A YouGov survey, commissioned by F1F9, revealed that 72% of medium and
large enterprises utilize spreadsheets for budgeting or forecasting.
Additionally, 78% of UK businesses report that spreadsheets play a
crucial role in their financial decision-making processes, yet only 11%
believe they can rely on manual data entry and processes. Furthermore,
17% of large companies have experienced financial losses due to
inadequate spreadsheet management.
Here are five reasons why businesses should use a centralized data management tool (or CRM) rather than continue relying on spreadsheets:
Improved Data Governance: Spreadsheets often lack proper governance, leading to issues like version control, unauthorized changes, and unclear data ownership. In contrast, a centralised tool offers better oversight, with features like version tracking, user permissions, and audit trails, ensuring data integrity.
Error Reduction: Spreadsheets are prone to human error, such as incorrect formulas or data entry mistakes, which can lead to significant business consequences. For example, the UK retailer’s miscalculation led to a share price drop. A centralised CRM system minimises such risks by automating data entry and calculations, ensuring greater accuracy.
Time and Resource Efficiency: Spreadsheet management, especially when handling complex financial tasks, can be extremely resource-intensive. A CRM reduces the time spent manually checking formulas and links across multiple sheets, streamlining processes and freeing up resources for other tasks.
Scalability and Automation: Unlike spreadsheets, which are often used beyond their intended capacity, CRM systems are built to scale and support more complex business needs. They offer automation for repetitive tasks, such as tax reporting, which saves time and reduces manual errors.
Compliance and Auditing: Tax authorities are increasingly pushing for automated solutions to ensure better compliance with regulations. A CRM provides a formalised, auditable process that meets regulatory requirements and enhances transparency, unlike spreadsheets that lack the built-in tracking required for audits.
By moving away from spreadsheets, businesses can avoid costly errors, improve efficiency, and meet regulatory demands more easily.
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