Traditional investment isn’t the only space where today’s asset owners park their money. In the pursuit of balancing risk and striving toward positive outcomes, the alternative asset space has become more popular. Comprising private equity, hedge funds, real estate and more, exploring such options can provide critical advantages. However, succeeding in this space requires effective administration and balancing many factors—something that’s easier said than done. However, with an intelligent automation tool such as Midas by IgniteIPA, a better way of working with alternative assets is available.
Why should you invest in an automation solution? What can you achieve with one? The best place to begin lies with a look at the most common pain points experienced by asset owners engaging with alternative assets.
The Challenges Facing Today’s Asset Owners
Monitoring investments, tracking changes and reconciling accounts are all critical efforts in this investment space. When you need to manage processing multiple partners’ capital accounts statements every month or each quarter, the task soon requires substantial manual work. With so much taking place by hand, you may encounter problems such as:
- Struggling to keep track of current PCAP statements
- Missing dates for funding capital calls
- Data entry errors
- Staffing challenges
Additionally, the complexity of statements provided by your partners can create a challenging learning curve for new staff members. These elements create a demanding environment for achieving efficiency and working towards a larger scale.
Say “Hello” to Midas
Automation is key to addressing many problems surrounding your current PCAP processes, from aggregation to reconciliation. Developed by Ignite IPA using the Kofax TotalAgility platform, Midas is a complete solution purpose-built for firms engaged in alternative investments. Using both innovative artificial intelligence and advanced business process automation solutions, Midas can:
- Automate statement collection from funds, whether emails or online portals
- Index statements to the appropriate network location or storage drive
- Intelligently identify the data contained within statements and extract it with a high degree of accuracy
- Provide initial analyses and comparisons of current and historical data
- Integrate directly with additional systems to pass data seamlessly.
Data extraction is one of the most time-consuming workflows in investment, especially when firms may use radically different formats. With document intelligence powered by AI, Midas capably handles numerous formats. Over time and with more document ingestion, these capabilities improve further, owing to the recognition of similar forms.
Using Midas, you can extract highly accurate data such as opening and closing balances, distributions or contributions, etc. The result of these abilities includes less stress and a reduced need for high levels of temporary staffing—but there are other benefits, too.
The Advantages of Robust Financial Automation
Cost reductions are among the benefits of an automation solution such as Midas. Operational costs drop when you can eliminate errors often requiring lengthy investigations. Your workflows speed up, too—Midas users can see up to a 300% improvement in turnaround time for PCAP processing. Automation doesn’t mean sacrificing oversight or insight, either. Highly detailed reporting tools and rich dashboard functionality make conducting audits, verifying data, and analyzing variances simple.
Discover a Way to Improve Your Operations Rapidly
Midas creates opportunities for exceptionally valuable improvements through cost and error reductions enabled by powerful AI and defined end-to-end workflows. Avoid overstaffing while capably managing end-of-quarter rush. Ensure your accounting systems have accurate data without delay. With this and other Marketplace solutions for easy automation, asset owners can position themselves to make strides toward their goals.