Overcoming the Challenges of Using Excel for Budgeting , Planning and Reporting

Finance professionals have been using Excel for budgeting and planning due to its simplicity and widespread usage of the product. However, technology has rapidly changed the face of finance as we move into the times of big data and analytics. Excel's limitations may be holding your organization back from digital transformation.    

Excel spreadsheets challenges

• Performing multidimensional analysis in Excel often means storing and retrieving data from separate sheets

• Having to integrate data from different data sources or ERP systems manually and repeatedly

• Flexibility becomes a liability for data integrity and validation as users are free to key in any value

• Not having workflow and process controls creates inefficiencies