The value of Excel
The value of Excel is undeniable. Its intuitive nature, flexibility, and transparency often means it is the default solution for any calculations. Yet, the offline nature of it brings about many risks and inefficiencies for firms looking to manage a fully accurate single-source-of-truth, including:
- Limited access control
- Limited auditability
- Limited version control
- High error potential due to manual processes
- Inefficiencies from manual inputs and updates
- Technical difficulties with downloading, refreshing, and uploading data
Everyone knows this already, but the choices to change are often limited. Recognizing both its benefits and shortcomings, LemonEdge developed its proprietary Algorithms technology to bring Excel-based calculations into a controlled and automated environment.
How LemonEdge solves the offline Excel problem
LemonEdge’s Algorithms technology integrates Excel’s type functionality directly into the LemonEdge platform, eliminating risks while maintaining the interface users know and trust. Here’s what it offers:
- Familiar Excel-like interface: Use the same formulas, calculations, and reporting tools with no learning curve.
- Full integration with the LemonEdge database: All data is synced in real-time and always up to date.
- Enhanced security and compliance: Built-in access controls and automated audit trails ensure accuracy and accountability.
- Automated processes: Calculations can be set on an automated cadence, and outputs are automatically saved to the LemonEdge core database, eliminating manual updates.
The impact of Algorithms on our clients’ critical back-office processes has been significant, with some examples below.
Real world impact: how fund managers and administrators are using Algorithms
Automating payments / settlements for a fund administrator with 300+ funds
Prior to becoming a LemonEdge client, a fund administrator was running settlements on Excel, checking 300+ balances per day and generating payments for each of them manually, creating a high risk for errors. With LemonEdge Algorithms, the entire process has been automated, enabling the treasury team to eliminate any future errors as well as successfully administer more funds with the same resources.
Streamlining GP fee calculations for a €15bn fund manager
Before LemonEdge, a fund manager was calculating GP fees manually in a complex spreadsheet, accounting for all the different parameters and discounts for each group of investors. This process was extremely error prone and took a minimum of half a day each quarter across key team members, with any last-minute changes or adjustments requiring them to repeat the entire process.
With LemonEdge Algorithms, the firm’s fee calculations for its 200+ investors now take 5 minutes, with every step in the calculation process auditable in a spreadsheet, thus giving full confidence to the GP that the calculations are correct and reliable.
Improving data quality for a fund administrator with 400+ funds
A fund administrator uses LemonEdge Algorithms to make daily checks on static data and uncover any issues, including missing fields, data that needs to be refreshed at a given point of time (validity of passports or ID in the database), validity of authorisation, and statutory documents. Through a dynamic dashboard highlighting data points that require reviewing, the firm ensures that all data across all funds is up-to-date and of high quality.
The benefits of replacing offline Excel with LemonEdge Algorithms
The transition from offline Excel to LemonEdge Algorithms is seamless—there's no learning curve since the interface mirrors Excel while offering:
- Enhanced security: Built-in access controls and full auditability.
- Automatic backups: All Excel data is included in firm-wide data protection processes.
- Process automation: Calculation results are saved directly to the LemonEdge core database.
Beyond improving efficiency, these benefits also address operational risks that are often flagged by internal or external auditors and risk assessment teams.
Ready to make the shift?
For more details on how LemonEdge Algorithms can optimize your firm’s workflows, visit our Algorithms page or contact us at sales@lemonedge.com.
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