Overcoming Spreadsheet Limitations in Business Planning
Once hailed as essential business planning tools, spreadsheets are now playing an increasingly important role. However, they are increasingly being scrutinized for their shortcomings and potential risks.
While 55% of organizations globally still use spreadsheets, such as Excel, for at least half of their business planning, a recent study by Board International found that this reliance comes with serious downsides, including inadequate data governance and quality, a lack of modern tools and technology, and the inhibition of teamwork.
This article examines the three major obstacles of static spreadsheets, offers advice on how businesses can use Excel web applications to overcome these obstacles, and suggests ways you can convert spreadsheets to web applications. Let’s dive in.
Vice President of Business Development at EASA Software.
The Top 3 Obstacles to Planning with Static Spreadsheets
Companies can face several challenges when relying on static spreadsheets for their planning needs. Here are the top three challenges:
1. Spreadsheets can contain errors: Complex calculations, copy-pasting, and manual data entry can all result in errors that degrade data quality. Furthermore, without strong governance, it can be difficult to maintain data integrity, often resulting in inconsistent and unreliable information. This was demonstrated by the global planning survey, which found that 44% of respondents cited susceptibility to human error as their biggest source of annoyance.
2. Lack of modern tools and technology: Static spreadsheets lack the advanced capabilities needed for agile business planning. They lack the ability to integrate with current analytics tools and fail to provide real-time information. The technology gap can make it harder for a business to act quickly and decisively. According to the research, 100% of businesses plan to implement or grow technology solutions such as workflow automation, data integration and AI-driven tools in the next 12 to 18 months to facilitate decision-making.
3. Limited cooperation: Spreadsheets are not meant for collaborative work and are often compartmentalized. Confusion can arise when there are multiple versions of the same document and decision-making processes can take longer if real-time collaboration elements are missing. Insufficient collaboration was cited by 28% of participants as a significant obstacle during the planning phase.
Overcoming Obstacles Through Excel Web Applications:
Excel Web Applications offer a revolutionary way to overcome the challenges mentioned above. By transforming conventional spreadsheets into secure, streamlined web applications, companies can improve the quality of their data, take full advantage of modern technology, and promote collaboration.
Here are some benefits of using Excel web applications
1. Improves data quality and web management
Web applications provide a regulated environment in which data integrity is maintained through software-driven processes and verification requirements. This reduces the chance of human error and provides users with accurate and timely information. Web applications can also implement data governance principles, which provide auditing and monitoring of data input.
2. Including contemporary tools and technologies
Many analytics and business intelligence technologies can be easily integrated with Excel web apps. Real-time data processing and advanced analytics are made possible by this connectivity, giving companies the information they need to quickly respond to market changes. For this reason, companies can take advantage of cloud computing, big data, and AI-driven analytics by moving to a web-based platform.
3. Promotes collaboration
Real-time collaboration is supported via web applications, allowing multiple users to work on the same dataset simultaneously. This improves team productivity and prevents confusion caused by different versions of the same document. The collaboration process is further streamlined by features such as role-based access and user permissions, which ensure that each person has the right amount of access.
How to Convert Spreadsheets to Web Applications in a Practical Way
Moving from static spreadsheets to dynamic web applications can significantly improve business planning. The following five steps can help you with this process:
1. Assess the use of spreadsheets
Start by evaluating your company’s current use of spreadsheets. Identify the workflows and procedures that rely primarily on spreadsheets, as well as their drawbacks and limitations. Prioritize by starting with the spreadsheets that are most critical to the organization.
2. Select the right platform
Choose a web application platform based on your business needs. For example, some platforms specialize in converting existing Excel spreadsheets into secure online applications, ensuring a smooth transition without having to rebuild models from scratch. Other platforms may offer unique features, such as advanced data integration, real-time collaboration, or customizable user interfaces, offering a variety of solutions tailored to different business needs.
3. Arrange the transfer
Create a detailed plan for migrating spreadsheet data to web apps. To ensure a smooth adoption process, this strategy should include schedules, resource allocation, and training initiatives.
4. Train your team
Provide your team with thorough instructions on how to use the new web application tools. Ensure that all users are familiar with the new procedures and emphasize the benefits of the new system.
5. Keep an eye on things
After the handover, monitor the functionality of the online apps and ask for user input. Implement the required changes and improvements based on this input to increase effectiveness and user satisfaction.
The heart of the matter
Companies looking to improve their planning processes can take a big step forward by moving from static spreadsheets to dynamic Excel web apps. By overcoming data quality hurdles, technology limitations, and collaboration issues, companies can continue to leverage the inherent benefits of Excel spreadsheets while significantly increasing the ROI and business utility of this asset.
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