Spreadsheet Woes – Ill-Equipped for an Agile Business Environment
These days, crucial business decisions have to be made in a split second. However, the quality of these decisions hinges quite often on timely, insightful information and relevant business reporting.
Spreadsheet Fraud
To any company executive or business owner, the mere possibility of fraud can be enough to send alarm bells ringing – for good reason. In a prolonged recession, the last thing investors would want to discover is a huge, gaping hole where supposedly a neat profit should have been.
Spreadsheet Woes – Limited Features For Easy Adoption of a Control Framework
Like it or not, regulations are here to stay and for a company to comply with them, its IT and financial systems will have to be equipped with a suitable control framework. One common stumbling block to such an implementation is a company?s over-reliance on spreadsheets.
Spreadsheet Woes – Burden in SOX Compliance and Other Regulations
Spreadsheets used to be ideal ad-hoc solutions for data processing and financial reporting. But that was before companies had to comply with regulations like SOX, Dodd-Frank, and others.
Spreadsheet Risk Issues
It is interesting to note that the riskiness of operational spreadsheets are overlooked even by companies with high standards of risk management. Only when errors amount to actual losses do they realize that these risks have been staring them in the face all along.
Disadvantages of Spreadsheets
Spreadsheets have become so ubiquitous, that they’ve found their way into a wide range of applications. Unfortunately, organizations? heavy reliance on spreadsheets have made these User Developed Applications (UDA) into high-risk office tools.
