Financial Data Onboarding Overview

March 22, 2024
Robert Ross


In the fast-paced and ever evolving realm of finance, the accuracy of data analysis and the precision of financial insights are more crucial than ever. Today, as the volume of data continues to grow, the need for an automated process to accurately and efficiently onboard financial data and analyze key metrics and valuations become paramount, marking a pivotal moment for the financial services industry.


For businesses tasked with intake and processing financial data for analysis of key metrics or to produce valuations, the challenges are numerous. The combination of these challenges can deeply impact firm’s efficiency, accuracy, and strategic decision making capabilities. I will dive into three major challenges with the processes today.

  1. Extensive Time for Data Consolidation
  2. Financial analysts spend countless hours amalgamating diverse financial statements. These documents, characterized by their diverse formats and structures, demand meticulous attention to convert each of these documents to your businesses’ standardized format. While this process is not only time consuming, it also is prone to human error which further complicates the end goal of an accurate data analysis of a company’s financial statements.
  3. Impediment to Swift Decision-Making
  4. The painstakingly slow process of manually consolidating and processing financial data leads to delayed decision making and inability to scale. In the dynamic realm of finance, opportunities and risk can appear suddenly. The slower decision-making means your business may miss out on lucrative opportunities or fail to mitigate risks in a timely manner. In addition, you cannot support the analysis of more financial statements from more companies which ultimately leads to a loss of revenue.
  5. Misallocation of Resources
  6. The disproportionate amount of time and effort spent on data consolidation and cleanup diverts valuable resources from critical areas such as strategic analysis and growth initiatives. Instead of focusing on activities that could drive business growth and competitive advantage, analysts and other resources are bogged down in operational tasks. This not only affects the firm's strategic positioning but also its ability to innovate and adapt to market changes effectively.

Addressing these challenges requires adopting an automated approach to streamline the process of consolidating and analyzing client financial data.


Lume’'s AI data mapping platform transforms the traditional, labor-intensive process into a seamless, efficient operation. Lume automatically parses and interprets various formats and structures of financial documents, which eliminates the bottleneck of manual data consolidation. In turn, you can increase the number of clients you support or number of companies you wish to analyze. Subsequently, Lume’s AI dynamically constructs and applies the appropriate logic to extract, analyze, and perform the necessary operations to attain key financial metrics or perform other valuations, directly from the uploaded PDF or Excel files. This capability not only accelerates the preparation and analysis phase but also significantly reduces the risk of errors, ensuring a higher degree of accuracy in financial reporting. Moreover, by automating these critical steps, businesses can reallocate valuable resources towards strategic analysis and forward planning, thereby enhancing their financial agility and competitiveness in the market.


A user defines and saves a set of metrics along with descriptions for what they would like to extract from their financial documents. An example target field could be “depreciation_by_year”. The process of defining your desired output can be done through the Lume Dashboard or defined through our APIs. After selecting which end model you want to use, you simply upload your excel file or send it through our API. Following, Lume’s AI will produce results for the key metrics defined. In addition, Lume provides users with the logic that was applied as well as the fields leveraged in order to perform audits of what the system did. The results are presented through the Lume Dashboard and are available for download or received in a JSON API response.


The transition towards automated financial data processing is not just a leap forward; it's a necessity to remain competitive in the modern financial landscape. Lume's AI data mapping platform offers a robust solution to the enduring challenges of data consolidation, analysis accuracy faced by financial firms today. By automating the arduous process of data handling, Lume not only enhances operational efficiency but also empowers businesses to sharpen their strategic focus and leverage opportunities quickly. The significant reduction in manual errors and the ability to process a larger volume of data without compromising on accuracy or speed marks a pivotal advancement in financial analytics. As we embrace these technological innovations, the future of financial analysis and decision-making looks brighter, with firms poised to navigate the complexities of the market with greater agility and insight.

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