No other industry perhaps handles such large volumes of critical financial data more than the banking industry. For decades now, spreadsheets have become permanent fixtures in the front-line reporting tool sets of banks, providing organised information when and where needed.
But as banks enter into a period of heightened credit risks, elevated levels of fraud, and greater regulatory scrutiny, many are wondering if continued reliance on spreadsheets is a wise decision for banks today.
The downfall of Lehman Brothers which eventually led to its filing for Chapter 11 bankruptcy protection on September 15, 2008, served as a wake up call for many institutions across the globe to make a serious examination of their own risk management practices. But would these reforms include evaluating the security of user developed applications (UDAs), the most common of which are spreadsheets, and putting specific guidelines as to when they can – or cannot be – used?
Banks and Spreadsheet Use
Banks have been known to utilise spreadsheets systems for many critical functions because most personnel are well-acquainted with them, and the freedom of being able to develop customised reports without needing to consult with the IT department offers flexibility and convenience. In fact, more than having a way to do financial budgeting and analysing customer profitability, even loan officers and trade managers have become reliant on spreadsheets for risk management reporting and for making underwriting decisions.
But there are more than a few drawbacks to using spreadsheets for these tasks, and the sooner bank executives realise these, the sooner they can adopt better solutions.
General Limitations
Spreadsheets are far from being data base systems and yet more often than not, they are expected to act as such, with figures constantly added and formulas edited to produce the presumably right set of reports.
In addition, data integrity is always a cause for concern as most values in spreadsheets are entered as manual inputs. Even the mere misplacement of a comma or a negative sign, or an inadvertent ?edit? to a formula can also be a source of significant changes in the outcome.
Confidentiality risk is also another drawback of the use of spreadsheets in banks as these tools do not have adequate?access controls to limit access to only authorised individuals. Pertinent financial information that fall into the wrong hands can lead to a whole new set of problems including the possibility of fraud.
Risks in Trading
For trading transactions, spreadsheets can prove to be of immense use – but only for small market volumes. As trade volumes increase and the types vary, spreadsheets are no longer a viable solution and may likely become more of a hindrance, with calculations taking longer in the face of bigger transaction amounts and growing transaction data.
And in trading, there is always the need for rigorous computational functions. Computing for the Value at Risk (VaR) for large portfolios for instance, is simply way beyond the capabilities of spreadsheets. Banks that persist in using them are increasing the risk of loss on those portfolios. Or, they can be opening up?opportunities for fraud?as Allied Irish Bank (in the case of John Rusnak – $690 million) learned the hard way.
Risks in Underwriting
Bankers who use spreadsheets as their main source of information for underwriting procedures also face certain limitations. Loan transactions require that borrowers? financial data be centralised and easily accessible to risk officers and lending officers involved in making decisions. With spreadsheets, there is no simple and secure way of doing that. Information can be pulled from different sources – individual tax returns, corporate tax documents, partnership documents, audited financial statements – hence there is difficulty in verifying that these reports adhere to underwriting policies.
Spreadsheet control and monitoring
Financial institutions which are having difficulty weaning themselves from the convenience and simplicity that spreadsheets offer are looking for possible control solutions. Essentially, they want to find ways that allow them to continue using these UDAs and yet somehow eliminate the?spreadsheet risks?and limitations involved.
Still, the debate goes back and forth on whether adequate control measures can be implemented on spreadsheets so that that the risks are mitigated. Many services have come forward to herald innovative solutions for better spreadsheet management. But at the end of the day, there really is no guarantee that such solutions would suffice.
It is fairly common for businesses to have staff working across many different locations across the country or even the world. Engaged in various activities like door-to-door sales, delivery and installations, service maintenance, conducting inspections & investigations or even data collection.
Managing and co-ordinating tasks, scheduling activities, planning and monitoring activities and communicating can often be challenging.
Mobile Workforce Management is the automation of the entire end-to-end workflow management and operations of any field service workers.
Mobile Workforce Management Synonyms
Mobile Workforce Management is also known as
Field Service Management
Job Scheduling Software
Job Management Software
Advantages of Mobile Workforce Management
It is increasingly clear that there needs to be a certain sense of discipline and streamlining of field operations and important to automate certain tasks within field sales and operations, primarily because it helps you to track your assets remotely and ensuring contact with your workforce when required. Enabling your team to get in touch when required.
Most importantly, engineers, sales representatives and customer care executives can easily send information, scan receipts, Invoice customers and retrieve other crucial information in a standardized and streamlined manner. Assisting in regulating your business and also bringing some order to what is usually a very chaotic mode of working.
Why choose Mobile Workforce Management
Work Force Management tools help you to stay in control. They assist in automating what can and should be automated leaving only the crucial human-human interactivity. Helping you to keep a record of all interactions and important data within a database, without you having to manually go through sales receipts, complaint slips and other such details.
A Field Force Management tool is a time-saver and efficiency tool for companies. Moreover, these tools help to automate several aspects of your day to day operations, leading to an increase in productivity and motivation.
Streamlining operations, will also ensure that important stakeholders are well informed and management visibility is enhanced. Helping your business to make smarter decisions and help serve your customers better.
Field Force Management is similar to an Enterprise Resource Planning (ERP) solution but is vastly different. It is specifically targeted at staff that work on the field and is intended to make their and your work more streamlined, transparent and easy to track.
Cloud based solutions help you automate
Field Force Management is usually cloud based which means all data is stored and accessible on secure cloud servers. There is no question of losing important data or not being able to retrieve something important. If something goes missing, there will usually be a backup available. Field force management tools include the software, the hardware and also the kind of training that is required for users to use it efficiently.
The software usually helps in saving and processing information while the hardware helps employees to enter important data into devices while they are on the job. Sometimes, field force solutions can also be a mobile app which negates the need for a specific or special device.
This is very important when it comes to field jobs as carrying different devices can prove to be a cumbersome job. At the end of the day, field force solutions are meant to reduce the burden on staff and not actually inadvertently increase it.
Denizon?s FieldElite Mobile Workforce management application provides significant improvements in efficiency and service with a switch to digital working and the elimination of paperwork.
All the information that is stored on the cloud can be run through analytics software so that you get the kind of reports that you are looking for to improve your business.
Field Force Management Process
A field force management tool helps you to remain in contact with your staff while they are at work on the field. This helps you to track your personnel in real time. Field personnel or your staff can log in and enter their attendance using a smartphone. You can assign that particular day?s task remotely using a web console or your own smartphone.
Next, they can carry out whatever duties they need to while you get all the alerts that you set to receive. This helps to increase transparency. You can choose to receive alerts on your phone or on your desktop.
Finally, staff can tag completed tasks with audio and images, instead of they having to type reports. This helps to focus more on the job than on job reporting. Last but not the least, location tags help you to ensure that the job is done at the right place. Your staff will not be able to take your generosity for granted.
All in all, a field force management tool helps you to track and control your staff without you having to be physically present with them and this is the beauty of this tool.
Summary
Field Force Management helps companies to reduce administration expense and improve productivity. This helps to automate data integration which is usually done with the help of cloud servers. Moreover, you can set invoice parameters that help you to also keep track of stocks, inventories and engage in P.O. and task management.
A number of field force management users also use it as a tool to engage in credit management. Banks and insurance companies particularly find this tool helpful as payments can be received on the job, instead of asking customers to pay online or offline. This also helps in building valuable customer relationships and enhance loyalty.
Thirdly, a field force management tool helps to increase planning efficiency. This means, you will be able to allocate tasks and optimize routing. All this helps to increase your ROI at the end of the day and get back the money you invest on field force management.
Finally, you will have more control over productivity and sales thanks to automation of data collection. You will also have more control over the execution of tasks and that will invariably make your company leaner and smarter.
We bet you’ve often read how getting rich through the Internet can be fast and easy. Time for your 5-second reality check: It’s going to entail lots of hard work, dedication, a great deal of information and the ability to use that information to your advantage. Sounds familiar?
Well, it should be. After all, it’s still business. However, while the basic ingredients to achieving success in business are still the basic prerequisites in eCommerce, there are also a lot of technical aspects that have to be factored in. This is where you’ll need us.
Well, actually, we’re going to help you out on those basic ingredients too. That’s because our dedicated specialists will perform most of the hard work until you gain enough know-how to run things on your own.
If you’re starting from scratch, we’ll help you build on your idea and transform it into an actual web-based business.
Then once you’ve got your site online, we’ll redirect traffic to it, attract the right visitors, convert those visitors into buyers and keep them satisfied so that they’ll come back and even spread the word.
For many people within the UK, water is not really something to worry about. Surely enough of it falls out the sky throughout the year that it does feel highly unlikely that we?ll ever run out of it. There certainly does seem to be an abundance of Branded Water available in plastic bottles on our supermarket shelves.
Water, water, every where, And all the boards did shrink; Water, water, every where, Nor any drop to drink.
Despite this, Once-unthinkable water crises are becoming commonplace. If you consider that In England and Wales, we use 16 billion litres of clean drinking water every day ? that’s equivalent to 6,400 Olympic sized swimming pools.
Currently, water companies can provide slightly more than we need ? 2 billion litres are available above and beyond what we’re using. In some areas, though, such as south east England, there is no surplus and, as such, these regions are more likely to face supply restrictions in a dry year.
If we take little moment to reflect on some of the most notable water related stories over the past few years, we’ll start to get a picture of just how real the potential and the threat of water shortages can be.
Reservoirs in Chennai, India?s sixth-largest city, are nearly dry right now. Last year, residents of Cape Town, South Africa narrowly avoided their own Day Zero water shut-off.
It was only year before that, Rome rationed water to conserve scarce resources.
Climate change is likely to mean higher temperatures which may drive up the demand for water (alongside population growth) and increase evaporation from reservoirs and water courses during spring and summer.
The impact of climate change on total rainfall is uncertain, but the rain that does fall is likely to arrive in heavier bursts in winter and summer. Heavier rain tends to flow off land more quickly into rivers and out to sea, rather than recharging groundwater aquifers.
A greater chance of prolonged dry periods is also conceivable. This combined with the harsh reality that no human population can sustain itself without sufficient access to fresh water.
If present conditions continue, 2 out of 3 people on Earth will live within a water-stressed zone by 2025
What is water stress?
Water stress is a term used to describe situation when demand for water is greater than the amount of water available at a certain period in time, and also when water is of poor quality and this restricts its usage. Water stress means deterioration in both the quantity of available water and the quality of available water due to factors affecting available water.
Water stress refers to the ability, or lack thereof, to meet human and ecological demand for water. Compared to scarcity, water stress is a more inclusive and broader concept.
Water Stress considers several physical aspects related to water resources, including water scarcity, but also water quality, environmental flows, and the accessibility of water.
Supply and Demand
Major factors involved when water scarcity strikes is when a growing populations demand for water exceeds the areas ability to service that need.
Increased food production and development programs also lead to increased demand for water, which ultimately leads to water stress.
Increased need for agricultural irrigation in order to produce more crops or sustain livestock are major contributors to localised water stress.
Overconsumption
The demand for water in a given population is fairly unpredictable. Primarily, based on the fact that you can never accurately predict human behaviour and changes in climate.
If too many people are consuming more water than they need because they mistakenly believe that water is freely available and plentiful, then water stress could eventually occur.
This is also linked to perceived economic prosperity of a give region. Manufacturing demand for water can have huge impact regardless whether water is actively used within the manufacturing process or not.
Water Quality
Water quality in any given area is never static. Water stress could happen as a result of rising pollution levels having a direct impact on water quality.
Water contamination happens when new industries either knowingly or unknowingly contaminate water with their industrial practices.
Largely, this can happen and frequently does so because these industries do not take effective control of monitoring and managing their impact on communal water supplies. Incorrectly assuming this is the responsibility of an additional third party like the regional water company.
The truth is, water quality and careful monitoring of it is all of our responsibility.
Water Scarcity
Simple increases in demand for water can in itself contribute to water scarcity. However, these are often preceded by other factors like poverty or just the natural scarcity of water in the area.
In many instances, the initial locations of towns or cities were not influenced by the close proximity of natural resources like water, but rather in pursuit of the extraction of other resources like Gold, Coal or Diamonds.
For Instance, Johannesburg, South Africa is the largest City in South Africa and is one of the 50 largest urban areas in the world. It is also located in the mineral rich Witwatersrand range of hills and is the centre of large-scale gold and diamond trade.
Johannesburg is also one of the only major cities of the world that was not built on a river or harbour. However, it does have streams that contribute to two of Southern Africas mightiest rivers – Limpopo and the Orange rivers. However, most of the springs from which many of these streams emanate are now covered in concrete!
Water Stress and Agriculture
Peter Buss, co-founder of Sentek Technology calls ground moisture a water bank and manufactures ground sensors to interrogate it. His hometown of Adelaide is in one of the driest states in Australia. This makes monitoring soil water even more critical, if agriculture is to continue. Sentek has been helping farmers deliver optimum amounts of water since 1992.
The analogy of a water bank is interesting. Agriculturists must ?bank? water for less-than-rainy days instead of squeezing the last drop. They need a stream of real-time data and utilize cloud-based storage and processing power to curate it.
Sentek?s technology can be found in remote places like Peru?s Atacamba desert and the mountains of Mongolia, where it supports sustainable floriculture, forestry, horticulture, pastures, row crops and viticulture through precise delivery of scarce water.
This relies on precision measurement using a variety of drill and drop probes with sensors fixed at 4? / 10cm increments along multiples of 12? / 30cm up to 4 times. These probe soil moisture, soil temperature and soil salinity, and are readily repositioned to other locations as crops rotate.
Peter Buss is convinced that measurement is a means to an end and only the beginning. ?Too often, growers start watering when plants don’t really need it, wasting water, energy, and labour. By accurately monitoring water can be saved until when the plant really needs it.
Peter also emphasises that crop is the ultimate sensor, and that ?we should ask the plant what it needs?.
This takes the debate a stage further. Water wise farmers should plant water-wise crops, not try to close the stable door after the horse has bolted and dry years return.
The South Australia government thinks the answer also lies in correct farm dam management. It wants farmers to build ones that allow sufficient water to bypass in order to sustain the natural environment too.
There is more to water management than squeezing the last drop. Soil moisture goes beyond measuring for profit. It is about farming sustainably using data from sensors to guide us.
Ecovaro is ahead of the curve as we explore imaginative ways to exploit the data these provide for the common good of all.
A Quarter of the World?s Population, Face High Water Stress
Data from WRI?s Aqueduct tools reveal that 17 countries? home to one-quarter of the world?s population?face ?extremely high? levels of baseline water stress, where irrigated agriculture, industries and municipalities withdraw more than 80% of their available supply on average every year.
Water stress poses serious threats to human lives, livelihoods and business stability. It’s poised to worsen unless countries act: Population growth, socioeconomic development and urbanization are increasing water demands, while climate change can make precipitation and demand more variable.
How to manage water stress
Water stress is just one dimension of water security. However, like any challenge, its outlook depends on adequate monitoring and management of environmental data.
Even countries with relatively high water stress have effectively secured their water supplies through proper management by leveraging the knowledge they have garnered by learning from the data they gathered.
3 ways to help reduce water stress
In any geography, water stress can be reduced by measures ranging from common sense to innovative technology solutions.
There are countless solutions, but here are three of the most straightforward:
1. Increase agricultural efficiency: The world needs to make every drop of water go further in its food systems. Farmers can use seeds that require less water and improve their irrigation techniques by using precision watering rather than flooding their fields.
Businesses need to increase investments to improve water productivity, while engineers develop technologies that improve efficiency in agriculture.
2. Invest in grey and green infrastructure: D Data produced by Aqueduct Alliance – shows that water stress can vary tremendously over the year. WRI and the World Bank?s researchshows that built infrastructure (like pipes and treatment plants) and green infrastructure (like wetlands and healthy watersheds) can work in tandem to tackle issues of both water supply and water quality.
3. Treat, reuse and recycle: We need to stop thinking of wastewater as waste.
Treating and reusing it creates a ?new? water source.
There are also useful resources in wastewater that can be harvested to help lower water treatment costs. For example, plants in Xiangyang, China and Washington, D.C. reuse or sell the energy- and nutrient-rich byproducts captured during wastewater treatment.
Summary
The data is undeniably clear, there are very worrying trends in water.
Businesses and other other organisations need to start taking action now and investing in better monitoring and management, we can solve water issues for the good of people, economies and the planet. We collectively cannot kick this can down the road any further, or assume that this problem will be solved by others.
It is time, for a collective sense of responsibility and for everyone to invest in future prosperity of our Planet as a collective whole. Ecological preservation should be at the forefront of all business plans because at the end of the day profit is meaningless without an environment to enjoy it in!
