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Five Business Challenges in Which Excel Doesn’t Make the Cut

Five Business Challenges in Which Excel Doesn’t Make the Cut

Microsoft Excel, as a personal productivity software, is great. It’s familiar, it’s part of a low-cost software suite, and it’s well distributed. However, when you start to use it for critical business functions—budgeting, planning, performance management—you quickly learn that all of these advantages are washed away by the risks that come along with using them.

Manual reconciliation, email handoffs, errors, and more all begin to cut away from the ‘security of the familiar’ and begin to build up the ‘danger of the outdated.’

Needless to say, if you’re using Excel to manage critical business processes, you’re putting your business at unneeded risk: Wasted resources, lack of audit trails, security, mistakes, and much, much more.

Do you find yourself looking at the following challenges in your Excel-based planning?

  • Planning has become too time consuming: Department to department, the spreadsheet gets passed around via email, with no audit trail, until everyone is happy with the numbers or annoyed by the process. Then, the spreadsheet is off to the finance department, who has to gather all of the data and reconcile all of the information.
  • All this emailing has me worried about security: From person to person, critical business data flows, and with each email, the security risk becomes bigger and bigger. Email can be forwarded to anyone, and financials can find their way into the wrong hands.
  • Errors, errors everywhere: 90%. That’s the number of spreadsheets that contain some kind of error. Add this to a lack of control into who can edit formulas, and it becomes less of a matter of ‘if’ something goes wrong, and more of an issue of ‘when’ something goes wrong. Plus, without an audit trail, how do you know who made the mistake?
  • We can’t afford something better: A common concern, especially for small and mid-sized businesses. You don’t want to spend huge amounts of money up front for servers, racks, licenses and implementation costs. But what if there was an option that allowed you more visibility, easier planning, and did so without the hefty price tag that comes with on-premises software? The cloud has made budgeting and planning software more affordable than ever.
  • We’ve invested so much time into using Excel. We can’t leave now: We know. It’s not easy to let go of something into which you’ve put so much time and effort. Add to that the misconceptions of grueling implementation and training times associated with EPM, and you’re like so many other companies paralyzed by fear of missing out. But there’s an easier way.

The simple way to look at it is this: You can’t afford to stick with Excel for planning, forecasting, and budgeting, but you don’t want to dive into the costs and time associated with traditional enterprise performance management (EPM) software.

There’s a better way. Host Analytics.

Why Host Analytics Overcomes Your Excel Challenges

The Host Analytics EPM Suite is a cloud-based system designed to make planning and performance management much faster, more secure and more accurate than Excel. Host Analytics gives you a single, seamless platform for planning, close, reporting and analytics, which means you’ll never again have to juggle multiple Excel sheets or share sensitive company data via email.

You’ll dramatically streamline your processes and reduce the potential for human error with best-in-class security and a complete audit trail. And the Host Analytics cloud platform saves you significant time and money over on-premise software. With your yearly subscription, you get:

See how Host Analytics answers your Excel-based challenges by downloading the whitepaper, Top 5 Reasons to STOP Using Excel for Planning and Performance Management. When you’re ready to make the jump, learn more about Host Analytics below, and contact us for more information.

Get in contact with Brittenford using this form to learn more.

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