Using a spreadsheet to manage business data is not uncommon, but what is common is the frequency in which people miss analyse or under-use their most important business tool- their data. Your spreadsheets could be hiding some crucial information that could help your business perform at a higher level.
From our recent research with Lancaster University we have found that 95% of SMEs over 50+ employees still use spreadsheets to manage their crucial business information. Our secondary research we also found that the frequency of errors found on spreadsheets is often ‘very high’ (Economia, 2015). According to the same study:
‘Two thirds of accountants believe it is likely that over the next two years a large company in the UK will suffer financial and potential reputational losses due to spreadsheet based failure’
The potential for human error within these spreadsheets is extremely high; but the biggest danger is that this inaccurate data is being used to make important business decisions- these decisions could therefore be ill-informed causing over-spend, miss-allocation of budgets, and potentially a complete misunderstanding on how your business is actually performing.
Yet (here comes the shameless plug) there is a very simple solution to the problem. At Q2Q we are experts on data and data management- our solution is to plug in our dedicated dashboard that collates, displays and presents all your business data for you- saving time, effort and potentially money. Whether you are measuring finances, stock levels, marketing analytics or sales figures.
It can even plug into your existing systems and gather data from multiple sources. Q2Q Sofia is designed to suit your business so you don’t have to work with generic, out of the box dashboard and reporting systems- after all every business is different.
Give us a call on 01524 581 690 or register here to get your hands on our demo.