Using Spreadsheet Management Software to Improve Data Quality
3 MIN. READ
Regardless of the scale of data you work with, maintaining high data quality is integral to optimal business management.
There are good reasons for that. Reduced data quality doesn’t only lead to errors, but it may also cause massive losses along the way. High-quality data, on the other hand, minimizes risks and makes way for efficient operations in the long run.
It follows that assessing and maintaining the quality of your data is one of the most critical steps you can take for your business. This is also why experts advocate combining the latest IT solutions with traditional business management software. They aim to maintain ideal data quality consistently.
Spreadsheet management software bridges the gap between IT and business operations
Through the use of spreadsheet management software, risk management professionals are looking to bridge the gap between IT and business processes.
Speaking at a recent webinar hosted by Dataversity, management professionals expressed the crucial need for businesses to adopt modern data quality practices.
During the discussion, experts highlighted that due to the usage of modern technology, data quality is no longer a departmental requirement solely for payroll and accounting. Instead, it “now requires more of an enterprise-wide view than a platform-specific one, due partly to an increased focus on ensuring data is accurate for reporting and analytics uses.”
For instance, accurate data enables organizations to drive their overall operations through functions such as customer experience, product performance and service quality.
Conversely, errors in data management bring the risks of inaccuracies and impaired analysis across the organization. If even one data cell has an incorrect value, it can disrupt the whole sheet and the information it is trying to report.
As a result, bad data quality doesn’t only affect accounting or cause payroll discrepancies. It could cause organizations to fail at reaching their core objectives, not to mention the consequences to their reputation and revenue. In fact, according to MIT Sloan Management Review, failure to maintain data quality can cost businesses 15-25% of their revenue.
Bridging the gap reduces spreadsheet risk
To reduce spreadsheet risk, experts are turning to modern, automated solutions to analyze and correct crucial information within spreadsheets. Since they are purpose-built to mitigate spreadsheet risk, businesses are adopting them left, right and center.
The move comes at a convenient time. In the age of fast-paced data updates, information can change at a moment’s notice. With their ability to find and resolve errors in spreadsheets, these automated applications offer an ideal way to keep up with highly dynamic data while also maintaining accuracy.
As a result, these spreadsheet management solutions directly reduce spreadsheet risk and save businesses from walking down the path of errors and losses.
Trust your data to make critical business decisions
In the long run, reducing spreadsheet risk improves data quality so businesses can make decisions based on data they can trust.
It may seem like a small improvement on the surface, but automating manual spreadsheet processes promotes improved productivity and optimal management.
Spreadsheets play a critical role in your business. To mitigate spreadsheet risk, it’s important to incorporate spreadsheet management solutions that enable you to trust your data.
For more information about why companies that prioritize spreadsheet risk are better positioned to protect customers, revenue and reputation, download our Forrester Opportunity Snapshot study. You’ll learn more about the importance of data accuracy in spreadsheet management and how it can improve your organization’s data culture.