FI Automates and Standardizes FSOC’s Chart Creation Process
The Chart Tool transformed an 8 hour manual data update process into a 3 minute automated process and reduced costs of data validation by 25%.
Client: United States Department of Treasury’s Financial Stability Oversight Council (FSOC)
Challenge: FI was tasked with validating charts and data for the FSOC’s 2012 Annual Report. During the evaluation process, FI identified several time-consuming manual and inconsistent processes, such as manual data updates and inconsistent chart formatting. These processes were costly and challenging, given the short turnaround time for the report and the volume of data presented in the report.
FI Solution: FI proposed a custom solution that automated and standardized the chart creation process that builds, documents, and updates charts. FSOC accepted this proposal and retained FI’s services to build the solution to be used for FSOC’s 2013 Annual Report. FI gathered requirements from users and combined that information with its knowledge of the FSOC’s processes to design, build, and implement a solution with an Excel user interface and an Access database that creates, updates, and manages FSOC’s charts. The Chart Tool can update data in all charts stored in the tool with the click of a button and produces charts in a consistent format.
Due to the Chart Tool’s success, an additional client within the Department of the Treasury, the Office of Financial Research, engaged FI to enhance and customize this tool to suit its specific needs.
FI Impact: FI created the Chart Tool for the Department of the Treasury’s Financial Stability Oversight Council that automated their chart creation process. The Chart Tool reduced update times for the data in their financial report from hours to minutes. Further, data validation costs were reduced by 25% and the data quality, traceability, and consistency of the charts was significantly improved.