Microsoft Excel is frequently referred to as the number one business intelligence (BI) tool because it is one of the most commonly used applications. For smaller businesses, Excel is an effective tool for simple calculations and analysis. However, as your business grows, your need for sophisticated data analysis will outgrow Excel's capabilities.
At this point, the limitations of Microsoft Excel are, at best, inefficient, and at worst, potentially dangerous. In today's article, we'll examine the the drawbacks of spreadsheets in data analytics and how BI can offer a more reliable solution.
Downfall 1 – spreadsheets are susceptible to human errors
As your business grows, so too will the amount of data you will analyze. Because entering and manipulating data in Excel is a manual process, spreadsheets are extremely susceptible to human error.A broken calculation in a single cell will cascade throughout your data. Compromised data integrity can lead to considerable lost opportunities which may damage your business. No company can afford to rely on an outdated tool that is potentially rife with errors.
Downfall 2 – spreadsheets are difficult to troubleshoot
The ability to troubleshoot spreadsheets would mitigate the problem of human error. However, spreadsheets aren't built for troubleshooting because interrelated data is often scattered throughout various folders, departments, and branches. Even if the location of every related data file could be located, pinpointing error in a formula through related cells would be extremely time-consuming. This inability to troubleshoot can be quite dangerous if a critical business decision is made using questionable data
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Category: Business Intelligence Software Company profile: Phocas Software is a leading business intelligence software firm created by Myles Glashier and Paul Magee in 1999. Phocas has built its model on exceeding customer expectations. We help our customers make data-driven business decisions, uncover new sales opportunities and improve business efficiency by offering an integrated data solution. Whether you are an IT Manager who would like to spend less time performing reports, a Finance professional looking for a quicker way to drill down on a P&am ...