate your business landscape more successfully. Plus, our software allows your entire team to collaborate more effectively so that you can save time and still be confident in the quality of your reporting.
