One of the most popular uses of spreadsheet software is for Business Scorecards. Is this a good decision? Electronic spreadsheets arrived in the late 1970s as a replacement for bookkeeping tasks traditionally done on paper. Are they capable of handling your scorecards in 2017?
Studies Show a Disappointing Reality
- 94% of spreadsheets contain errors
- 57% of spreadsheet users have never received formal training
- 72% of spreadsheet users report having no audit process to check for accuracy
Do you feel safe in using a spreadsheet to compile your critical business data for tracking performance and making important decisions? Here are some things to consider.
- It’s similar to a ‘full body scan’ – A well-executed BI tool should be able to give users a detailed look at their entire business from top to bottom. Instead of clicking through multiple tabs, BI tools can quickly aggregate the data so managers can make more informed decisions.
- Provide your business with a single source of truth– In today’s world, data drives many of our decisions. However, without the necessary controls to ensure your data isn’t suspect, are you making the right decisions? BI tools remove this concern by ‘locking down’ the data.
- Identify key trends and track what you are doing to improve – Instead of handing out the latest spreadsheet, a BI tool offers a number of ways to visualize the information. In addition, by linking and displaying corrective action plans, leaders can quickly see not only how the organization is tracking, but also what is happening to improve those under-performing metrics.