Don’t you deserve a more error free solution? Don’t you have enough grey hairs already? Isn’t it time to ditch the spreadsheet and embrace a new way? Well, if that’s the case, let me introduce you to Planning Analytics. 

The Problem with Excel

It's no secret that spreadsheets are prone to errors. A simple typo or an incorrect formula can snowball into a major problem, leading to inaccurate data and misguided decisions. A study published in the Harvard Business Review found that 88% of spreadsheets contain errors, highlighting the gravity of the issue. And if Harvard says it’s an issue, then you better sit up and pay attention.

Now when you mention errors, we’re not talking about small issues that can quickly be fixed without anyone noticing. No, these errors can have a profound impact on your business. 

From financial misreporting to skewed operational insights, spreadsheet errors can result in more than just substantial financial losses, they can also seriously damage a company's credibility, particularly in data-sensitive sectors such as finance and healthcare.

Three reasons spreadsheets are holding you back 

We found that there are usually three types of errors that typically occur when it comes to spreadsheets. These can be: 

• Logic error: incorrect algorithms or formulas are used
• Mechanical error: A slip of the key while typing or an error when copying and pasting
• Error of omission: Critical components are left out of a model entirely, often by simple mistake

Aside from these, we found there are other limitations and drawbacks when companies utilise spreadsheets in performance management processes. We recently broke down the most serious issues users face when trying to harness the power of Excel and spreadsheets to do their planning, click here to learn more.

The Need for Planning Analytics

For those that don’t know, planning analytics is the use of analytics and AI technologies to enhance business planning processes. It’s not a replacement for Excel, but instead, it supercharges the tool to enable you to do things that you previously didn’t think possible. 

It encompasses demand planning, budgeting, forecasting, and financial planning into one system, and unlike spreadsheets, it’s designed to handle large volumes of data with high accuracy.

Its primary benefit is to improve accuracy, efficiency, and strategic insights by eliminating the possibility of human error through data integrity. It’s also great for automating routine tasks that take up so much of your time. Imagine adding a few more hours to your week, every week. No more monotonous tasks, or mind-numbingly scrolling through rows and rows of data. Now you and your team can focus on more strategic planning to help your business grow. 

From ExHELL to ExCELLERATION! 

According to research conducted by BARC, one of Europe’s leading analyst firms for business software, they found that 53% of those who use specialised software for planning tools experienced higher quality results. Meanwhile only 5% of those using spreadsheets experienced similar quality results. 

With that in mind, it’s time to start thinking about the logistics of transitioning from spreadsheets to planning analytics. It’s a process that requires careful planning and execution, and we think the best place to start is doing a full inventory of what your business needs. Without this, it’ll be difficult to pinpoint the right tool for the job and you could end up believing that the process has been a failure. 

It’s also worth remembering that with any change, there will be challenges. Resistance to change and the learning curve associated with new technologies are common hurdles. However, with the right change management strategies and training programs, these challenges can be effectively mitigated. 

At assimil8, we’ve developed training plans to help organisations overcome a host of challenges, and to ensure that they’re getting the most out of their implementation process. 

Our Choice for Planning Analytics

It probably comes as no surprise that we partner with IBM to provide a world-class and industry-leading planning analytics solution that ticks all the boxes. If not, then you’re probably wondering why IBM? Let’s run through some of the benefits:

• Improved decision-making: IBM Planning Analytics provides users with a single, integrated view of all their data, enabling them to make quick decisions. The system also includes a variety of analytical tools that can be used to drill down into the data and identify trends and patterns not can be missed by the human eye.
• Increased agility: IBM Planning Analytics is a cloud-based system, which means that users can access it from anywhere, on any device. This makes it easy for teams to collaborate on plans and forecasts, and to quickly adapt to changes in the market.
• Reduced costs: IBM Planning Analytics can help companies to reduce costs in a number of ways. For example, the system can automate many of the tasks involved in planning and forecasting, which can free up employees to focus on more strategic work. Additionally, the system can help companies to improve their efficiency by providing a single, centralised repository for all their data.
• Improved compliance: IBM Planning Analytics can help companies to improve their compliance with regulations by providing a secure and auditable platform for storing and managing data. The system also includes a variety of features that can help companies to track and manage their risks.
• Improved collaboration: IBM Planning Analytics makes it easy for teams to collaborate on plans and forecasts. Users can share data and models, and they can leave comments and feedback. This helps to ensure that everyone is on the same page and that the best possible decisions are being made.
• Enhanced visibility: Because IBM Planning Analytics provides users with a single, consolidated view of all their data, they are able to easily see how different parts of the business are performing. This helps to identify areas where there are opportunities for improvement and growth.
• Increased accuracy: IBM Planning Analytics uses a variety of advanced analytics techniques to help users to create more accurate plans and forecasts. This can help companies to make better decisions and to avoid costly mistakes.

Supercharge Excel to Achieve the Impossible

While spreadsheets have served businesses well for many years, the increasing prevalence of errors and the limitations they pose in handling large volumes of data necessitate a shift to a more reliable, efficient, and insightful system. By embracing planning analytics, businesses can not only eliminate spreadsheet errors but also unlock unprecedented levels of insights and efficiency, ultimately driving their growth and success in the data-driven world.

The transition may pose challenges, but with the right strategies in place, these can be navigated successfully. Moreover, the potential benefits - accuracy, efficiency, strategic insights, and the ability to leverage cutting-edge technologies like AI and ML - far outweigh the hurdles.

Embracing planning analytics is no longer just an option; it's a strategic imperative for businesses looking to thrive in the digital era. So, it's time to ditch the spreadsheet errors and step into the future of business planning and forecasting with planning analytics.

For more information, visit our Financial Planning and Budgeting page or contact us today.