Home / Business / Business Finance / Can we really “Stop using Excel”?

Can we really “Stop using Excel”?

Fast ahead 30 years, Microsoft Excel remains to be the undisputed chief in spreadsheets with greater than 750 million customers, and stays to be a staple in most places of work. Honestly, who doesn’t use Excel? It’s accessibility, ease of use, and suppleness simply makes Excel the primary selection for crunching numbers.

(Side be aware: Excel was initially launched in 1985 for Apple. The Windows model got here out in 1987. Check out the historical past of Excel right here, when you like.)

Facing immediately’s challenges with Excel

However, to once more quote an Excel advert from the 80’s – ”The laptop world was a really totally different place 5 years in the past. Chances are, your enterprise was too.”

How far has Excel come to handle the present wants of enterprise customers?

Here are simply a few of Excel points encountered by enterprise customers:

  1. Data Consolidation
  2. Scalability
  3. Collaboration
  4. Accuracy
  5. Flexibility
  6. Security
  7. Control

Microsoft frequently works with energetic Excel customers by on-line communities comparable to UserVoice, to really take heed to what they’re saying and reply to them with new options.

The query is, are these new options highly effective sufficient? While it could be ample as much as some degree of enterprise wants, it nonetheless presents dangers particularly when used for finance.

“Excel just wasn’t designed to do some of the heavy lifting that companies need to do in finance,” stated Paul Hammerman, a enterprise purposes analyst at Forrester Research Inc.

Replacing Excel

Some organizations consider that Excel must be eradicated from the enterprise course of. Realistically although, it’s simpler stated than accomplished. Circling again to that Wall Street Journal article, some end-users, even high executives, won’t let their spreadsheets go with out a combat.

Nevertheless, increasingly organizations are implementing new finance methods to mitigate dangers and to streamline processes. Some are selecting to implement progressive cloud options, whereas others flip to “tried-and-true” methods from SAP, IBM, Microsoft, and so on. In each instances, these new options reply to very particular enterprise necessities – planning, forecasting, reporting, KPI, dashboards, and so on.

Organizations have to be conscious that almost all proprietary options are closed and have restricted capability to speak with different methods. This may current some challenges in information consolidation and consequently, information integrity.

Despite “successful” implementations, end-users usually nonetheless flip to Microsoft Excel to offer them the pliability to govern and rework information exported from these new methods. End-users nonetheless flip to Excel to get their job accomplished and to satisfy the wants of administration. This begs me to ask the query, is it nonetheless profitable when on the finish of the day, your enterprise course of goes again to Excel?

Finding the candy spot between Excel and finance options

At PARIS, we consider that one of the best options are sensible options – within the sense of implementation, management, flexibility, and consumer adoption.

We consider that Excel is a good software for finance, when used with methods that present management and responds to Excel’s limitations. Leveraging on end-user’s present data on Excel ensures fast and profitable consumer adoption, and maintains required flexibility that’s wanted for advanced enterprise necessities.

PARIS affords one of the best in school and most appropriate resolution to Microsoft Excel, and extra. We have the know-how that permits us to construct finance options (cloud or on-premise) primarily based on information fashions which can be fully open to hook up with and from Excel, or some other threerd social gathering options.

Therefore, end-users can make the most of information that’s routinely consolidated and aggregated, accessible by their Excel spreadsheet, any reporting system, BI instruments comparable to Tableau or Qlik, or some other present software they’re already using.

What PARIS options obtain is an open, reside collaborative system that permits end-users and administration to work collectively from a single-source of fact.

End-users who select to make use of Excel as their most important interface to PARIS options are capable of benefit from the flexibility that they want. However, as a substitute of spending numerous hours administering and reconciling variations upon variations of spreadsheets and formulation, they might really spend their time analyzing and making invaluable and knowledgeable selections.

Learn extra how PARIS can assist your group. Sign-up for a custom-made resolution which you could attempt for 90-days, no obligations. Or get in contact with a buyer success supervisor for a customized demo.

Source hyperlink

About Joel Johnson

Joel S. Johnson writes for Business Finance Section in AmericaRichest.

Check Also

The Mobile Challenge for Banks: Can the Sector Adapt?

Technology is disrupting the banking business in a number of methods. For occasion, prospects as …

Leave a Reply

Your email address will not be published. Required fields are marked *