The integrity of data and worries over mistakes caused by manual inputting are the primary fears held by fund administrators, a new report has revealed.
According to the Global Confluence Fund Administration Survey, achieving data quality is viewed as the top back-office challenge, with 86 per cent of the respondents anxious about the accuracy of information.
Kirk Botula, executive vice president and chief operating officer of confluence, explained that fund companies were under increasing pressure to readily produce information.
"Widespread use of manual processes and spreadsheets increases the potential for errors occurring and brings a heightened urgency to putting automation safeguards in place," he added.
Furthermore, the study found that many organizations are looking to centralize their data as a solution to any potential problems and ensure that it remains accurate and complete.
An article by Data Quality Pro recently claimed that information is the most valuable resource possessed by businesses and as such it is important it is accurate.
The report stated that companies required access to more data than ever and therefore monitoring it regularly was important.
Posted by Rachel Wheeler