Whilst attending Finovate earlier this month, I noticed a lot of focus on consumers, as companies considered how to make previously tedious tasks simple for end users. Despite this, I couldn’t see how the back-office processes behind these offerings were being made any easier – it seems like the hard work behind the scenes still isn’t streamlined.
Although it was exciting to see how the future of Fintech is taking off rapidly, there must have been someone in the room who was wishing that their job of modeling the growth of these new technologies, sales and investments could be made easier?
As Greg Palmer said in his opening remarks – Fintech really is global (Region). Not only this, but the companies going through the launch process of either a new app or service offering, would have had to look at the timescales and finances against this to ensure success (Time). Additionally, there usually isn’t one idea on the table in development meetings – it’s usual for several variances to be considered (Products). It’s also likely many of these variables were backed by teams, external consultants or even investors (Personnel). When you then take a deeper look at the finances of the launch, including the income required to become profitable; the cost of sale; your outgoings and many more (Line Items), you can be faced with quite a complex array of scenarios.
The words in italics are not mistakes or even notes to remind me what to write. I wanted to highlight the fact the world we live in consists of many dimensions. There is huge complexity when putting these factors into a financial model using a traditional spreadsheet. Notice how, even with what could look like a simple project, I have easily outlined five dimensions of the model.
I believe that Quantrix really could be the missing puzzle piece for many innovative companies, like those who attended Finovate. Quantrix helps simplify, accelerate and perfect the modeling process behind the scenes as well as creating ‘what-if’ type analyses. Because modeling is now very multi-dimensional, we must adapt to the requirements of our users to make their lives easier. After all, who doesn’t want that?