More than 150 years ago, the pioneer of computerization, Charles Babbage, recognised a crucial truth: machines given incorrect information will provide incorrect answers.
When it comes to measuring and analyzing performance in the asset management industry, the quality of both source and calculated data is of paramount importance.
Asset managers face unprecedented opportunities in today's fast-moving marketplace. There are also a myriad of threats.
Workflow is the treadmill of asset management. This isn't to un-glamourize it: it's an essential component as the data around thousands of portfolios flow in.
Flexibility and advanced functionality are the watchwords of any modern middle office when it comes to performance measurement.
Ask any middle office team what keeps them awake at night and, nine times out of ten, they will cite one overriding issue: data management.
Ask any asset manager about their dream system for the middle office and the response would typically include three words: fast, accurate and efficient.
"Making the complex simple" is an ambition of the asset management industry that somehow never seems to materalize.
In a recent report, Ernst & Young created its "Top 10 action list to achieve better risk management".
The benefits of combined performance and risk analytics are well documented, but until recently have been an impossible ambition.