How Spreadsheets are Killing Your Revenue

  • March 7, 2016

Spreadsheets. We all use them, and many of us could not imagine a world without them. So how could these critical documents be hurting revenue? The answer is simple: Spreadsheets were simply not made to perform the tasks we ask them to perform today.

Where do spreadsheets waste most of our revenue? Time. Spreadsheets are usually generated by collecting information from a variety of separate sources and summarizing it in one location. Pulling labor hours off daily reports into a Labor Tracking Sheet is a perfect example; all the time spent updating the Labor Tracking Spreadsheet is wasted. Spreadsheets for you to pay twice to access your information.

Paying for duplicate manual data entry isn’t the only revenue drain going on. While spreadsheets provide an easy-to-use data entry platform, they also allow for over-typing or incorrect transcribing of data. This frequently leads to bad data entering the decision making process resulting in you paying more than you should. Don’t think this happens to you? A recent Forbes study reported nearly¬†90% of spreadsheets contain errors.

Finally, spreadsheets do not present data in an easy to digest way. With the limited ability to drill into more detail and no ability to find the original source of the data, spreadsheets provide a false sense of completeness. When information is limited to just what’s on the sheet if forces decisions to be made without all the details. This limited decision making adversely affects future projects because people regularly use the same spreadsheet over and over so the bad habits are carried from job to job.

While spreadsheets are not going away any time soon, there are some new tools available that can help reduce some of the loss that spreadsheet usage is taking out of your business. FACS’ Project Management Platform allows your team to record data directly, eliminating error prone and redundant data entry. Data is presented in fully auditable reports with easy rollup and drill down options making access to your data easier and faster. And when accurate data is available instantly your team is able to make the right decisions the first time. Learn how FACS can help you keep more money in your pocket today.

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