Excel Spreadsheets vs. BrightAnalytics: Why You Need To Make the Switch
Switching from Excel to BrightAnalytics can help your firm work more productively and accurately while gaining insights into how to improve KPI’s.
Why do companies choose BrightAnalytics for their management reporting
1. Spreadsheets and human error go hand in hand.
One small typo, formula error, or wrong selection of data range can quickly produce a waterfall of incorrect results. Who wants to make strategic decisions based on numbers that are difficult to verify? Either you don’t even notice the error, or you spend hours troubleshooting to find the needle in the haystack.
In a reporting tool, all data is automatically retrieved from accounting, ERP, or CRM systems, for example, is systematically subjected to health checks. Top notch reliability.
2. Crashproof spreadsheets have not been invented yet.
The more you grow, the greater the volume of data becomes and the more complex the formulas. As a result, the spreadsheets respond more and more slowly. To avoid crashes, historical figures are often deleted, but this also causes historical benchmarks to be lost.
While the spreadsheet is flexible, it lacks agility for seamless growth. If your growth aspirations are ambitious and your organisational structure diverse, a management reporting platform becomes crucial. BrightAnalytics efficiently presents historical data and outcomes of intricate structures in an organised and transparent manner, encompassing the entire organisation or specific filters like entities, business units, cost centers, and more.
3. Spreadsheets are soon dinosaurs
Finally, we touch on data collection. Keeping reports up-to-date in spreadsheets is often a time-consuming, manual process, and you depend on various departments to get recent figures. By the time you have obtained all the data, the numbers are history. So you keep updating your reports last-minute from FinalReport and FinalReport_v1 to Final Report_v10-update and even FinalReport-v11-finalB.
4. Spreadsheets are not very intuitive to use
An average user can build basic formulas, create charts and also pivot. But for other functions, the majority quickly turns to the “advanced spreadsheet hero” of the company who does the magic. Not only not very user-friendly, but also not very insightful.
A reporting platform such as BrightAnalytics is intuitive to use for everyone, financially trained or not. Management reports are built up from your business strategy: clear and comprehensible for everyone.
BrightAnalytics offers a solution:
BrightAnalytics believes the future of reporting and consolidation (and yes, even budgeting) can be done in a world without Excel. In the cloud-based BrightAnalytics platform, you can consult your figures and dashboards in the views that you want – any place, any time. You can slice and dice the data to any dimension you would like to focus on. You can drill down to the lowest level of detail and even access your digital invoices. BrightAnalytics gives everyone who needs it one correct, up-to-date version of the truth in one click.
Our team is here to provide you with personalized and outstanding service.
- Do you have different managing directors for each of your legal entities?
Give them access to all data related to their business unit.
- Do you have key account managers?
Give them access only to each of their own customers, so they can follow up based on the outstanding invoices.
- Do you have board members?
Give them access to all data, but don’t let them drill beyond a certain of detail.
You can set restrictions for any person/role you want.
That means anyone who has access to the platform, will immediately have a 360° view of the data they are interested in. It is no longer necessary to distribute static Excel reports that are outdated the moment you send them out.