The London whale incident, where JP Morgan & Chase lost 6 billion due to a spreadsheet error should have marked the death of Microsoft Excel. Unfortunately, it did not; some companies simply added an “oversight” department to check through all spreadsheets used in the business for errors.
It is 2017 and cloud technology has become safer and cheaper. Excel web application is the best way to manage your business spreadsheets. Here are five advantages they offer over excel spreadsheets.
- High security
While it is false to claim that cloud-based storage used by web apps is impermeable, it is no secret that it is way much more secure than the Excel. Any person who has the guts and can follow instructions can break any worksheet password protection in minutes. Alternatively, they can use the numerous excel hacking tools online. Hacking cloud storage takes more time and requires skill.
- MIMO ability
Ditching spreadsheets for web-based applications allow you the more efficient, multiple inputs multiple output capability. If you have ten people working on the same project, they can input their changes at the same time, and they will be accurately reflected immediately. Trying to edit a spreadsheet simultaneously result in a mess you might not be able to clean up.
- Onsite use
Using a spreadsheet requires a screen big enough to show as many columns as possible and hold several rows to minimize scrolling. You also need a proper keyboard to ensure you input data properly. As such it is difficult to use the Microsoft application onsite to take record of inventory.
You have to hire someone to manually write numbers down and later enter them manually into the spreadsheet. All the while you will be hoping they do not miss out on the numbers. That is a questionable choice of living in a world of smartphones and tablets, isn’t it?
- Alarms and reminders
The only time you will find a warning on Excel is when you make a semantic or syntax mistakes such as putting a wrong value type or formula in a cell. Otherwise, you are on your own. It cannot remind you of some changes you left on the way or that you are taking too long to update it.
In business today, the evidence is vital. If for example, your employee record stock on date X as Y, an image to back it up will be a plus. You cannot do this with excel.
Excel is versatile and has for years been a handy tool for managing business data. However, how business is carried out has significantly changed over the years. The functions offered by spreadsheets can be better realized using an Excel web application.