Despite rapid technology advances over the past decade, many Asset Management companies still have large parts of the business running on spreadsheets. Reports and numbers produced by spreadsheets have little provenance or auditability and the calculations are uncontrolled and untested. They can be updated at any time by anyone, and whether these changes are on purpose, accidental or malicious is impossible to prove. Manual processes put in place to try to overcome these problems create inefficiency and repeated work leading to high operating costs.
We have a complete technology solution for tackling all the problems caused by spreadsheet usage in an enterprise.
1. Discovery & Control: Automatically scan, register and track all spreadsheets in use across a business. Discover where the biggest risks are and track improvement across all EUCs.
2. Transformation: Rapidly transform existing spreadsheet processes by moving data to dedicated storage and simplifying business logic using powerful template functionality using our Excel Accelerator and add-in.
3. Migration: Move processes to the cloud and bring under strict control by generating Web Apps directly from legacy spreadsheets. Rapidly analyse 1000’s of spreadsheets to aid upgrades or office migrations.
Some dangers related to relying on spreadsheets have been well publicised, such as Lazard’s mis-pricing of Tesla’s acquisition of Solarcity by $400m or the ‘London Whale’ incident where a spreadsheet mistake contributed to a $6.2bn loss. However, sometimes the danger to a business is less specific but can be even more crippling – the inability to react to new challenges and scale, wasted time on manual processes and rework caused by the frequent number of mistakes. Add to that the risks of non-compliance with new regulations due to the difficulty with reporting from spreadsheets means that spreadsheet risk can be the single most dangerous piece of software in a business.