Ever wondered how many spreadsheets your employees use daily? Also, what type of data do they store in these spreadsheets? From financial budgeting and planning to customer contact data, employees depend on numerous spreadsheets to store critical business information. Employees most commonly use spreadsheets to store payroll and employee information, sales data, inventory details, project timelines and more. For many businesses, some of the most important processes are tracked in Excel sheets.
Why does using spreadsheets put a business at risk?
While spreadsheets maybe convenient, overuse poses a significant risk to the business.
For instance, unsecured information may land in the wrong person’s email or is on a disgruntled employee’s hard drive or use of incorrect formulae could lead managers to make poor decisions. Unsecured information puts your business at risk and dispersed information wastes employees’ time. The list of risks is endless. Businesses start out using spreadsheets to track sales and inventory level to financial data and anything in between. Unfortunately, as the business grows, the habit of using spreadsheets tends to grow with it.
Here’s how an ERP system can combat the issue posed by spreadsheets
If you want to create a solid foundation that helps your business have a strong foothold in the market, you need to centralise the information your employees need to complete their tasks efficiently. The most effective method for of centralising data is with an ERP system.
An ERP system will allow you to provide role-based access to information. Only those employees who need to use the data to do their jobs gain secure access to it no matter where they are. An ERP system increases data accuracy by automating data entry, provides better analytics, and streamlines business processes by eliminating manual tasks. Thus, ERP users will spend more time doing their job and less time figuring out whether they have the latest spreadsheet. An ERP system enables seamless integration of data flow from all business systems and provides small and medium enterprises with powerful business intelligence for strategic and informed decision-making.