Altair Case Studies Whitnell & Co. Streamlines Report Generation with Altair® Monarch®

	Whitnell & Co. Streamlines Report Generation with Altair® Monarch® Altair

Whitnell & Co. Streamlines Report Generation with Altair® Monarch®

Altair

Technology Category	Cybersecurity & Privacy - Identity & Authentication Management Sensors - Level Sensors
Applicable Industries	Finance & Insurance National Security & Defense
Use Cases	Root Cause Analysis & Diagnosis Time Sensitive Networking
Services	System Integration
Challenge	Whitnell & Co., a wealth management organization, faced a significant challenge in generating 415 monthly reports detailing its clients’ purchases of security shares and investments. The process involved reconciling individual lots from Whitnell’s accounting system records to their multiple financial custodians. With over 1,200 accounts at one custodian alone and more than 46,000 records in the final table built from 20 separate tab delimited text source files, the data management task was immense. The process was not only time-consuming, taking approximately two hours to import all the source files into Excel and format the columns identically, but it was also prone to manual errors. Additionally, the company struggled with direct comparison of accounts in their portfolio system to identify anomalies. The manual process was so laborious that it took several months to get through just a quarter of the data, rendering the data stale and the efforts futile. Read More
About Customer	Whitnell & Co., based in Oak Brook, Illinois, is a wealth management organization that has been protecting and enhancing the wealth of its clients for over 25 years. The company offers a wide range of services including financial planning, investment management, retirement and estate planning, charitable planning, and tax planning. It serves over 300 clients or families throughout the United States. Each month, the company has to generate 415 packaged reports that detail its clients’ purchases of security shares and investments, a process that was previously time-consuming and prone to manual errors. Read More
Solution	Whitnell & Co. adopted Altair Monarch to streamline their reconciliation process. Monarch allowed the company to take all the text files and create one table, eliminating repetitive steps and saving significant time. The import process was simplified, with every column formatted the same way, reducing the time to generate the custodian data table to less than 10 minutes. Updating the information became easier, with simple edits to the file location and identification of the column where the source file title had changed. This allowed the creation of a new table swiftly. Furthermore, Monarch enabled a complete side-by-side account comparison for the first time. It took just eight hours to identify all the holdings that required corrections in their accounting system. The company was able to extract data from both systems and identify necessary changes within 24 hours of the effective date of the data, eliminating stale data reconciliations. Read More Log in to view content
Contents

Technology Category

Cybersecurity & Privacy - Identity & Authentication Management

Sensors - Level Sensors

Applicable Industries

Finance & Insurance

National Security & Defense

Use Cases

Root Cause Analysis & Diagnosis

Time Sensitive Networking

Services

System Integration

Challenge

Whitnell & Co., a wealth management organization, faced a significant challenge in generating 415 monthly reports detailing its clients’ purchases of security shares and investments. The process involved reconciling individual lots from Whitnell’s accounting system records to their multiple financial custodians. With over 1,200 accounts at one custodian alone and more than 46,000 records in the final table built from 20 separate tab delimited text source files, the data management task was immense. The process was not only time-consuming, taking approximately two hours to import all the source files into Excel and format the columns identically, but it was also prone to manual errors. Additionally, the company struggled with direct comparison of accounts in their portfolio system to identify anomalies. The manual process was so laborious that it took several months to get through just a quarter of the data, rendering the data stale and the efforts futile.

About Customer

Whitnell & Co., based in Oak Brook, Illinois, is a wealth management organization that has been protecting and enhancing the wealth of its clients for over 25 years. The company offers a wide range of services including financial planning, investment management, retirement and estate planning, charitable planning, and tax planning. It serves over 300 clients or families throughout the United States. Each month, the company has to generate 415 packaged reports that detail its clients’ purchases of security shares and investments, a process that was previously time-consuming and prone to manual errors.

Solution

Whitnell & Co. adopted Altair Monarch to streamline their reconciliation process. Monarch allowed the company to take all the text files and create one table, eliminating repetitive steps and saving significant time. The import process was simplified, with every column formatted the same way, reducing the time to generate the custodian data table to less than 10 minutes. Updating the information became easier, with simple edits to the file location and identification of the column where the source file title had changed. This allowed the creation of a new table swiftly. Furthermore, Monarch enabled a complete side-by-side account comparison for the first time. It took just eight hours to identify all the holdings that required corrections in their accounting system. The company was able to extract data from both systems and identify necessary changes within 24 hours of the effective date of the data, eliminating stale data reconciliations.

Impact #1	The implementation of Monarch has not only saved Whitnell & Co. hours of time in preparing reconciliation data and doing side-by-side comparisons, but it has also eliminated potential human error and the risk of incorrect information being reported to their clients. The automation of the process has removed the need for manual data sifting to spot anomalies. Moreover, Monarch has helped the wealth management firm improve client confidence. Clients are more likely to rely on Whitnell's reports because they know the information they receive is accurate and timely. This has resulted in increased client satisfaction, which in turn has boosted the company's morale.

Impact #1

The implementation of Monarch has not only saved Whitnell & Co. hours of time in preparing reconciliation data and doing side-by-side comparisons, but it has also eliminated potential human error and the risk of incorrect information being reported to their clients. The automation of the process has removed the need for manual data sifting to spot anomalies. Moreover, Monarch has helped the wealth management firm improve client confidence. Clients are more likely to rely on Whitnell's reports because they know the information they receive is accurate and timely. This has resulted in increased client satisfaction, which in turn has boosted the company's morale.

Benefit #1	Reduced report preparation time from 2 hours to less than 10 minutes
Benefit #2	Identified over 4,000 rows of errors in the accounting system
Benefit #3	Completed a side-by-side account comparison in just 8 hours

Benefit #1

Reduced report preparation time from 2 hours to less than 10 minutes

Benefit #2

Identified over 4,000 rows of errors in the accounting system

Benefit #3

Completed a side-by-side account comparison in just 8 hours

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Overview

Whitnell & Co. Streamlines Report Generation with Altair® Monarch®

Operational Impact

Quantitative Benefit