By Dimitris N. Chorafas (auth.)
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Extra resources for Financial Models and Simulation
First, in regard to the product, the emphasis on the acquisition of knowhow and its dissemination through modeling helps dramatize the fact that over the years technology has increasingly assisted the executive task through the development of appropriate tools. This reference is valid even if for nearly forty years the priorities which have been followed have resembled an inverted pyramid rather than the most urgent needs in executive functions. 4 helps to explain the message this paragraph conveys: • Since the early 1950s, data processing chores have skewed the priorities, as the main attention in computer implementation has been paid to the clerical level.
But it profits little having the wings if we do not use them to gain competitive edge. Why, then, has there been for so many years a distortion in terms of processes and priorities? Several reasons have contributed to this effect, one of them being that when in the 1950s computers were introduced by their vendors as glorified accounting machines, clerical jobs were already subject to a certain degree of mechanization. Another more deep-rooted reason for the misdirection of information technology processes is that it is much easier to automate routine procedures than to address issues which involve a significant degree of knowhow.
They also lose business opportunities in many of their financial operations, from currency exchange and investment advice to treasury functions. While models and modeling will not correct organizational ills and personality clashes, other things being equal they offer their users very significant competitive advantages. In an industry accustomed to shopping for both price and value, lack of appropriate supports has serious consequences - from short-term financial losses to falling behind competition in the long term.