Even today many small and medium sized businesses depend on spreadsheets for their operational analysis, planning, accounting, budgeting, etc. When spreadsheets are used, multiple versions are created, which makes everything chaotic and error prone.
Everything gets messed up, when data is extracted or even created a day ago. As a result of all this, things get out of control and the management is unable to take right decisions at the right time. To handle all their operations quickly to make right decisions, it becomes necessary for companies to overcome this spreadsheet versioning mess. To achieve this goal, they should have proper analytics and planning tools. Unfortunately, mid-size companies do not have budget as well as expertise to implement such technology.
This article is going to identify main issues of using spreadsheets for planning and analytics processes. It also helps by showing a roadmap to implement technology in an affordable manner to address these issues.
Why you should think beyond the spreadsheet?
- Spreadsheet maintenance is a high effort and cumbersome task. Due to so much time invested in its creation and maintenance, there is less time to do analysis on data and take critical decisions for the benefit of the company.
- SMBs have a limited range of products and services and there is a little room for making any mistakes. To maintain a good reputation and be at the top of the competition, it is necessary for the stakeholders to be very close to their customers, products, and the market. This requires that information flows freely and everyone has the same view of the system. With spreadsheets, it is tough to keep everyone on the same page.
- Companies are keen to know what is going to happen in the future. Though, spreadsheets have come up with new features, like Forecast, Trend, and Growth being introduced in MS Excel, but the main doubt arises whether it is reliable and accurate of these capabilities. To project the future of your company, you must statistically analyze the data using some Business Analysis tool.
Go for Business Intelligence tool!
This chaos can be handled easily, if companies start using BI tools that will provide much better results. BI tools provide different ways for efficient reporting, thorough analysis of the critical data, statically analyzing the data and generating dashboards that display KPIs.
The main benefits of using BI tools are:
- Improve the overall performance of your organization, department, and teams.
- You can make decisions based on facts.
- Improve business processes in the organization using the right visualizations.
- Monitory and generate reports using role-based dashboards.
You should use tools that help you in visualizing and analyzing relevant data. The BI tools help you in making fact-based decisions and helps in improving company’s performance.