Managing your IT infrastructure touches every team member and can create significant issues if not handled effectively. From extensive downtime to user frustration having an IT team that does not act as a business partner can hurt your whole fund.
FinServ completed an IT MSP Vendor Selection for one of our Private Equity Fund clients experiencing these exact issues. When the head of the fund could not access his systems during the pandemic, and their service provider had let the problem sit for over 24 hours, the fund decided a change had to be made.
The client was already aware of FinServ’s Vendor Selection methodology, as a few months earlier, we helped them select a new Third-Party Fund Administrator.

FinServ’s Vendor Selection methodology ensures that our clients select the right service provider for their unique requirements. Our comprehensive approach includes three stages of selection.

Phase 1 – Initiate

FinServ works with our client to inventory/collect all essential documentation and support for the new vendor culminating in a detailed set of user requirements. FinServ leverages our functions of an IT MSP to reconcile all possible functions to ensure all possible services are covered. Getting from a long list of vendors to a shortlist based on a detailed Request for Information (“RFI”).

Phase 2 – Assess

At the core of our selection approach, we use a 35-Page RFP including over 320 detailed questions. This level of detail ensures that the vendor provides the services and support in a way that meets each client’s requirements. Every client has their own way of doing business, and this approach ensures that the vendor that best fits that model is selected. The key to this stage is FinServ’s team with unparalleled attention to detail combs through the provider’s documentation and answers. It creates a qualitative and quantitative scoring that investors and auditors call world-class.

Phase 3 – Recommend

In the final stage of our selection process, we use scripted demos, which force each vendor to show, not just tell us, how they address the client’s most complex challenges. It is in this step that the right vendor rises to the top. Most salespeople hate this step because they know that often they want to stretch the truth about their systems. The right vendor can show how it is done to seal the win. In our final step, we conduct comprehensive reference checks that often uncover issues that may not disqualify a vendor but help the client with crucial advice as they move forward with the winner. The final step is a recommendation deck that summarizes all the detailed work, including the cost analysis across the finalist vendors supporting the client’s final selection. Many clients have used this document to show potential investors the quality of diligence in selecting a key service provider.

Beyond the Methodology

The process is key to making the right choice, but more important is ensuring that you focus on the essential areas these service providers offer. Technology is constantly evolving, be sure there is a focus on what is needed today and in the near term to meet your firm goals and requirements.

FinServ makes it our business to always stay on top of the latest requirements from regulatory agencies like the SEC and the latest technologies that the best providers are using.

Your IT Managed Service Provider (“MSP”) typically handles 2 to 3 of the most critical aspects of your business:

1) Cyber-Security & Risk Management

2) Monitoring & Management of IT Infrastructure

And for funds that have chosen not to keep IT resources in-house.

3) Service Desk / Desktop Support for Users / Company

1) Cyber-Security & Risk Management

With the war in Ukraine and the increased likelihood of focused cyber-attacks, there has never been a more critical time for a financial institution to ensure that they have the best possible risk management and cyber security coverage possible.
The offerings from the best IT MSPs have changed drastically over the past few years as the technology for cyber security and risk management has been forced to evolve as quickly as the sophistication of attacks.

The Not So Obvious Requirements Matter Most
One of the nuanced aspects of these services is less about your direct protection and more about how communications about potential IT security issues are raised. Our clients desire to limit the noise created by non-critical communications, so only the most critical issues are escalated for review. Some vendors have more advanced issue monitoring and alert systems that use rules and triggers to raise only the most important messages to clients, limiting “boy who cried wolf” scenarios.
The best vendors also proactively provide webinars and training for your employees to stay on top of the latest attack approaches. A knowledgeable team is your best defense against constantly evolving and changing cyber threats.

2) Monitoring & Management of IT Infrastructure

Has your network ever gone down, leaving you unable to work? Have any of your remote employees ever lost access to your network? Has a crucial executive of your firm ever been frustrated by not getting the IT support they need?
If the answer to those questions was yes, you probably don’t have the right service provider with the proper setup and response management systems. The best IT MSPs have formulated approaches that ensure redundancy and backup of essential systems, so you never have downtime during regular business hours. Similarly, they have all created world-class service systems that support intelligent routing of critical issues with complete status transparency. Essential issues are solved in minutes, not hours or days. When they take longer, your support staff can see real-time updates on 1) who is working on the issue, 2) when it will be resolved, and 3) all the latest activity and communications to the key executive.

3) Service Desk / Desktop Support for Users / Company

If a key executive’s camera is suddenly not working and they have a full day of Zoom or Teams calls ahead, not having someone come to their desk immediately to fix the issue can be a significant problem.
Alternative asset management firms often choose not to hire a CTO or desktop support staff. With predominantly SaaS-based applications, the need for in-house physical support has been dramatically reduced. Many smaller funds prefer to rely on an outsourced IT support person along with a part-time Virtual CTOs (“vCTOs”) to focus on complex technology strategy. Separately, while remote desktop support can work for many issues, in-person physical support is still something many funds require. While many IT MSP Vendors have moved away from offering this service, it is still an essential requirement for many funds.

If you are one of these funds, FinServ has you covered. We know which IT MSPs truly champion this type of support and which vendors only give it lip service. Additionally, If you are unhappy with any existing onsite IT support you are receiving today, we can help you move to a vendor that will cover all of your needs.

Conclusion

The IT MSP Vendor space is filled with many sub-par providers that cannot cover the mission-critical services that alternative asset managers require. In a world where one mistake could cost your firm its reputation or paralyze your operations, it seems crazy to leave this essential operational risk under-serviced and exposed.
There is no one-size-fits-all vendor. Many of the best IT MSPs have focused their services in certain areas, so choosing the right partner that fits your firm’s unique requirements is essential. FinServ’s knowledge of the marketplace and our rigorous selection methodology ensure you get the provider and services your fund requires.

To learn more about FinServ Consulting’s services: info@finservconsulting.com or (646) 603-3799.

Effective Project Management

Effectively managing a project and team(s) is a difficult task that faces increased challenges in a remote environment. Obstacles are exacerbated by the lack of in-person collaboration and the inability to stop by a colleagues desk for a quick and informal update. However, selecting the correct project management methodology can help alleviate numerous issues and ensure that your project is completed successfully.

Agile & Waterfall Methodology Overview

No project management technique is best suited for all situations. The most common methodologies are Waterfall and Agile. Although both approaches are popular and have been around for an extended period of time, specific projects are better suited by one or the other.

The Waterfall methodology is the traditional and sequential approach that is best for projects with a well-known scope likely to experience minimal change. Client input takes place at milestones as the project transitions throughout the various phases. In a Waterfall project management strategy, each phase must be completed prior to transitioning to the following phase. These phases are clearly outlined and define clear objectives that must be accomplished before progressing.

As indicated by the name, an Agile methodology is designed to accommodate change. Its iterative nature focuses on completing certain objectives by the end of a specified time period known as a sprint. Agile methodologies are well suited for projects with unclear initial requirements. The methodology prioritizes the most important aspects of a project and relies on continuous client input throughout the engagement. Deliverables are reviewed by the client and other applicable teams after their corresponding sprint. 

Advantages of Each Method

The Waterfall approach’s numerous advantages derive from its structured nature. The first of which, is that it clearly defines all aspects of the project and ultimately increases planning accuracy and detail. Consequently, this approach aligns well with fixed price contracts and government entities. Furthermore, progress can be measured through the completion of each phase as opposed to a product backlog that hasn’t been addressed.

It is less reliant on client input because it is predominantly collected at milestones. This allows the client to take a hands off approach and focus on the day-to-day operations of their business. Finally, successful completion of projects managed with a traditional methodology ensures that all items are addressed and eliminates ambiguity.

One of the greatest advantages to the Agile approach is its flexibility. An Agile approach is particularly useful when the project’s timeline is strained because it prioritizes the most important features. The sprint structure aligns with Time & Materials contracts because sprints are predetermined timeframes that specify workload.

Additionally, constant client interaction augments quality via increased feedback, additional testing, and dynamic user requirements that account for evolving needs. The constant nature of client feedback allows for frequent modification of the product backlog. This is particularly useful for a technical client that wants to get a deeper understanding of the solution. They can work through their use cases and determine if their needs will be better served by an alternative route. 

Disadvantages of Each Method

Although each method is effective in its own right, they are not without disadvantages. The Waterfall methodology requires a thorough understanding of business requirements prior to beginning. The Project Manager must have a clear sense of all client needs and initially account for them throughout the various phases. Scenarios where the client is unable to provide a comprehensive overview of the requirements may force the PM to “fill in the gaps” – which is far from ideal.

Another disadvantage associated with the Waterfall approach is the risk of a final deliverable that is not in line with client expectations. Given that the client is less involved in the process, they may be surprised by the end result. However, the traditional approach hedges against this with comprehensive requirements and periodic updates.

Agile method drawbacks tend to be associated with one of its strengths, frequent client input. It requires a significant amount of coordination and cooperation across multiple internal and external teams. While this is great in theory, it may be difficult in practice. Clients may not have the resources, interest, or expertise required for the Agile approach’s mandated involvement. This is especially relevant when the client outsources the work as they hired another firm to step away.

The adaptability of the approach leads to many changes in the project’s scope. These changes affect the project’s cost and timeline. Unfortunately, this is not feasible for certain clients and situations. Moreover, low priority items may not get completed within the original time frame due to a focus on high priority items.

Conclusion

In conclusion, both the Waterfall and Agile Project Management methodologies include pros and cons. In an ideal scenario, the project would be completed successfully regardless of the utilized approach. However, certain client types, engagements, and solutions are better suited by one of the two methods. It is critical that you discuss both options with the client and pick the one that they are most comfortable with. Many professionals blend the two techniques to benefit from each’s strengths while minimizing the drawbacks. Recent trends have increased popularity for Agile management, but it is beneficial to gather all available requirements as early as possible.

The Nightmare Scenario you have to Avoid

Sweat is dripping down your brow and you have a queasy feeling in your stomach, it’s 2 o’clock in the morning and you are desperately trying to reach the person who your Investor Relations team accidentally emailed an investor (NAV) statement with the investor’s social security number in it. If you have shared a sensitive document with the wrong person, you know the sheer terror these moments can bring. We see the most sophisticated financial services companies in the world taken down by these types of mistakes all the time. Even if the email is retrieved the public relations fallout will likely cost you investors or in some extreme instances the shut down of your fund.

Given this risk, it is hard to believe that the majority of funds and other financial services firms are still not integrating their CRM systems with enterprise-level document management systems like SharePoint Online. At FinServ Consulting we work with 40 of the top 100 hedge and private equity funds in the world and very few of these firms currently use enterprise-level document management systems to protect their investor data.

The Quick and Easy way to Use SharePoint Online in Salesforce

Most Salesforce clients abandoned Salesforce Files a long time ago. Due to its lack of user-friendliness and severe limitations, Salesforce Files became one of the least-used features in Salesforce. At the same time, many companies have been moving to cloud-based office suites like Office 365 from Microsoft. With most Office 365 licenses, you get SharePoint Online for free. SharePoint Online is an extremely secure, cloud-based and feature-rich enterprise-level Document Management system.

Has anyone in your firm ever accidentally sent a sensitive document to the wrong client?

SharePoint Online has the ability to stop the recipient from opening that document even if they have already downloaded it onto their computer.

Inserting a Cloud-based Link to a SharePoint Online Document in Email

Removing Access Quickly

If you realize you made a mistake, you can stop the person from accessing the document you shared with just a couple of clicks. Even if they downloaded the document onto their hard drive, they will not be able to open the document thanks to Microsoft’s use of dual-key encryption. This means once you take away your side of the key, they can never open the document again.

2 clicks and access to the document is removed

Has anyone in your company ever accidentally or purposely emailed a file to an external recipient with Social Security numbers in it?

SharePoint Online with Outlook / Email integration means that you can stop any email or attachment from being shared if it contains sensitive info with PII (Personally Identifiable Information).

Particularly for highly regulated industries, like Financial Services and Healthcare, the built-in dual-key encryption and information rights management (“IRM”) features that SharePoint Online offers out of the box are “have to have’s”. 

Microsoft PII Warning when Sensitive Data is Detected in a Document

Seamless Integration with our Salesforce App

The application we helped build provides a seamless interface to all of your SharePoint Document Libraries and Files inside the Salesforce Lightning User Interface. The benefits of this application mean that your users will save hundreds of hours they used to spend searching through inconsistent folder structures and names or wading through multiple versions of a file to try to figure out which is the latest version of the file. By automatically linking the Files and Folders to your Salesforce records, you get your data and your files in one combined place to provide optimal efficiency for your team.

Through the application interface you get:

• 1-click to Open just about any kind of file so your team never wastes time with multiple clicks or waiting for a file to download before you can open it
• For Microsoft Office files where you have editor access, it will open up in the Office app in Editor mode
• You can upload files into the document library with 1-click as well
• You can also delete files if you have the correct access with 1-click
• Embedded search available right within the Lightning Component

Investor Relations Use Case

For our Alternative Asset Management clients, we offer the case study of the Investor Relations associate who often spends their day working with investors on questions. The ability to view the investor’s contact record while also looking at the investor’s latest NAV statement or recently updated subscription documents provides a level of efficiency that makes their day-to-day work much easier.

example of Investor Contact record with right sidebar of SharePoint Online Files

How the App Works

Putting the automated component into place is as simple as adding any Lightning Web Component; the interface offers quick and easy checkboxes to turn off and on key features in the application. Once added to any Object Type in Salesforce (standard objects or custom objects are all supported), the interface makes it simple and user-friendly to access your files and folders in seconds.

The quick and easy way to open SharePoint files right in Salesforce!

The application leverages advanced Microsoft technology to provide:

• Automatic creation of preset Folder and Subfolders that are automatically linked to the Salesforce record you just created or updated
• You can use the data in Salesforce to automatically name the Folder; this ensures a consistent naming scheme which will make it easy to find files
• For historical records, we offer automated scripts to create the Folder and Subfolders for all of your existing Salesforce records

Automatically Create a new set of SharePoint Online Folders and Link to your Salesforce Record with no Clicks when you create a New Salesforce Opportunity!

Conclusion

Using an Enterprise-Level Document Management system is a must-have for any company working in a regulated industry like Financial Services or Healthcare. SharePoint Online from Microsoft provides the most cost-effective and robust system in the marketplace. When you combine that with the Salesforce CRM system, you provide your users with a seamless and secure platform to work with customers while ensuring your company’s and your clients documents and data, including PII, remain secure.

The application FinServ has created with our partner provides the level of automation and seamless integration that your users demand and will also ensure they embrace the use of a Document Management system like SharePoint Online.

If you are interested in a demo or would like to purchase the application, please contact us here or by email at info@finservconsulting.com and we would be happy to help.

The evolution of technology and its impact across various industries has become widely accepted, particularly for Financial Services. However, Private Equity’s acceptance of new technology has lagged behind other subsectors. Resistance is subsiding as Private Equity Funds are rushing to adopt Client Relationship Management (“CRM”) tools, utilize unstructured data, and transition to the cloud.

Relationship Management

Success within Private Equity is reliant upon strong and enduring relationships that are difficult to manage without the proper infrastructure. Scattered data paired with a lack of centralized oversight can serve as a catalyst for inefficiencies that hinder deal execution and frequency. Efforts to combat the before mentioned issues have given rise to the popularity of CRM systems. Furthermore, numerous CRM solutions can be configured to streamline reporting and eliminate user error.

Although the absence of a CRM system can be detrimental to a firm’s success, a poorly configured system that fails to meet user requirements may be worse. Inadequate systems are generally accompanied by a lacking implementation partner that failed to assess the organization’s needs prior to vendor selection. It is crucial to enlist the services of an experienced implementation partner that has “been there, done that”.

FinServ has successfully implemented CRM solutions for countless Alternative Asset Managers and Financial Institutions. Not only are we a Salesforce Partner, but we also have significant experience with other industry CRMs such as Backstop, Clienteer, and Dynamo. FinServ can walk you through the entirety of the process by gathering business requirements, managing the implementation so you can focus on your business, and tailoring the solution to facilitate your unique procedures.

Data Utilization and Analytics

We are in the golden age of data and organizations are eager to leverage as much of it as possible. Unfortunately, sourcing data from a variety of locations often leads to a lack of uniformity and an assortment of issues. Private Equity firms are implementing robust analytics and data science for Transactional Due Diligence, Post-Investment Value Creation, and more. The application of data science within Transactional Due Diligence is exceptionally groundbreaking as perspective buyers are often subjected to tight timeframes of approximately 6 weeks.

Business Intelligence, Data Science, and Machine Learning allow Private Equity firms to conduct real-time analysis and assess billions of data records in a limited amount of time. Granular post-investment analysis can be attributed to geography, customer type, and more. The segmentation of the data enables a comprehensive understanding of the business. Thus, augmenting the Private Equity firm’s ability to perform the focused improvements that are central to their business model.

Exhaustive analysis of the fund’s overarching portfolio and individual companies hinges upon access to structured data. FinServ has the extensive Business Analysis and Operational Assessment experience that is required for structuring processes and data accordingly. We will partner with your organization to remediate operational issues while integrating innovative technology.

Transitioning to the Cloud

Cloud utilization is rapidly increasing as stigmas against housing data in off-premise locations have eroded. Private Equity firms are realizing the significant benefits provided by transitioning their data to cloud environments, SaaS, and IaaS locations. Migration allows firms to focus on their core competencies rather than hosting data. Cybersecurity is a predominant concern that will be alleviated by outsourcing a portion of the responsibility to an organization that exclusively focuses on housing internal and client data. Safeguarding this sensitive information is required for client safety, firm reputation, and regulations such as GDPR.

One consideration that may be inhibiting your organization’s migration to the cloud is the massive undertaking of doing so. FinServ has honed our data migration expertise through 15+ years of working alongside more than 40 of the world’s top 100 Hedge and Private Equity Funds. Communication is emphasized throughout our engagements and we will partner with your organization to ensure a proper and efficient transition. Furthermore, FinServ will take the opportunity to streamline processes and eliminate bottlenecks that have been hindering your business.

Even though Private Equity has been slower to adopt new technologies than other Alternative Asset Managers, the industry has begun to align with key initiatives offering indisputable benefits. The implementation of superior technologies like CRM systems, Cloud infrastructure, and the utilization of data for advanced analytics supplements competitive advantages and investor returns.

COVID-19 abruptly forced many financial institutions into a remote staffing model without the slightest inclination of its duration. Barring the infrastructural challenges, many employees have enjoyed the elimination of commuting, comfortable attire, and flexibility. The mandatory adoption of working from home will have significant implications for the daily trips to the office that were once the norm.

An Operational Assessment of your firm’s technology and procedures will identify issues that will be exacerbated by a sustained virtual workplace and provide insight into four verticals: Planning, Security & Controls, Collaboration, and Client Interaction. It is important to perform an exhaustive analysis of your firm’s technology and procedures to identify issues that will be magnified by a remote model.

Planning

The importance of planning is one of the few constants in today’s erratic climate. Many organizations are creating management teams and enlisting the assistance of third-party specialists to navigate these tumultuous times. Creating a specialized team will enable flexibility, establish accountability, guide the implementation of new technologies, and mitigate risks.

Security

The sensitivity of client data within financial services results in security being a predominant concern. One particular issue is numerous employees accessing company information with wireless networks beyond the organization’s control. The combination of unsecured networks and increased attacks from opportunistic deviants poses significant risk to financial institutions and their clients.

Furthermore, cybersecurity teams’ impeded ability to respond may affect their capacity to remediate issues in a timely fashion. Many teams are accustomed to face-to-face collaboration and/or additional resources that may not be available when working from home. Prevention is the best defense and can be achieved by conducting a detailed assessment of your firms processes and systems.

Establishing procedural controls and maximizing the native features of current technology will enable your company to stop attacks before it is too late. An effective defense for eliminating external access to company information can be as simple as utilizing 2 Factor Authentication or modifying a monthly process.

Collaboration

Collaboration is a major concern that inhibited employer’s from implementing a remote workforce prior to the pandemic. The recent success of remote work has assuaged worries and has even led banking heavyweights such as JPM and Barclays to consider the implementation of remote teams and/or rotational models. Rotational models are particularly attractive because they reduce fixed costs while balancing the benefits of in-person and entirely remote staffing models.

The short-term success of a virtual workplace will not persist if institutions fail to align their technology and operations accordingly. Video conferencing has emerged as the predominant medium for establishing virtual connections but has unfortunately been accompanied by a series of growing pains.

The sheer volume of concurrent employees leveraging the video conferencing system often overloads the solution if it was configured for a lower number of users. Additionally, various teams utilizing different platforms may result in access issues. Mass collaboration can be facilitated through the implementation of a uniform video conferencing system such as Microsoft Teams or a sophisticated document management system like SharePoint.

User error caused by a lack of sufficient training and limited employee access contributes to bottlenecks that can be easily avoided by partnering with an experienced implementation partner. Although the days of side-by-side spreadsheet collaboration may be behind us, teamwork can be augmented with the use of platforms such as Microsoft’s SharePoint. Multiple users can simultaneously work on the same file while SharePoint maintains versioning, audit trails, and an assortment of security features that protect sensitive data.

Client Interaction

Successful client interactions are dependent on thorough and frequent communication. The investment industry has recently experienced a level of volatility and uncertainty that makes communication more important than ever. Asset managers and financial institutions must have the necessary operations and technology to efficiently communicate and protect information that has traditionally been delivered in person.

A popular solution for the mass distribution of content among Salesforce users is Pardot. Pardot is a marketing automation tool offered by Salesforce that boosts communications with potential and current investors. Moreover, it is important to evaluate CRM solutions such as Backstop, Clienteer, Dynamo, or Salesforce to ensure that your team is maximizing their functionality.

The unexpected transition to remote work was a daunting task that will have lasting impacts throughout the financial services industry. Organizations must align their processes and technology if they desire a seamless changeover. Technologies such as Microsoft Teams & SharePoint, an Operational Assessment, and a dedicated Management Team are likely required. FinServ has served as a trusted advisor to the world’s leading Asset Managers & Financial Institutions for more than 15 years and is the ideal partner for facilitating this conversion. 

In order to understand the capabilities of Power BI, it is best to start with the fundamentals of Analytics & Business Intelligence (“ABI”) and data visualization. The combination of ABI and data visualization allows Power BI to articulate information in a digestible manner that is supportive of intelligent decision making.

ABI tools are user-friendly data management platforms that emphasize self-service and provide analytical functionality ranging from data preparation to insight generation. Business Intelligence (“BI”) leverages historical information while analytics employs modeling and statistics to anticipate future events. Generally speaking, BI is focused on what happened, and analytics is focused on why it happened.

Data visualization is the presentation of information through graphical mediums like charts, diagrams, dashboards, and more. Dashboards are an amalgamation of components designed to inform stakeholders in an aesthetically pleasing manner like the sales dashboard below. The goal is to provide an informative platform that is far easier to comprehend than traditional resources such as a spreadsheet with thousands of rows.

Power BI and Its Key Features

Power BI is a business intelligence solution that enables companies to draw organizational insights by using data visualizations, performing analytics, connecting to hundreds of data sources, and embedding content into external applications & websites. An additional benefit enjoyed by users on the Windows platform is its seamless integration with the Microsoft suite. In summation, Power BI allows users to connect, prepare, model, and visualize data.

Power BI incorporates numerous features (illustrated above) that assist in the analysis and comprehension of a business. Three particularly impressive features included in Power BI’s repertoire are Natural Language Generation (“NLG”), Automated Insights, and Advanced Analytics. NLG uses artificial intelligence to automatically produce rich text descriptions detailing outputs. Automated Insights are conceived from advanced algorithms and are a great way to initiate analysis on large data sets. While the initial analysis generated from Power BI can provide direction for additional research and evaluation, other factors may be sufficiently analyzed within Power BI without the need for further investigation. Advanced Analytics can be performed with Power BI’s internal ABI platform and/or by integrating with external models. Azure Machine Learning Studio’s drag and drop interface can be combined with SQL and R to conduct predictive analytics on data sets.

Subscription Options and Functionality

The three versions of Power BI are Desktop, Pro, and Premium. Desktop, the lowest-tiered option, can be downloaded from the Microsoft Store for free. It includes the core data visualization and analysis features; data preparation, reports, dashboards, connection to over 50 data sources, and the ability to export in various formats.

Pro includes all of Desktop’s functionality and can be purchased as a standalone product for an annual subscription of $10 per user license per month or as part of the Microsoft Office 365 Enterprise E5 suite. The enhancements differentiating Pro primarily fall under collaboration and the distribution of content. For example, users can share their insights by embedding visuals within applications such as SharePoint and MS Teams. Furthermore, users can leverage peer-to-peer sharing to distribute their work to external stakeholders with Power BI Pro licenses.

Premium, the most advanced offering, comes at a hefty annual subscription that breaks down to a monthly price of $4,995 per dedicated cloud compute and storage resource. Some distinguishing characteristics that amplify data analysis include enterprise level BI, cloud & on-premise reporting, dedicated cloud computing, and big data analytics. Other features that are included in Power BI Premium are increased storage, higher refresh rates, and a larger data capacity. Premium grants enterprise-wide access and is best suited for large organizations with significant business intelligence requirements.

Implementing Power BI in Financial Services

Power BI has countless applications for alternative asset managers and other financial services companies that span the front, middle, and back office. One of Power BI’s most popular functions is financial management and reporting. QuickBooks Online customers can utilize a preconfigured Content Pack that allows them to quickly construct financial statement dashboards. Users are immediately provided with functionality that comprises customer rankings, profitability trends, and various financial ratios.

Implementing and tracking KPI’s with Power BI allows investment managers to accurately evaluate operations. Best practice is to have KPIs spanning the front, middle, and back office because an unidentified issue in any of the three areas can be detrimental. A few prevalent KPIs are Investment Management Fee Revenue as a Percentage of AUM, Trade Settlements per Back Office Employee, Subscriptions vs. Redemptions, and Trade Error Rate by Asset Class.

Business intelligence can be applied to portfolio management by connecting Power BI to the underlying data sources detailing investments. For instance, asset allocation reports and dashboards allow fund managers to interpret the distribution of funds relatively easily. Another prominent application of Power BI is treasury & liquidity management because data visualizations can be developed to provide detailed breakdowns of cash management, FX hedge balances, and more.

Conclusion

Power BI is a powerful ABI platform that augments a business’s ability to consume data through the creation of interactive reports and dashboards. Business intelligence can be constructed to support any business function with enough data. More importantly, it can be configured to the firm’s unique needs and has the ability to adapt with dynamic business requirements.

FinServ has acquired deep industry and technological expertise through the completion of over 600 engagements at more than 40 of the top 100 Hedge and Private Equity Funds. FinServ can configure Power BI to accurately monitor operations, identify the correct KPIs, properly document business processes, and seamlessly integrate new technologies with existing infrastructure.

# – 1. Lightning Extensions for Google Chrome Browser

Click here to access extension for Google Chrome

This first feature applies to anyone who uses the Google Chrome Browser only. Now you can install a Google Extension called the Lightning Extension that provides 3 new features. The most useful of these new features is the Component Customization feature which will allow your users to toggle on and off sections of their Page Layout. If there is a section that is never used or if the user wants a streamlined view, they can now quickly make any section invisible on their screen and can toggle it back on if needed.

A great example is in the Account Barbary Coast Wireless — we often want to see the latest activity with the client but the File section is taking up the screen so the user can’t quickly see that section right away.

Account Page before enabling new Component Customization

By quickly using the new feature, you see which sections will be hidden (see how its done below)

When you click on the Component Icon the screen will grey out and you will see the components and you can select as shown in the screenshots which ones you have chosen to hide

There are two other less impactful features in this release. One is Dark Mode which is meant to be easier on the eyes when working at night, for instance, and renders the background black. The second is Linkgrabber, which opens every single link you click on in a single browser tab, similar to how the Sales Console works for people who like that feature.

#2 – Lightning App Builder for Mobile

Salesforce has started to push out a real difference maker with their Mobile application, which is increasing the functionality gap between Salesforce and other industry CRM’s like Backstop and Clienteer. For those who have become used to the Lightning Page Builder for the desktop, you will be overjoyed to know that the Page Builder for the Mobile Device has now become General Availability. You can now drag and drop and setup the layout of your pages for your Mobile Device as easy as you would on a desktop. The cherry on top with this feature is the ability to differentiate the layout by device so for smartphones with limited space you can intelligently decide which layouts and features are included in your page setup.

The familiar App Builder with the New Form factor Option to Customize the Layout for any Smart Phone

With the new Phone view you get to see the dynamic layout that the user sees on their smartphone.

You can see that the layout is automatically adapted to your phone screen’s dimensions providing a fully responsive experience that Backstop and Clienteer can’t even dream about.

The Filter by Device lets you decide not to show certain components like graphs that may be too big to effectively be viewed on a mobile device.

The below screenshot shows the intuitive and easy to use filter to exclude large components from the phone options

#3 – Email Integration / Opt Out Shown Right in Sidebar

For those who are extensive users of the Lightning Salesforce plugin for Outlook and Gmail, you will love the new feature which highlights when a contact has opted out of emails right in the Salesforce Outlook sidebar.

In the before screenshot below you see Janet Johnson’s contact info showing under People

The first screenshot below shows Janet’s contact record which is updated in Salesforce to indicate that she has opted out of email. You can see in the 2nd screen shot the resulting clear warning — anyone who tries to write Janet an email will see that she has opted out of email. This keeps sensitive investors and investor representatives from getting upset with your sales and marketing teams!

#4 – Report Filtering by Other Fields on the Report

The Spring 20 release has several new features in Reporting. Once of the most useful additions is the ability to add filters to the report that compares other fields on the report.

For example, this can come in very handy if you wanted to compare an Investor’s NAV in an older fund vs. their NAV in a current fund. In my example, the fund has 3 funds and I filtered on the Investor’s whose NAV in Fund III is greater than their NAV in Fund I. The original report had 17 Records but this filtered report just shows the 11 Investors who meet the refined criteria.

The screenshot below shows the user friendly filter screen with the new option to choose the filter type of Field instead of a literal value

#5 – URL Links with Prepopulated Values (not for mobile app)

This next item is one of those features advanced users loved in Classic that was lost in Lightning during the transition. Thankfully, Salesforce has been working diligently to bring back the most popular features to Lightning as Classic is very close to its end of life.

This feature allows you to create a URL link that includes prepopulated values for any field in the object, which will save time when creating a new record. For instance, if your Sales and Marketing teams are at an Investor roadshow and they are meeting new Investors, they will want to create new Contacts quickly since there are often many fields that are always the same entry in a Contact. By creating a clickable URL link to start the new Contact from the Account Page for the Investor, the new Contact can be prepopulated with as many of the fields as you want. Some of these may be placeholder values, while others are real values that never change but previously had to be manually entered or selected.

The syntax to set this up is a bit tricky so we recommend you seek help from us or your IT department if you are not experienced in HTML as you need to create a query string and place the field name and the value you want entered separated by a comma. You use lightning/pageReferenceUtils module to build navigation links that prepopulate a records’ create page with default field values. Prepopulated values can accelerate data entry, improve data consistency, and otherwise make the process of creating a record easier.

How: To construct a custom button or link that launches a new record with prepopulated field values, use this sample formula:

/lightning/o/Account/new?defaultFieldValues=

Name={!URLENCODE(Account.Name)},

OwnerId={!Account.OwnerId},

AccountNumber={!Account.AccountNumber},

NumberOfEmployees=35000,

CustomCheckbox__c={!IF(Account.SomeCheckbox__c, true, false)}

Link to New URL Link Description

Conclusion

​As you see there are many exciting features included in Salesforce’s Spring 20 release. FinServ Consulting, a top Salesforce Partner with a focus on the Asset Management sector, ensures our clients take advantage of the most important features and maximize their investment in Salesforce.

If you are interested in any of these features and want help implementing them or just have a question about them, please contact us here or by email at info@finservconsulting.com and we would be happy to help.