EL SEGUNDO, Calif., May 25, 2012 /PRNewswire/ -- Wyle software developers have developed a quicker and more effective way for U.S. Army Foreign Military Sales (FMS ) financial analysts to develop the reports they need and retain the supporting data electronically.
Wyle developed the Financial Analysis and Support Tool (FAST), a totally automated solution which eliminated manual data base searching and the tedious retyping of data and consolidated access to the information into a single source.
After recently receiving a Certificate of Networthiness recently, Wyle is now able to provide FAST for installation on government computers. The work was in support of the U.S. Army Aviation and Missile Command (AMCOM), Security Assistance Management Directorate (SAMD) and AMCOM Program Executive Office Aviation.
"FAST allows foreign military sales financial analysts to perform more work in the same amount of time while eliminating data transfer errors and increasing quality of the process and of the final reports," said Dr. George Prueitt, president of the Wyle CAS Group headquartered in Huntsville, Ala.
"Complex manual data collection tasks are now automated and performed with ease. Conversion of multiple database reports to crisp, clean, annotated EXCEL spreadsheets with cross-referencing and error checking is now done in minutes with minimal effort."
Prior to FAST, foreign military sales data was collected from five different U.S. Army databases, summarized and re-entered into working files by hand and introducing increased risks of data errors. FAST reduces hours of data copying and re-entry with just seconds or minutes of automated processing thus allowing analysts more time to examine data and provide more frequent and timely analysis reports.
FAST was created by Wyle software developers working closely with financial analysts and subject matter experts. The FAST solution addresses the foreign military sales case financial data problem globally, incorporates financial analysis tools and techniques into software and provides the user with both standardized reports and the choice of customizing case financial reports.
FAST also facilitates the electronic storage of foreign military sales case financial analysis source data and reduces the need to search through volumes of paper to find and eliminate errors. Because FAST has automated the electronic storage of the base data set, source errors can be searched electronically and identified easily.
Electronic data backup also facilitates the financial analysis validation process if that is required. These features allow wider adaptation of FAST to other applications that require manual access to multiple data bases and compilation of reports, dash boards or other analytical products eliminating wasted time and manual errors and allowing the analyst to focus on data content and meaning.
Additional advantages of FAST include: Quick detail level reporting; facilitation of analysis validation and verification; facilitation of transactional event monitoring; easy data conversion to Microsoft Excel; facilitation of training new FMS case financial analysts; standardization of reporting processes and formats across the command; and a starting point to creation of custom spreadsheets.
Wyle, a privately held company, is a leading provider of high tech aerospace engineering and information technology services to the federal government on long-term outsourcing contracts. The company also provides test and evaluation of aircraft, weapon systems, networks, and other government assets; and other engineering services to the aerospace, defense, and nuclear power industries.