3 Reasons Excel Doesn’t Deliver on Data Analytics

In the past, conventional software like Microsoft Excel was used to perform basic audit and business functions. It is universally accessible, highly affordable, and easy to learn. However, electronic spreadsheet programs fall short when it comes to advanced auditing and data analytics.

Let’s look at the top three limitations faced when we try to use Excel or a program like it:

1. It won’t protect the integrity of your data: Siloed spreadsheets emailed or shared between colleagues risk being compromised. Nonetheless, dedicated audit data analytics software mitigates this problem by minimizing the element of human error and protecting the data. 
2. There’s no real audit trail: The run-of-the-mill spreadsheet solution has no intrinsic record-keeping capacity that meets the demands set by even basic audit trail requirements. Alternatively, data analytics tools naturally create an audit trail recording all changes and operations executed on a database. 
3. It doesn’t have data analytics libraries: When it comes to collecting and using the vast amounts of data available, data analytics tools help users navigate a data analysis process from start to finish with predefined routine tests.

Nowadays, information technology is filling our space at the speed of light. Companies that implement automated systems for their business have a huge advantage over others and are highly competitive in the market. Due to time savings due to the introduction of automation, as a result, it becomes possible to get more profit.

All this suggests the need for the implementation of software solutions that will help maximize the achievements of technological progress. To do this, you can familiarize yourself with one of our products CaseWare IDEA. It is a powerful and easy-to-use data analysis tool that quickly analyzes 100% of your data, ensures data integrity and speeds up your analysis by providing faster and more efficient ways to conduct checks.

To learn more about CaseWare IDEA and to order a FREE demo,

You can contact our specialists:

+38 (097) 007 05 51

v.totskiy@caseware.com.ua