Novo34 adopts a hi-tech approach to finance and accounting

(PRWEB) January 10, 2016

Since the advent of the ATM, the credit card, and online banking, not much in the way of innovation has come out of the financial sector. Even though attempts to improve the “everyday” experience from the standpoint of the consumer have had tangible success, the daily routine of the finance professional remains largely unaltered.

The financial industry is faced with a set of challenges that makes finding solutions grounded in technology exceptionally difficult. It isn’t surprising that nearly 7 years since the aftermath of the financial crisis, we are still trying to understand the “dynamics” of what went wrong. In finance, the problems are simply too complex – millions of facts and figures require millions of man-hours to distill. Even with all the computing power available today, the machine has failed to keep up with man in terms of finding dependable “technological” solutions.

Issues that are predictable, controllable and scalable typically form good candidates for automation. It is clear that this framework doesn’t lend itself to the financial markets, which are inherently unpredictable and volatile.

In order to drive innovation in banking, trading, and asset management (the 3 largest subsectors of the industry), one has to adopt a novel approach. With years of training (in school and on the job), a finance professional is able to work with imperfect information, and apply advanced accounting and business concepts to come up with decisions that strive to keep the risk-reward equation in check. With each problem requiring a slightly different approach, it is inconceivable to devise a tailored solution for every eventuality. Instead, technology that doesn’t treat every instance as a “physics” problem, but is able to inculcate the judgement of the user of the technology, will allow for scalable initiatives that can re-instill productivity in the financial sector.

Daunting as this challenge may seem at first, several startups in Financial Technology (or “FinTech”) are already bringing people from different skills sets and fusing them with deep and advanced know-how of computer science.

With the above philosophy in mind, Rishab Dugar and Namit Setia, the founders of Accretive Technologies, developed the Novo34 program to provide advanced financial modeling tools to evaluate corporations across different sectors.

Novo34 prepares the analysis for the finance professional, while providing complete control over the manipulation of the inputs and assumptions that go into making predictions. With thousands of numbers, neatly organized in a financial “map”, the user is able to command advanced analytical tools to make sensible investment decisions instantly.

Financial analysis isn’t an exact science, and while there exists an enormous opportunity for technology driven enhancements, a merger of the disciplines will be required to come up with solutions that take human behavior into account.

 

For the original version on PRWeb visit: http://www.prweb.com/releases/2016/01/prweb13158080.htm