A warm welcome to our April Newsletter. Its hard to believe we are already a third of the way through the year. I hope your plans and forecasts made at the start of the year are starting to materalise.
In this issue:
We invite you to join one of our
Adaptive Insight Webinars where you will find out how to combine the best bits of Excel with an expert planning platform that can handle the big data number crunching and modelling that your organisation requires.
As always we end the Newsletter with our 'And Finally' planning quote.
Adaptive Insights Webinar - Where does Excel fit into your planning process?
If the answer to my question is that Excel
is your planning process, then you have reason to be very worried. But for most organisations, a reliance on Excel is standard practise. After all, it has excellent reporting capabilities and is easy to format and produce stunning graphs.
Rather than fight against Excel and try and banish it from your process altogether, what we should be doing is asking if there is a better way to plan that utilises the good bits of Excel. Why not use it for the outputs but rely on an expert planning platform that handles the big data number-crunching and modelling that your organisation requires, in a secure and stable way. Set up your report pack in Excel just once, and then simply tell it which month you are reporting on, and hey presto, your new report pack is ready in 5 minutes. That is just 5 minutes every month.
If that sounds beyond you, don't worry, help is at hand. I will show you how to do exactly this. Join me for a 45-minute webinar and I will show you how to marry an expert planning platform with Excel to get the most out of both.
A while ago we published an article looking at Spreadsheet Horror Stories, so it was interesting to read the article from AccountingWEB about Conviviality - spreadsheet hell sinks the business. Although spreadsheets were not entirely to blame it appears that "a material error in the financial forecasts", in one of their spreadsheets was a significant factor in the company's demise. EuSpRig Patrick O'Berne told AccountingWEB: "It's because people don't actually test their spreadsheets but accept an answer if it looks like what they expect or want." And therein lies one of the main problems with spreadsheets. Figures in spreadsheets are not necessarily validated or authenticated. On this occasion Conviviality got caught but it makes you wonder who will be next?
Its Time To Take on Technology
Looking at the world of football, the technology used in today's matches is hugely different to that in the sport even 10 year ago. Today there is Electronic Performance and Tracking System (EPTS) - enabling players to have wearable technology. There is also goal line technology to determine whether a goal has actually been scored. This can be linked to a device with match officials so that the referee can know within one second when a ball has gone over the goal line. With a reactive speed like that, it contrasts sharply with many companies who are unable to work out what their balance sheet looks like in 2 months' time! From a planning perspective, like in the world of football, there is new and improved technology that can provide a superior solution in a multi-dimensional world? So why are so many companies so reliant on slow, hard to maintain spreadsheets?