About the Talk
May 10, 2014 3:00 AM
For most businesses, spreadsheets offer a simple way to perform key business functions, such as accounting, data analysis or chart creation. But many of the user-friendly advantages of spreadsheets also make them susceptible to data or security errors that can create nightmares for organizations if overlooked.
According to the European Spreadsheet Risk Interest Group (EuSpRIG), a global resource for spreadsheet risk management, spreadsheet errors can have a tangible impact on companies ranging from lost revenue or fraud to poor decision-making or financial failure.
In a recent survey by Forrester Research, only 10 percent of 155 IT decision makers surveyed said they provide an alternative to Microsoft Office. Although Excel is an excellent business tool, it still requires careful auditing, particularly as the complexity of a spreadsheet increases, says Jürgen Schmechel, owner of Capitalise-IT, a Sydney based consultancy specializing in spreadsheet auditing and business strategies for growing companies.