Feeling the daily challenges of being handcuffed by analytic options tied to Excel capabilities and skills within your company?   

Analytics Strategy has moved from the latest buzzword term to the top of the C-Suite must-have list.   

As a result, the need for analytics in everyday business is now a necessity to remain competitive.  Therefore, Excel-based modeling and reporting aren’t enough anymore. 

Outgrowing Excel Only Analysis?  3 Signs you should not ignore  

#1 Communication –Visualization capabilities in Excel are not telling the whole story. 

Firstly, more and more business users are starving for deeper insights into their data. So, Excel’s presentation layer beyond basic linear table formats and charts leave users wanting more. 

Truly useful analytics allow deeper performance evaluation, trend and variances insights which allow users to take appropriate action. 

#2 Complexity – Business modeling and analysis in Excel has become unmanageable. 

Secondly, company analytic capabilities need to mature to boost the business forward.  Certainly, without technology advancement beyond Excel, many companies are over-reliant and compromised by weak or limited data modeling and reporting capabilities. 

Today’s spreadsheet-based analytic models are large and often error-prone, therefore, leaving companies vulnerable to financial challenges and missteps based on incorrect data. 

#3 Collaboration – Shared Excel models are now impossible to govern. 

Thirdly, and most importantly, connected analytics is a necessity.  Users need to inter-connect many faceted data across the organization.  Linked Excel spreadsheets that span across departments are not sustainable and difficult to govern.  Consequently, one source of the truth becomes a day to day struggle. 

A common data platform allows equal access to shared data and less reliance on the health of a large excel spreadsheet. 

Conclusion

In short, if you are experiencing one or all of these warning signs, you are not alone.  The first step in any analytics journey is internal assessment and vision for a more insightful future.   


Having a Conversation with your Data

The following eBook shares how Performance Management technology and Modern Data analytics can quickly accelerate an Analytics Strategy.  Click here to download it today! 

Michelle Collier

Michelle has a passion for making the impossible, possible. She is focused on driving analytics awareness and helping her customers solve their business challenges with technology. Prior to joining eCapital Michelle held various roles within accounting and finance at Target Corporation. She holds a Bachelor of Science degree in Accounting from The Carlson School of Management at the University of Minnesota and is an inactive CPA holder.

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