It’s time to address the risks of using Excel. Here are 3 Reasons why it’s time to move beyond this application:
- Stop Relying on the Data Wizard– It seems to be a common trend for firms to have an “analytics” team that consist of one or two talented members who can work with excel. Should you waste talent on excel spreadsheets when there are other priorities for the firm? What happens when the data wizard is travelling and fails to deliver? Your portfolio requires ongoing reporting and monitoring.
- Optimize your Resources- Time is a company’s most valuable resource. Most firms struggle with determining how to allocate time and costs around their projects. Should you heavily invest internally or should you outsource it? When you choose the latter, you can avoid the costs of on-site equipment and labor and simply pay a monthly fee scaled to your needs.
- Don’t Restrict Yourself with Excel- By using Excel, you increase the risk of having human errors on your spreadsheets. Remember J.P. Morgan’s excel error that cost the company billions? It’s definitely an operational burden when a mistake is introduced in the calculation. It’s even harder to manually identify and correct mistakes.
Time to evolve from Excel?
MonJa offers portfolio analytics and loan selection to help investors gain real time insights on their marketplace lending portfolios. We want firms to optimally manage their resources and focus on their priorities, so we do all the work. Let us know how we can help improve control of your loan portfolios.