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.

How effective is your business reporting solution in providing you with the information you need at the time you need it?

Chances are, like 75% of small and medium businesses, your company is using spreadsheets. True, spreadsheets are the most common go-to solutions for on-the-fly forecasting, but they may not be your best option for presenting information that require consolidation and in-depth analysis and involve a lot of number crunching, especially with critical data at stake.

Furthermore, spreadsheet-based reports are rarely produced in a timely manner. In today?s fast evolving business environment where flexibility, mobility, and timeliness are the order of the day, this simply won’t do.

Let’s take a look at the particular areas where spreadsheets fall short when it comes to providing dynamic and sound financial reports:

Collaboration

With rapidly changing market conditions, organisations have to conduct budgeting, forecasting, and planning more often. Hectic schedules and geographical distances aren’t a hindrance though, because technologies like the Internet, advanced telecommunications and mobile devices can put instantaneous collaboration at everyone?s fingertips.

But collaborative activities in a dynamic setting can only succeed if all participating individuals are given secure, real time and simultaneous access to the same relevant information. This way, every change made is automatically consolidated and projected unto the bigger picture for everyone to digest.

Alas, spreadsheets aren’t built for this.

Cost Efficiency

Whether we’re in a recession or not, cost efficiency has to be taken into consideration. Are spreadsheets really the cost-effective solution?

Think ?time is money?. With the length of time needed to prepare data, establish controls, consolidate reports and distribute copies, you’ll realise how expensive spreadsheets actually are.

The ability to innovate in a changing economic environment and limited resources – a valuable derivative of agile practices – can give your company a very significant advantage. But dedicating so much time on spreadsheet management can strip your organisation of room for innovation.

Quality of Reports

Business empires rise and fall on the power of relevant information. At the end of the day, top management should assess their sources of key performance reports, planning tools and budgeting applications using these parameters:

  • Does your financial reporting system give you the right information right when you need it?
  • Do the reports allow you to look beyond the numbers to spot trends or forecast changes in the market?
  • Do they furnish enough significant data for you to make informed decisions in good time?

Spreadsheets weren’t designed to analyse data on the enterprise level. As a result, spreadsheet reports often take far too long to prepare and more importantly, may lack the dimension and depth that are crucial in decision making.

Data Reliability

We’re all familiar with the risks associated with spreadsheets. This error-prone UDA can provide inaccurate information simply because of a broken link, an incomplete range, a deleted number, or an incorrect formula. In an active business scenario where data manipulation has to be done under constant time pressure, the risk probabilities escalate.

As they always say, ?If anything can go wrong, it will?. With spreadsheets, a lot of things could go wrong. Is this the kind of tool you?d like to work with when making fast, crucial decisions? If you’re still using spreadsheets, then you?d best forget about dynamic reports and rolling forecasts.

Inability to adapt to personnel turnover

A key challenge in maintaining the spreadsheet system is picking up where another left off. A user would find it difficult to debug, revise, or analyse a spreadsheet system he developed himself and the process becomes doubly complicated if or when another person takes over.

Starting from scratch is painfully counterproductive, so that a newcomer has to spend hours figuring out the original entries in the spreadsheet and the reports it yields.

While no one is indispensable in any organisation, it’s pretty much accurate to say that if a spreadsheet ?developer? leaves, it could momentarily halt the production of key finance reports. In a fast changing business landscape, such failure to monitor performance at critical times could sound the death knell for your company.

More Spreadsheet Blogs


Spreadsheet Risks in Banks


Top 10 Disadvantages of Spreadsheets


Disadvantages of Spreadsheets – obstacles to compliance in the Healthcare Industry


How Internal Auditors can win the War against Spreadsheet Fraud


Spreadsheet Reporting – No Room in your company in an age of Business Intelligence


Still looking for a Way to Consolidate Excel Spreadsheets?


Disadvantages of Spreadsheets


Spreadsheet woes – ill equipped for an Agile Business Environment


Spreadsheet Fraud


Spreadsheet Woes – Limited features for easy adoption of a control framework


Spreadsheet woes – Burden in SOX Compliance and other Regulations


Spreadsheet Risk Issues


Server Application Solutions – Don’t let Spreadsheets hold your Business back


Why Spreadsheets can send the pillars of Solvency II crashing down

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The Future of Cloud Backup and Recovery

We came across a post on Docurated that pulled together thirty-seven suggestions for the top cloud storage mistakes user companies make. Given that cloud storage seems to be the best backup solution for now at least, we decided to turn these ideas around to sense the direction cloud backup and recovery needs to take, if it is still to be relevant in say ten years? time.

Has Cloud Storage Largely Saturated the West?
It probably has. Outside of major corporates who make their own arrangements ? and SME?s that use free services by email providers ? the middle band of companies in Europe and America have found their service providers, although they may have never tested the recovery process, to see if it works.

The new gold rush in the cloud backup and recovery business is, or should be emerging markets in Asia, Africa, South America, and the Middle East. There, connectivity is brittler than over here. To be relevant in these fragile, more populous areas our cloud backup and recovery industry need to be more agile and nimble.

? It must provide a simpler service emerging commerce can afford, refresh its user interfaces in third world languages, have more accessible help, and be patient to explain how cloud storage works to newbies. In other words, it must source its call centre operators in the areas it serves.

? It must adapt to local connectivity standards, and stop expecting someone with ADSL broadband to keep up with cloud server networks running at up to 1GBPS compared to their 10MBPS at best. For user sourcing and retention purposes, these new cloud backup and recovery services must be the ones who adapt.

? It must facilitate disaster recovery simulations among its clients in calmer moments when things are going well. Are they backing up the right files, are they updating these, and are their brittle ADSL networks able to cope with their cloud service providers? upload and download speeds?

? It must develop lean and agile systems slim enough to accommodate a micro client starting out, but sufficiently elastic to transfer them seamlessly to big data performance. The Asian, African, South American, and Middle Eastern regions are volume driven, and individual economies of scale are still rare.

? It must not expect its users to know automatically what they need, and be honest to admit that Western solutions may be wrong-sized. Conversion funnels in the new gold rush are bound to be longer. Engagements there depend on trust, not elevator sales letters. Our competition in these countries already works this way.

? It must be honest and admit cloud storage is only part of the solution. To recruit and retain users it must step back to 1983, when Compuserve offered its customers 128k of disc space, and spent an amount of effort explaining how to filter what to put there.

Cloud Storage of Data is Only One Part of the Solution
Governance reports and stock certificates burn just as easily as do servers in a fire. We must not transfer bad habits to exciting new markets. We close this article with the thoughts of John Howie, COO of Cloud Security Alliance, as reported in the Docurated post we mentioned, and these apply across the globe, we believe.
There is no single most important thing to carry forward into the future of cloud backup and recovery. We must be mindful when moving data that this can be fragile too. We must also create layers of backup the way insurance companies re-insure, that make any one cloud backup and recovery business redundant if it happens.
We hold the trust of our customers in our hands but trust is delicate too. We must cease trying to make a pile of money quickly, and become more interested in ensuring that data transferred back and forth is synchronised. The cloud backup and recovery industry needs only one notorious mistake, to become redundant itself in the ten years we mentioned.

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ISO in Energy management

Every industry has its own set levels of quality that are considered acceptable or desirable. Energy performance like any other field is governed by some set standards. These differ across regions but international standards do exist.

ISO 50001 is the international energy standard applicable to both large and small organisations irrespective of geographical, cultural or social conditions. It outlines the best energy management practices that are considered to be the best by specifying that an organisation must integrate an energy management system and institute an energy policy, objectives, targets, and action plans taking into account legal requirements and information related to significant energy use. The energy standard is applicable to organisations.

What’s the importance of attaining energy certification?

ISO certification in any industry is a demonstration of quality or that a service or product meets the expected service standards. In energy management, ISO certification is a demonstration that an organisation or company has implemented sustainable energy management systems, completed a baseline of energy use and, is committed to continuously improve its energy performance. In addition, ISO certification assists organisations in the following ways:

? Organisations are able to optimise the existing energy-consuming assets

? Offers guidance on bench-marking, measuring, documenting, and reporting energy intensity improvements and their projected impact on reducing GHG emissions

? Creates transparency and facilitates communication on the management of energy resources

? Promotes energy management best practices and reinforces good energy management behaviours

? Assists facilities in evaluating and prioritising the implementation of new energy-efficient technologies

? Provides a framework for promoting energy efficiency throughout the supply chain

? Facilitates energy management improvements in the context of GHG emission reduction projects: The reduction of carbon emissions means therefore an organisation is able to meet government carbon reduction targets by demonstrating environmental credentials. The accruing benefits are many, ranging from increased investor confidence to more tender opportunities

Energy management software plays a vital role in helping organisations comply with energy standards through improved performance across the various functions in an organisation.

Computer Forensics

So you had a customer data security breach last weekend? Do you know you could be held liable in court for failing to implement required security procedures? That’s right. Due to the overwhelming surge in identity theft wherein nearly 20 million Americans have already been affected, most states have enacted laws to curtail this fast rising crime. Therefore, it is important to redefine how your company deals with customer data security.

  • First, you’ll want to know what your obligations are as dictated by law. Some places, for example, require the destruction or deletion of personal data through shredding, erasing, or by rendering them undecipherable.
  • Second, not only do you need to comply with the said requirements, you’ll also have to prove in court that you actually complied if ever a security breach does happen.
  • Third, you need to be aware of your post-breach duties to avoid being dealt additional penalties.

Obviously, such situations now call for individuals who are experts in both the legal and technical aspects regarding data security. Such individuals are practitioners of a relatively new discipline known as computer forensics.

Armed with our computer forensics specialists, we’ll be able to help you deal with the above concerns. As a result, you can be prevented from having to pay fines that can go up to hundreds of thousands of euros.

There are other equally important reasons why you would want to avail of computer forensics services. For example, you’ll need computer forensics specialists because you want to:

  • Catch a person involved in criminal activities such as child porn, stealing of personal data, and destroying intellectual property.
  • Investigate a computer, network, or even a mobile device for clues that may lead to the culprit.
  • Determine the extent and possible causes when you discover your digital data has been damaged.
  • Find and recover damaged, deleted or encrypted data regardless of whether the cause was intentional or not. If the data in question will be used as evidence in a legal action, there are certain procedures that need to be followed during recovery operations to retain the integrity of the data. Computer forensic specialists are highly qualified for such operations.
  • Implement security policies in your organisation. Such policies have to operate within legal bounds if you want to avoid possible sanctions in the future. These policies should also be designed such that future forensic operations can be conducted with a high likelihood of success.

That said, a company that integrates computer forensics into its IT security policies and practices will be better equipped to remedy the situation once data security has already been compromised than a company that doesn’t.

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