Even in a company where Finance may have a planning solution, there are many departments that still rely on spreadsheets to do their planning.
Do you know how much the pervasive use of spreadsheets is costing your business? Everyone loves the use of spreadsheets for personal use and analysis, but do you realize the hidden cost of using a spreadsheet as your main budgeting and planning solution? There are a multitude of case studies that outline where spreadsheets break down when companies try to substitute them for an enterprise solution. Issues arise around errors in data and formulas, high cost of maintaining them and lack of strong security. IBM has experience with fixing the pains associated with using spreadsheets, we have over 6400 successful planning customers, and an industry leading solution available on the cloud. We can have you up and running in production in 60 days.
Spreadsheets will always be a favorite tool for budgeting and planning across every line of business – Why?
- It’s there and it’s free – installed on every machine
- It’s easy – everyone knows how to use it – from simple calculations, to building models, charts, graphs and more
- It’s flexible – users can manipulate the data to meet management’s needs
For the reasons above, the following problems are typically ignored…
- No standardization in the process. Spreadsheets are adhoc. Email replaces any real workflow process. There is no mechanism to ensure a standard process.
- Data integrity and transparency – How did you get this number? Where did it come from? Why is it different from mine? No data security, disconnected, no audit trail all lead to multiple versions of the truth.
- Inability to harness collective knowledge. The brain power of many is more powerful than one. Spreadsheets are disconnected and individual, with people emailing files around, predetermining to whom, and waiting for responses. Are users receiving timely and valuable input from those with the knowledge? Hearing from the right people? Timely responses?
- Speed of thought. The world around us is moving fast. To be competitive we often need large volumes of data, and responsive answers to questions. Spreadsheets are simply poor at dealing with multiple files and large data volumes.
- Application maintenance. Spreadsheets are good at initial creation, but are very painful to maintain. People find a way to insert rows/columns, change a formula or delete a field – which results in either errors when consolidating worksheets (which takes time to correct) or the results are wrong and no one recognizes the error.
“Spreadsheet Chaos” a never-ending list of costly errors
Spreadsheets are a personal productivity tool that lives on a desktop – they will always lack the scalability, collaboration and data governance that comes with an enterprise budgeting solution.
IBM offers a proven, enterprise budgeting/forecasting solution, on the cloud, for any size department or company. The Performance Management Cloud solution resolves all of the errors and pain associated with spreadsheet budgeting systems.
- IBM has the planning expertise – with over 6,400 successful Cognos TM1 implementations worldwide.
- IBM has the cloud infrastructure – 40 data centers worldwide.
- IBM has a large breadth of consultants and Business Partners to ensure a successful implementation.