Stop Using Spreadsheets, Embrace Asset Management Systems

Updated : May 2021, August 2021, January 2022 From storing fiscal records and managing customer information to tracking revenue-generating fixed assets, using spreadsheets is an easy and cost-efficient way for businesses to organise their data. Particularly for SMBs and start-ups. But, as a business starts to scale, are spreadsheets the best data solicitation tools to proceed with ? Or do they become a hindrance ? After all, there ’ s a argue why Microsoft ’ second Excel application was labelled as the most dangerous software on the planet.

Using Spreadsheets Is Great, at First

Since the launching of VisiCalc ’ sulfur spreadsheet program in 1979, using spreadsheets has become a samara practice for businesses wanting to collect, store, and access large amounts of data. And, with more than one billion users globally, Microsoft ’ second Excel is the front man runner. a well as being a great resource for storing accounting data, contact information, and time logs, spreadsheets are besides a go-to tool for stock track and asset management. As a business with merely a handful of assets, using spreadsheets to store and share information among a little team seems the most legitimate solution. Although a quick Google research will provide a flurry of nightmare scenarios and disadvantages against using spreadsheets, they do have their benefits. Two of which are :

They’re (Mostly) Free

Thanks to toolsets such as Microsoft Office and Google Workspace, spreadsheets are promptly available and free to use. This is a huge advantage for smaller companies that can ’ thymine afford to spend their much-needed capital on software. rather, by using a free spreadsheet joyride, all a exploiter needs is a calculator and an internet joining .

Using Spreadsheets Requires Minimal Training

Asides from knowing intensive formulas and sums, inputting data into a spreadsheet is fairly intuitive. consequently, they do not require much train for teams to get the hang of using them. This is handy for businesses that don ’ t have the money or the time to send their team on a prepare course. In the early on stages of a business, it makes sense to utilise free tools such as spreadsheets. particularly when working in a start-up or a small team. But as a company grows, thus does the risks of using spreadsheets .

Replacing Spreadsheets with Asset Management Software?

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Four Reasons Why Spreadsheets Fail

With the growth of a business comes multiple changes, including more staff and data collection. This introduces a number of problems when it comes to using spreadsheets for managing assets .

1. Susceptible to Errors

The gamble of human error is a factor that has plagued the use of spreadsheets since the very beginning. In a study from 2013, wrong formulas, misaligned rows, and extra cells were merely a handful of inaccuracies accounting for the 88 % of errors found in all spreadsheets. The risk of homo error is therefore heavy in the UK, that it contributes to an average personnel casualty of £98.6billion a year. Although not intentional, spreadsheet errors can be black however hard to spot. For case, the remainder between typing 2 and 20 from a data entrance point of view is easy to miss. But, from a business point of view, the remainder between 2 and 20 is 1000 %. Spreadsheets are so susceptible to errors that even the earth ’ sulfur largest organisations can become victims. In 2010, a simpleton format error caused the MI5 British intelligence agency to bug more than one thousand amiss telephones .

2. Tough to Share Internally, Easy to Share Externally

When a team of one is directly involved in the management of assets, using spreadsheets to store data is all that ’ mho needed. But, as that team grows, those spreadsheets need to be accessed by multiple users. Sharing a dominate spreadsheet can be a logistic nightmare, not to mention knowing when it was death update and by who. There ’ mho besides the challenge of making certain data doesn ’ deoxythymidine monophosphate contract into the wrong hands. As spreadsheets can be well attached to emails and carried on USBs, businesses are risking exposure of data ; a gleam opportunity for any disgruntled employee.

3. No Historical Data Log

To keep file sizes accomplishable when using spreadsheets, they ’ re continuously updated as new data replaces erstwhile data. Because of this, there is no history of changes and all historical data is wipe houseclean. This introduces many challenges, peculiarly when using spreadsheets to manage assets ; When was an asset purchased ? Where has an asset been used ? What has it been used for ? What was an asset ’ s previous localization ? When was it final repaired or serviced ?

4. A Lack of Features

In a market packed full moon of rotatory technology such as IoT devices and real-time trailing, using spreadsheets for asset management can be seen as an outdated set about. not alone can some spreadsheet tools be restricted to desktop-only, with no mobile access, but they besides lack the features to provide in-depth data analysis. peculiarly in the common sense of real-time performance and location trailing, which can be found in the form of Asset Tracking Software with Barcode, Bluetooth, and RFID asset tracking capabilities .

Replacing Spreadsheets With Asset Management Software

Beyond using spreadsheets is a kind of databases that serve different purposes for different requirements. For example, most sales companies will replace their spreadsheet full of customer details with a CRM system. Whereas a fix asset-intensive administration will choose Asset Management Software. The function of an asset management system is to increase asset visibility, optimise the useful life of mission-critical assets, and reduce costs associated with acquisition and sustenance. All of which are near impossible to achieve when using spreadsheets. In fact, when comparing spreadsheets with an asset management system, there are some cardinal advantages that stand out .

Having One Centralised System for Data

alternatively of having multiple spreadsheets saved across different devices, an asset management system stores all asset data in one central space. This allows for greater handiness for an entire team of users arsenic well as provides the grounds for better data visual image and report .

Easy Integration With Other Tools

Asset management systems are renowned for being able to seamlessly integrate with other tools. Whether that ’ s software that already exists in the commercial enterprise or tools that help to improve the management of assets. Including IoT devices and condition-based monitor systems that can be utilised to provide real-time asset performance information and automatize data solicitation .

24/7 Real-Time Accessibility

Cloud-based asset management systems make it possible for data to be accessed anywhere at any clock time through a specific web page or application. This makes it ideal for users who are working aside from the function equally well as field workers .

How to Easily Migrate From Using Spreadsheets to Software

Easily Migrate From Using Spreadsheets to Software It may appear like a time-consuming and delicate process, but transferring all existing data from multiple spreadsheets to an asset management system is an easy procedure. In fact, it ’ s thus painless that it can be done in a matter of minutes, depending on how much data a occupation has to transfer. once the datum has been exported, normally into coarse file formats such as CSV and XLS, the asset management joyride will make it ampere clean as possible on how to upload it into the new system. In some cases, at an extra care, vendors even offer to transfer a occupation ’ mho data for them to minimise any risks.

Conclusion

It ’ randomness no secret how handy using spreadsheets can be. After all, they ’ re free, easy-to-use, and allow data to be stored in one position. But they ’ re besides a risk to any business that wishes to scale. And it ’ s not barely the fresh and inexperienced businesses that fall cruddy of erring spreadsheets. In fact, about one knocked out of five big business have suffered fiscal losses as a result of spreadsheet errors. Including world-renowned organisations such as JP Morgan and Barclays Capital. The miss of features and uncontrollable amount of unbridled homo errors pose many risks to growing companies. But, for businesses who rely heavily on the constant sustenance and management of their assets, there is a lake superior solution ; Asset Management Software .

source : https://alltopus.com
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