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5 Ways Excel Is Killing Your Business

Familiarity and comfort are words we often naturally gravitate towards. The comfort of our homes and the familiarity of friends are usually the antithesis of stress and discomfort and can ease our troubled minds. In business, however, refusing to change because of existing familiarity or perceived comfort can sometimes undermine our potential growth and success. Change may be uncomfortable but is usually necessary to maintain competitiveness.

Take, for example, the ubiquitous Excel spreadsheet. A staple in business and management for decades, its popularity and usefulness is starting to see a decline as new and more robust systems become available. And, while many companies will continue to utilize this tried and true method, it is worth examining why others are looking for alternatives. Is this the time to stretch your comfort zone?

Advancing Technology

One of the reasons Excel was so successful was its positioning in the early tech boom of the 80s and 90s. It was a paperless spreadsheet, which gave huge advantages to previous paper-based accounting and data gathering methods. Equally, it was unrivaled for a good stretch of its early life. As a Microsoft product, it enjoyed the shared success of its parent company. But, as is the case with tech, exponential growth catches up and often surpasses, older systems, even though such advancements were born on the successes of its predecessors. Modern solutions have Excel to thank for their existence, even though they can also signal their impending demise.

69% of American companies with annual revenues under $25 million use Excel as their primary tool, compared with 78% in 2017. –FinancialForce

Frequent Errors

With most businesses, a portion of errors can be attributed to the machines and the others to the operators. Unfortunately for Excel, its format can be confusing to those not extensively familiar with the program, and its page layout can sometimes hide or mask needed data. As this program ages, younger users may find it to be more of a pitfall than a performer. Mistakes in accounting and data gathering can seriously impact a company’s bottom line, especially those just starting out, with less of a revenue stream and less room for error. Additionally, newer systems are more user-friendly for modern employees and their familiarity with modern formats.

Collaborative Intuition

One of the biggest drawbacks for Excel is its inability to integrate with other software and technology to become a sharable platform for information. Not that it can’t be achieved, but newer systems are built for sharing and meshing with other tech components. As a tenant of modern business, sharing and collaborating becomes incredibly useful and important for utilizing a workforce, as a whole. Facility Managers, Accountants, the populous workforce, and C-Suite all find a reason to interact and collaborate through technology and Excel is not as user-friendly in this regard.

Real-Time Data Analysis

When considering sharing and collaboration, one advantage modern systems possess is the ability to analyze real-time numbers, as they are gathered. Many modern programs are able to gather data on workforce occupancy, real estate configurations, visitor traffic, and even hardware maintenance needs. Excel still relies on manual inputs, for the most part, and can’t really compete with these features.

Safe and Secure

Security issues with Excel may also raise red flags for your organization. Managing important data with a digital spreadsheet leaves a door open for many within, as well as outside, your company to peruse valuable numbers. Data you may not want the world to see. More modern systems can use beefy encryption methods to keep your numbers safe, whether in storage or through shared communications.

Although Excel still retains its hold on the business world, there are more than a few reasons to become aware of its competition, and how other systems can improve your overall data and financial planning and monitoring. With SpaceTrak, you are offered a flexible and powerful multi-faceted tool, which can grow and configure to your needs. Equally, our continued training programs offer a workforce the ability to build on their knowledge and garner the greatest use from our systems. Never one to sit idly, we strive to give our customers the best tools for their busy world.

Let us show you how SpaceTrak can help deliver a time savings of 80% or more and increased accuracy of up to 30%.

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