Alternative Investments Boost Returns but Come with an Operational Price!
During a recent discussion with the Director of Accounting for a large state university endowment, she mentioned the endowment had increased their allocation to private equity investments and then went on to explain the added burden placed on her staff due to the large number of documents (Capital Statements, Capital Call and Distribution Notices) they had to manually process. She went on to describe the number of hours her staff were taking to manually collect and process these statements along with other data related to their growing number of private equity related funds.
The launch of Smonik’s first fully automated, turn-key and affordable solution to gather, extract, normalize, and integrate all their related data was great news to her. Our service, SMONIK AUTOMIK, is designed to automate the burden of data collection and integration, improve accuracy, efficiency, and provide the user with total control over their data. Simply send us your documents in any format and our automated system will rapidly extract and transform the data and then return a customized file to meet your internal system requirements.
- Manually retrieve documents from web sites, email attachments, FTP sites, etc.
- Open document and save to specific network folder using naming convention.
- Read document and extract required data. Enter to spreadsheet or internal system.
- Manual validation process to verify proper data was extracted and entered accurately.
- Smonik automatically retrieves files from sites/emails based on schedule.
- Smonik saves documents to pre-defined folder and can rename file based on underlying data.
- Smonik automatically extracts required data and produces output file ready for internal system consumption.
Smonik includes automated validation checks to improve accuracy. Exceptions are detected and corrected.
Summary:
SMONIK AUTOMIK is our turn-key, automated, cost effective data management solution for extracting data from Capital Statements, Capital Call notices, Distribution notices, K-1’s and other complex documents. We have automated what has historically been a very manual process, including the validation steps to ensure accurate data. The typical annual cost for this service for a client with 200 to 400 alternative investment positions would be in the range of $3,000 to $6,000. . .a fraction of the staffing cost required to process these manually.
Please contact us if you have any interest in seeing a demo, or just want to ask a few questions about how we can help your firm.