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Imagine you work as a CFO at a trading shops which deals with invoices, receipts and G702 and over the counter (OTC) contracts. Most of your invoices, receipts and G702 are coming through emails or by post. Your accounts payable person receives this invoices, receipts and G702 and works on entering this data into your ERP system. Unfortunately he makes a mistake by not type a decimal in 100.00 and the ERP gets the invoices, receipts and G702 for 10,000. This data entry error can get captured today when someone reviews it or it could make it to month end where your books don’t balance. When this error is found the person missing that decimal point feels bad, there is significant time lost in reconciling and human relations get stressed in the process. 

In the same vein the people entering your OTC contracts whether traders or other accounting people into system of records make a data entry mistake. And next day in your morning meeting your value at risk report (VAR) which gets circulated to your CEO shows a VAR of $10mil for a portfolio which had a VAR limit of $100k.  There is intense amount of nervousness in the morning meeting between your CEO and the trader – both of whom are not sure whether the VAR number is accurate or not. The trader spends crucial hour right when market opens in figuring out his position from yesterday. This exposes your trader to not looking at market at the critical time of market open. Unfortunately the market moves in a direction which causes a $100k loss which your trader could have avoided if he was looking at the market open. 

Hello, my name is Rishi Srivastava – I am the cofounder of Beiing Human. I have been activate part of both of these scenarios and know how manual data entry caused financial loss and emotional stress in my previous organizations. We here at Beiing Human believe that humans ought to do creative, deep and analytical work not error prone data entry. Here is one of our solutions: Document Processor

You get to double check the value given by the document processor and also can download the excel file. 

If you believe that your business suffers from these data entry hiccups, I invite you to follow us on our social page or sign up for our mailing list to get more updates.

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