What exactly are calculated fields?
In a recent blog post, we announced that policyIQ has learned to do math! There are a number of requests that clients of different types have submitted related to this feature: such as a request for a field that displays the variance between two other fields, one that reports that balance of an account, a field that determines the weighted rating of an item or one that provides the remaining value of a lease. In such cases over the years, our simple response to these requests has been that “policyIQ doesn’t do math”. We have rounded the bend with version 7.2 and introduced Calculated Fields.
When a Template Administrator meets the minimum requirement of adding a numerically based field (whole number, decimal number or currency) to their Template, then the option to add a Calculated Whole Number, Calculated Decimal Number or a Calculated Currency field will become available in the list of possible Field Types.
Why should you care about this development?
In a word: efficiency. This change can help you to stop performing double-work in multiple applications. Have you enjoyed the workflow, information tracking and reporting ability that you’ve had with policyIQ, but you have had to perform your reconciliations, ratings, term calculations and so on in Excel or on a calculator? policyIQ can be your one-stop shop now. Now, you can more efficiently manage recurring processes by assigning forms to relevant staff (especially paired with the 7.2 ability to pre-schedule custom reminders for those with open forms)!
How do you utilize the Calculated Fields?
If we take the Risk Assessment as an example, you can calculate the Risk Level of each Financial Statement line item using the Calculated Decimal Field to determine the weighted average of your Risk Factors. In other non-mathematical geeky terms, you can add a field for each Risk Factor and even add a field representing the appropriate weight of each Risk Factor.
In the example below, Static Fields were also added to provide guidance on how to complete the Risk Assessment. All of these fields are customizable.
Finally, notice the field labelled “Calculated Risk Assessment”. Using the Calculated Decimal Field Type, a calculation was built using common math operations to multiply each Risk Factor Rating by the associated weight and to add up the results. The field is added to the template from which pages are created, so your staff that is performing the Risk Assessment can focus on evaluating the level of each Risk Factor for your Financial Statement Line Items rather than wrestling with Excel formulas.
When can you begin taking advantage of this new field?
A number of policyIQ clients have already been upgraded to the latest release of policyIQ, version 7.2. If you have not yet seen these enhancements, then your upgrade is coming soon! We will be rolling out the upgrade over the next few weeks.
Speaking of fields, we are happy to field any questions that you have about this enhancement and any other new features in the latest release. Feel free to reach out to us with questions, ideas, or even if you just want to brainstorm on how to make your processes more automated and efficient!