People have been using Spreadsheets like excel for a number of years. Most people have the spreadsheet software already on their computers making it easy to transfer information. However, spreadsheets can contain errors from human mistakes. This makes spreadsheets unreliable as shown by Conviviality error in it financial forecast due to spread sheets. This error was devastating to Conviviality stock price. An alternative to spreadsheets is Enterprise Performance Management. This system is preferred as it minimizes errors that could be contained in a spreadsheet.
- Performance management equals effective planning and control, which are at the heart of business success.
- This crucial planning part of business operations generates vital data, which many businesses are still saving with outdated methodologies.
- Using a system, like an Excel spreadsheet, could lead to calculation errors that may be absolutely disastrous for a company.
“Consider Conviviality, one of the UK’s largest drinks wholesalers, which recently adjusted its EBITDA forecast to 20 percent lower than the £70m market expectation due to “a material error in the financial forecasts.” The error, Conviviality later admitted, was “a spreadsheet arithmetic error.”
Read more at https://www.business2community.com/finance/skip-the-spreadsheet-drive-productivity-and-quality-with-epm-02050708″