Microsoft Excel is one of the most popular software applications, and with good reason: it’s easy to use and helps you quickly and easily analyze data and perform simple calculations. It also allows you to visualize this data via simple charts and graphs.
But far too many people rely on Excel for more robust data analysis. Using spreadsheets for business analytics can get you in trouble. Spreadsheets can contain thousands of links, formulas, and cell references, creating many of opportunities for error. A cell reference that is off by even one row or column returns significantly different results than what you want, and can place your company at significant risk.
BI Software Insight recently published “5 Pitfalls of Using Spreadsheets for Business Analytics,” which was written by Dimensional Insight Product Marketing Manager Kathy Walsh. In the article, Kathy outlines 5 risks of relying on spreadsheets:
- Erroneous calculations
- Big security risk
- Not intuitive for your average business user
- Lots of arguing, not enough decision-making
- Can’t handle big data
Kathy also outlines how businesses can transition to true business intelligence.
You can read the entire article, “5 Pitfalls of Using Spreadsheets for Business Analytics,” on the BI Software Insight website.