I have no doubt that human society would not be where it is today without Excel. From sports statistics on your TV screen, to scientific research into the development of your favourite product, to personalized marketing campaigns – they all have their origins in Excel, no doubt.
These days, knowing when and when not to use Excel is a key decision in any business process design. We now have application-based technology alternatives for almost every business process, all of which will improve data quality, visibility, auditability, and data security, while reducing time and effort. Sure, sometimes a quick Excel spreadsheet will get you the information you need to be able to make a quick and simple decision. However, do you really want to go through “Excel Warfare” when designing a process that is central to your business performance and requires the involvement of multiple people throughout your organisation?
You risk having the wrong formulas and wrong results. Not to mention that one mistake could force you to spend countless hours reconciling and searching for errors. Data could fall into the wrong hands without any possibility of tracking progress apart from sending an email requesting an update.
Ask yourself the four questions below before using Excel. If you answer “Yes” to even one of them, it’s time replace Excel with a more modern, more collaborative solution designed to meet today’s business needs when it comes to sales planning, budgeting, and continuous financial forecasting.