FreeSight Automates Monthly Reporting for Investment Planning Counsel
FreeSight Automates Monthly Reporting for Investment Planning Counsel
The Situation
Every month a series of advisor performance reports is created and published for distribution to the company at large. As in any financial institution, there is no acceptable room for reporting errors in the calculation of any balances, allocations or results.
Challenges
Inputs include over 70 data files from different sources and in varied formats. These files include monthly sales transaction data from different business units, historical reference files, and complicated multi-level rules for allocations and transaction processing. The output must fit into an existing report template, and there must be a built in ability to perform appropriate and auditable quality control before the reports are published for distribution.
The Solution
FreeSight imports all of the monthly data into a model; more specifically, into an automated and transparent data processing workflow that includes all of the rules for data clean-up, processing, allocations, calculations and output reporting. Each month, instead of manually importing, joining, cleaning, and exporting data into reports, an automated process enables the computer to do all of the data work, allowing the data analyst more time to analyze results.
Results
A complicated manual error-prone process that used to take a number-crunching data analyst 3 or 4 person-days has now become a “push-button” process that is completed in approximately 1 hour of elapsed time (most of which is time that the computer is processing on its own). The same reports are created as before, except now they are completed automatically and more accurately.
Additionally, FreeSight supplies a framework that now enables IPC to quickly, easily create new reports and ad-hoc analyses on both current and historical data.
Investment Planning Counsel
“I first met the principals from FreeSight at a demonstration of their product at our office. When I asked them to look at our advisor performance reporting right after the meeting, and I saw how quickly it created common reference points in a complicated and multi-tabbed Excel spreadsheet, I knew that they were onto something.
“We hired them to automate a process that was very manual in our world. The end product is excellent to work with, and allows us to spend the time reviewing our advisor performance instead of creating the end result.
“They are very professional to work with and some other areas of our company have reached out to them for support as well.”
Ron Kassies
VP, Business & Strategic Planning
Investment Planning Counsel
Rotman School of Management Faculty Save Time and Increase Accuracy Using FreeSight
Rotman School of Management Faculty Save Time and Increase Accuracy Using FreeSight
The Situation
The research project at hand required analysis of over one million data observations that originated from several different sources. These needed to be joined and cleaned up (i.e. the data was not always consistent in spelling, format, layout, etc.) After the data was joined and cleaned, it would need to be analyzed using sophisticated statistical software packages.
Challenges
Joining and then cleaning disparate sets of data can be problematic and very time-consuming. It can be especially challenging to find and correct errors and exceptions that could inaccurately influence analyses and results. In addition, the number of complicated and sequential iterative steps necessary to manipulate the data before one is ready to begin analysis increases exponentially the potential for inadvertent errors. The academic world is replete with examples of studies that have been retracted or re-evaluated due to data-construction and data-manipulation errors that were discovered only after publication. Based on prior research projects, we anticipated that it would take weeks of manual effort simply to get the database to the point where we could begin analyzing it.
The Solution
We created a FreeSight model that shows every iterative step of the data joining, clean-up, manipulation, and non-statistical analysis process. Specifically, FreeSight was able to easily import the data and correctly join the data sets, automatically – even when the same field had a different name in different files. Each step in the work process remains visible, editable, and even reversible if needed. We were able to analyze data and create tables, charts, and graphs instantly, and we were able to keep a running log of graphical depictions of our analyses and results as we worked. Finally, with one click we were able to export the integrated data set into a format that was readable by our advanced statistical package.
Results
FreeSight saved us 80% of the time we had expected to spend on this project. Instead of spending the majority of our time in data formatting and clean-up, we were able to spend it on the more valuable efforts of studying and analyzing our data. In addition, now that this model is created, it remains in place. New data can be added at any time without us having to redo our work.
Rotman School of Management
“We embarked on a huge research project for which we planned three weeks just to complete data clean-up and preliminary work.
“Using FreeSight, we were able to complete all of the data clean-up and pre-work in a single afternoon, and were able to begin conducting analyses the same day! The power and capabilities of this easy-to-learn and use tool are amazing.”
Brian Silverman, Ph.D.
J.R.S. Prichard and Ann Wilson Chair in Management
Professor of Strategic Management
Rotman School of Management
University of Toronto
Davies Uses FreeSight For Database Queries, Analysis and Reporting
Davies Uses FreeSight For Database Queries, Analysis and Reporting
The Situation
Corporate Governance is one of law firm Davies Ward Phillips & Vineberg LLP’s areas of specialty. Among the services provided to clients are valuable insights in the areas of Board of Directors management and business decision processes. Davies looks at individual companies and compares them to other companies within their industry vertical, market cap, or other criteria as may be defined on an ad hoc basis.
Challenges
The data that is being compared and analyzed within the published reports includes hundreds of variables across many hundreds of different companies. Every report is customized – requiring a process that involves querying the database across specifically selected data points and then comparing these variables against as few or as many companies as desired.
Once satisfied with the query and findings one must then create all of the appropriate charts and graphs. The final report, which may be as comprehensive as a fifty page analysis, is then published. As one might imagine, completing such a task could take a huge amount of time and involve many individuals.
The Solution
A FreeSight model and query engine was developed that streamlines and automates the entire process. Any authorized FreeSight user can simply select the company(ies) to be analyzed, and then select the types of analyses to be completed with a simple “point” and “click”. Not only are all of the data tables and charts or graphs automatically generated, they are also automatically formatted and published into the output report.
Results
What had been an onerous manual query and analysis project that would have taken multiple staff members numerous days, if not weeks, to accomplish, has been turned into a five minute “point and click” procedure. Where previously huge effort was spent in the iterative data analysis, chart creation and report formatting, now time can be spent looking at and understanding what the data is showing.
Davies Ward Phillips & Vineberg LLP
“Davies spent considerable time and money creating an extensive database of information about the governance policies of Canada’s largest companies.
“Thanks to FreeSight, with just a few ‘clicks’ we can now create comparative analyses and report on any aspects of this data in moments, providing our clients with valuable insights.
“In addition to being powerful and hugely flexible, FreeSight is surprisingly easy to use. All levels of our organization can use it – from admin through to partners.”
Carol Hansell *
Former Partner
Davies Ward Phillips & Vineberg LLP
* now at Hansell LLP
Ted Rogers School of Management
Ted Rogers School of Management
“I have had the opportunity to use this exciting new data management tool, and I think other researchers would also be interested in seeing how this remarkably intuitive program works. It saves hours of time cleaning, organizing and even analyzing data. For those who need more sophisticated analyses using SAS or SPSS, this tool is excellent for eyeballing the data and pointing out possible relationships. I am thrilled at all the uses I have discovered.”
FreeSight Automates Book Analysis Reporting for Investment Planning Counsel
FreeSight Automates Book Analysis Reporting for Investment Planning Counsel
The Situation
IPC has over 1000 Investment Advisors working with clients from coast to coast. In order for IPC to provide the best product and service options for Advisors and their clients, there needs to be an easy and accessible way for IPC to analyze the book of business managed by each Advisor, and to provide recommendations.
Challenges
An extremely onerous and error prone manual process, it would take a person 3 to 4 hours of querying and compiling to create a single Book Analysis for one Advisor. Given the large number of IPC Advisors, one can see both a huge time cost, and also great potential for opportunity if Book Analyses and business recommendations could be delivered to the Advisors in a more timely fashion.
The Solution
A process was developed using FreeSight software that automatically retrieves, integrates and normalizes all of the data required for the Book Analyses (e.g. Advisor codes, product information, market values, etc.) from multiple source data files. When an Advisor is selected, by name or by Advisor code, FreeSight automatically queries the data, compiles the information associated with that Advisor’s book of business, and then populates a report template with relevant tables and graphs. Comments and recommendations may then be optionally inserted at various places within the report.
Results
A complicated, manual and error-prone process that used to take a data analyst hours of number-crunching to complete has become a user friendly automated process that is completed in minutes – with no wasted time from rework due to errors. More time is available for analysis and a better understanding of each Advisor”s book of business – resulting in better support, recommendations and advice provided to Advisors, and more benefit passed along to customers. The benefit in time savings alone is tremendous. The benefit in potential opportunities enabled by IPC being more proactive is still increasing.
Investment Planning Counsel
“FreeSight software has features for easily joining files, cleaning data, and producing reports – that I’ve not seen anywhere else.
“We were impressed by their professionalism and attention to detail.
“Working closely with our team they built a report that used to take hours to generate, but using FreeSight, now takes only minutes.”
Maria Alexander
Vice President
Advisor and Enterprise Delivery
Investment Planning Counsel
TELUS Use of FreeSight For Data Integration, Data Analysis and Reporting
TELUS Use of FreeSight For Data Integration, Data Analysis and Reporting
The Situation
Every week TELUS receives reports from third-party vendors depicting sales results for different regions across the country. These results are then merged with internal data to create one table, and cleaned to ensure that the data is consistent. Finally, analyses and reports are created and distributed to the business units.
Challenges
Manually accessing, merging and cleaning multiple sets of data can be a very time consuming and tedious task which can also result in numerous unintentional errors. Then, by the time one completes hours of merging and cleaning, there is scarcely time to truly analyze the data for trends or other important information.
The Solution
A FreeSight model was created that allows easy and seamless aggregation and cleaning. The third-party and internal files are simply dragged and dropped into the model where FreeSight automatically joins them. Cleaning and data normalization are then performed automatically and instantaneously in sequential stages as the data flows through the FreeSight model. Then the data automatically flows into pre-created analysis tables which allow the business to measure the success of various campaigns.
Results
Using FreeSight, a tedious manual and error-prone procedure that could take hours was turned into an automated procedure that takes minutes to execute. No data errors, no delays in completing reports, and more time to analyze and understand the results.
TELUS
“My experience with using FreeSight has been wonderful!
“The product is easy to learn and the support from the team has been overwhelming! Aggregating data from various sources has always been a pain point but FreeSight allows me to merge data without requiring assistance from technical support groups.
“FreeSight has enabled me to create new reports quickly that require minimal effort to maintain. I would recommend this tool for both new reporting teams and seasoned professionals.”
Gina Kim
Market Intelligence Manager
TELUS
TDT Analytics
TDT Analytics
“FreeSight has turned hour long tasks into 5 minute tasks.
“The FreeSight product has been a real time saver. Tasks such as transposing thousands of rows of data, creating scripts that will update files at the click of a button, and data cleansing and aggregation are done quickly, efficiently and accurately with FreeSight.
“Plus, the team at FreeSight is readily available to answer any questions and offer any help that is needed.”
FreeSight Automates Quarterly Reports for Counsel Portfolio Services
FreeSight Automates Quarterly Reports for Counsel Portfolio Services
The Situation
Counsel Portfolio Services produces and distributes a Quarterly Report which tracks numerous measures pertaining to funds they manage. Among other things, the Quarterly Report compares current status against that of the previous quarter, and also against the same quarter in the previous year. In all, over 70 distinct analyses are created and published into the Quarterly Report for distribution across the company.
Challenges
To generate the Quarterly Report, raw data updates are obtained from over 70 distinct sources. The data formats and content vary in each file, however, all of the data must be made consistent, and all of the charts and tables created in such a way that the final reports are consistent in style and presentation. On average, each quarter this task has taken a solid 4 person-days to complete.
The Solution
With a simple click of an icon, FreeSight locates, imports and formats all of the required quarterly data updates. All of the charts required in the Report are generated automatically, after which each one is exported, also automatically, into its proper location in a Report document to be finalized for distribution.
Results
Using FreeSight, an onerous manual and meticulous procedure that previously took 4 days to complete has been turned into an automated process that now takes only minutes to execute. No inadvertent data errors, no unexpected delays in completing reports, and much more time to review and analyze the data.
Counsel Portfolio Services
“When I first heard about a service where a ‘push of a button’ could convert pages of spreadsheets into a templated output, it seemed too good to be true. But true it is.
“The FreeSight Team have been focused, enthusiastic and dedicated to our needs before, during and following our adoption of the program.
“I would recommend them to anyone and in fact, other departments within our organization are already also reaping the benefits.”