• riskco_admin
  • January 26th, 2016

Put your search engine to work on the search item ‘tyranny of spreadsheets’ and you may be puzzled by the countless hits you will find. If you are not surprised at all, you can skip this blog and proceed with whatever you were doing. However, if you did not see this outcome coming, this blog may be just what you need.

Lawn mowing with scissors
Some twenty years ago, working with MS-DOS and floppy discs was still quite common. Looking back, we laugh about it wondering how we managed to do our work with such limited tools. If it were up to us, spreadsheets like Excel would already be part of history too, especially in demanding business environments such as the financial industry. It is like mowing your backyard with scissors when you can buy an affordable lawn mower just around the corner. In our world, that corner is called HPE ProductXpress. Here, you will be liberated from the burden of lacking traceability & auditability, scalability and version management to name just a few. And how can Excel reports be a sound base for decision making if you cannot rely on the integrity of the data?

Virtually impossible
This problem particularly applies to situations where multiple users can add, delete or modify data. On top of that, data cannot be automatically or easily incorporated in the system. When it does, it is almost impossible to prevent multiple versions of the same data from entering and distorting results. Closer to our home, in performing massive calculations and risk analyses for life insurance companies and pension funds, it has become virtually impossible to ensure sound reports based on plain spreadsheet data. Sure, it is free and so is Word but that doesn’t make it an adequate CMS, does it?

Huge savings on overhead
Research has amply shown that companies that switched from Excel to even cheap apps reported enormous reductions of time and costs, resulting in better information flow to managers and ultimately greater profitability. After all, ‘it liberates businesses from the overhead of recording data in spreadsheets, managing the sheer number of them, extracting information and compiling reports’. Having made calculating our core business, we have come to the same conclusion over and over again. Even if you still want to build rather than buy, development on a platform has never been easier!