Manual process errors can cost you billions of dollars and destroy your reputation. Still, even with the heightened risk, spreadsheets are the most common tool for managing risk and compliance.
Is your organization dealing with mistakes and inefficiencies that should be preventable? Our eBook outlines eight signs that it’s time to invest in an automated solution. Here are three that stand out to us:
Because spreadsheets are so user-friendly, they require little training—so there is rarely a company-wide system of best practices that everyone must follow when creating and editing them. This can prove dangerous when each user has his own methods.
When you’re dealing with formatting inconsistencies, you have to waste hours synthesizing all the information into a cohesive structure. If a spreadsheet’s original creator cannot explain her original intentions, it becomes even more difficult to interpret and transfer the data—and every time information must be copied and pasted into a new format, errors are more likely to occur.
Do you know how many spreadsheets are being passed around your organization at this moment? It could be thousands at any given time. Keeping track of so many files creates a significant challenge, and the more files you have, the easier it is to accidentally use the wrong version. Additionally, you run the ongoing risk of two users reviewing a spreadsheet at the same time, which can lead to lost or unsaved work.
Spreadsheets are inherently easy to copy and share, so it is hard to impose restrictions on who can access them. Any user can make changes—and those changes are rarely tracked or documented, so there is a higher risk of unauthorized people making unapproved adjustments, whether intentionally or accidentally.
Unless you limit the number of people who can access a spreadsheet—which is demanding—you cannot guarantee the security of your information. However, the more accessible your spreadsheets are, the more vulnerable your organization is to exploitation.
Is Automation the Best Choice for You?
Spreadsheets might be free at a surface level, but they come with unanticipated costs—and those costs go beyond finances. If you’re ready to save time and money with an automated, end-to-end solution, reach out to our team for a TruOps demo.
If you’re still not convinced, read about all the hidden costs of your manual processes.