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How to reduce spreadsheet risk and inefficiency in modern analytics?

Excel spreadsheets are often the tool of choice to store, manage, analyze, arrange, and present information for financial planning, data analysis, compliance, and more. However, these spreadsheet-driven processes are not sustainable as organizations expand and grow.

As part of their digital transformation efforts, organizations should capture the value of replacing spreadsheet-driven processes with a modern data and analytics architecture. Adopting modern applications with automation improves access to information in real-time. When applied to financial processes such as accounting, budgeting, and forecasting, organizations can be more confident that information is accurate, up-to-date, and consistent.

Infor EPM screen showing budget trends

Characteristics of a modern data and analytics architecture:

  • Easy to use: Modern UI that is easy to learn, navigate and collaborate
  • Self-service: Limited IT involvement, designed for the business user
  • Flexible and open: Customizable and extensible to match requirements of the business
  • Lower costs: Automated data integration processes, saving time and resources
  • Less risk: Centralized and trusted data with controls
  • Simple to deploy: Single multi-tenant provisioning for all services

Check out this best practice guide of the Five ways modern analytics reduce spreadsheet risk and inefficiency to see why spreadsheets hurt organizations and why enterprise performance management is essential to success in the digital economy.

April 2023

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