Automated Financial Data Update System
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Solution Overview
Problem
Financial reporting applications often utilize outdated financial data due to inconsistent updating frequencies across various electronic files of different formats and servers, necessitating a system for scheduled updates to ensure up-to-date reports.
Innovation Solution
A system that allows users to select and schedule updates for multiple files across various servers, automating the importation of updated financial data while saving authentication credentials for streamlined access and generating reports for monitoring.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If manual importation of updated financial data is performed for each file, then data can be updated, but significant human effort and time are required
Solution Approach 1:
The system enables self-service automation where the data importation process executes automatically without human intervention. Users configure update schedules and parameters once, then the system autonomously retrieves and imports updated financial data into multiple files according to the scheduled timeline, eliminating the need for repeated manual operations.
Solution Approach 2:
The system performs preliminary configuration where users define update schedules, data sources, and import parameters in advance. This preliminary setup enables the automated system to execute data importation tasks without requiring real-time human decision-making or intervention during the actual updating process.
2Ease of operation
If authentication credentials are required for each file and server access, then security is maintained, but user operation becomes complex and time-consuming
Solution Approach 1:
The system implements universal authentication where a single set of credentials configured in the system can access multiple files and servers. The authentication mechanism is designed to work across different data sources and storage locations, eliminating the need for users to manage separate credentials for each file or server while maintaining security through centralized credential management.
3Reliability
If financial data is retrieved from multiple files on different servers with varying update frequencies, then data sources are comprehensive, but data consistency becomes problematic
Solution Approach 1:
The system implements periodic action by executing data importation tasks at predetermined intervals and scheduled times. This structured periodic execution ensures that all financial data files are updated consistently according to their respective schedules, maintaining data consistency across multiple sources while enabling reliable report generation from synchronized data.
Data Source
AI summary
The present invention is directed to a system that updates files with updated financial data. The system of the present invention is configured to receive from a user one or more selections of files (e.g., datastores of financial data utilized and/or referenced by financial reporting application for purposes of generating up-to-date financial reports) to be updated with updated financial data. The user is further enabled by the system of the present invention to schedule importations of updated financial data into each selected file. The system of the present invention also is configured to generate a report of complete file updates so that the user may more effectively monitor and review the file-updating processes.