Excel Assets: Embrace Agility, Remove Liability
Taking back control of your Excel assets is more critical than ever. The risks are too great to be ignored, from unknowingly making false submissions, to making bad decisions based on misleading data. With the majority of today’s reporting produced using Excel, the impact of failing to be proactive can be substantial.
If, like in most organisations, the number of spreadsheets has been growing unchecked, unmanaged, and unsupported, then the likelihood of organisational liability is high.
The Risk: Increased Responsibility
With a growing number of businesses accumulating a formidable legacy of Excel assets, the potential for disaster is greater than ever. If the company fails in its responsibility to shareholders, fails to be compliant with regulations, or suffers irreparable damage to its reputation, where does the finger get pointed at your company?
Potential key risks to your organisation:
- Enterprise reputational risk
- False external submissions
- Failing to be compliant with regulations
- Failing in responsibility to shareholders
- Enterprise risk management failure
- Misleading data leading to bad decision making
- Lack of evidence, or indecipherable data, for compliance & audit
The above list creates a plethora of negatives for your business, both internally and legally.
Spreadsheets have a tendency to multiply out of control. Their ease of use and your employees’ familiarity with them is both Excel’s greatest asset and liability. Individuals create clones of existing sheets to repurpose them, leading to an ever-increasing mass of Excel solutions most companies aren’t even aware of. It’s imperative you regain control and create transparency.
The current cost of errors and bad decision-making based directly on flawed information is hard to quantify. A high number of material disasters derive from Excel errors, and with many individual cases having been shown to run into billions of pounds, the cost’s far higher than most companies realise.
As the volume of data grows, the potential risks increase and no company is immune. The introduction of new regulations, such as GDPR, are going to force you to know more detail and have more control of your Excel assets, which will compound the problem.
The good news is you can mitigate the potential problems quickly and inexpensively. The benefits of our EDGE framework have always been clear and substantial. We’ve been diligently helping companies to regain ownership of their data assets for many years, and now have a comprehensive toolkit and framework that’s cost effective, quick, and produces superior results when compared to more expensive options.
While the benefits of this approach vary according to organisational structure, these are some of the general benefits you can expect:
- Governance, control and transparency
- Low TCO (total cost of ownership)
- Assists mitigating unknown risks
- Assures EUA quality
- Proactive not retrospective
We achieve this through our unique framework, using automated tools, education, processes, and procedures tailored to your company’s needs. The end result is secure and simple with a low total cost of ownership.
Agility not liability
By being proactive and using the EDGE framework you’re also helping to future proof your Excel assets. The simplification and accuracy you will achieve combines with our framework to create solid but agile solutions and processes. This will give you genuine governance, greater accuracy, and represent a long-term cost saving without the long-term costs.
Regulations are advancing all the time. Simplification, transparency, and accuracy are essential for you to have the agility to protect yourself and stay compliant. Unmanaged, unsupported and unregulated spreadsheets lead to major data errors, which is why it’s crucial you act now.
EDGE gives you a cost effective way to be proactive and regain control of your Excel assets. As no proprietary software is needed, and because it utilises tools you’re organisation already has, the total cost of ownership remains low.
It will greatly reduce the number of spreadsheets so you’re left with only the relevant data. This is then organised into a much more palatable system, which includes processes to mitigate errors, save time, and ensure all regulatory requirements are met.
When you operate in such a dynamic environment it’s crucial your tools are agile and accurate. 4Front has consistently and successfully helped organisations to maximise what they have for the lowest cost.
We’ve spent nearly two decades using IT tools to ensure regulatory compliance, and improved our client’s internal systems and processes along the way. Whether architecture, modeling, prototyping, small tactical solutions, or a global strategy for big data, the 4FRONT team is experienced and diverse enough to help you.
We have a reputation for providing exceptional value for money and have IT intellectual property currently leading the field.
Contact us now to discuss how we can help you transform your business.