By Carrie Nauyalis, New Product Development Solutions Evangelist, Planview
When it comes to running a business effectively and efficiently, many companies face a common issue: insufficient or unreliable data for decision making. Performance predictions and time-to-market targets for new products and services depend on the accurate information that are often scattered amongst multiple information sources. What’s more, project and business teams depend on close collaboration to work towards one common goal – no easy matter if your company uses manual spreadsheets to capture and store critical business data.
If your organisation relies on spreadsheets, you’ll know how error prone and laborious these can be, especially when trying to manage a portfolio of multiple products or execute service delivery across a variety of geographies and a distributed workforce.
Tracking layers of information via emails and common desktop tools can equate to spreadsheet hell for project leads and business analysts. That’s because spreadsheets simply aren’t effective, especially when you’re dealing with short ‘go-to-market ‘cycles, or managing a product catalogue of 20 or more products.
The connection between spreadsheets and a lack of productivity is frequently acknowledged by senior managers, who cite the manual nature of the planning process and spreadsheet complexity as being the two single issues that can bog down and hamper the enterprise planning effort.
Let’s take a look at the Top 10 reasons why it’s time to escape spreadsheet hell.
- Data integrity is frequently compromised
Working with enormous spreadsheets, often with thousands of cells, graphical charts, and several macros, require manual data entry – and that opens the doors to human error. If one cell in a massive spreadsheet is incorrect due to a ‘fat fingering’ mistake, then the entire spreadsheet may be rendered useless and could potentially steer incorrect decisions that compromise the entire organisation. And when there are multiple people entering data into a spreadsheet, then you can multiply this risk tenfold times.
- Spreadsheets don’t support collaboration
With lots of players involved in updating, maintaining, analysing and reporting on the product portfolio and continuously updating the financial plan, things can get pretty complicated for everyone concerned. Spreadsheets don’t allow multiple users to input or access data when necessary and with today’s distributed workforces, this simply isn’t a workable option – nor is it productive.
- Spreadsheets waste time – lots of time
It takes an inordinate amount of time to design, maintain and manipulate spreadsheets so they provide the necessary information for effective decision making. Precious time can be wasted on spreadsheet setup and data collection rather than actually analysing the data, and project managers often find they have to structure their work and processes around what is an inadequate tool for the task in hand.
- Spreadsheets are static – but your working world isn’t
Everything in your world is in a state of flux; market conditions, priorities, product specifications, customer demand and resource availability are all constantly changing. But spreadsheets are static and cannot capture real-time data modifications.
- Spreadsheets are not reliable sources for information
Spreadsheets frequently crash because, as a desktop application, they’re not designed to hold the volume of data needed to manage large amounts of constantly changing information. As a result, the data is often deemed unreliable by those executives who need accurate data to help drive revenue for the organisation. Spreadsheets generate data that nobody really trusts.
- Lots of data does not always equate to insight
Many companies find they’re sacrificing margins and profitability, competitiveness or time-to-market because they can’t leverage the data needed to make the best business decisions. As Scott Cook, Founder of Intuit puts it: “For every one of our failures, we had spreadsheets that looked awesome.”
- Distributed data hampers necessary ‘what if’ evaluations
The fallout of complex data contained in multiple spreadsheets is that valuable ‘what if’ scenarios can’t be effectively evaluated or tested. Because the data is scattered amongst different contributors and formats, it’s difficult to get answers to simple questions like ‘what happens if we delay our product launch by six months to save costs’ – in other words, you may never really know how this will impact revenue projections, or how much of an edge competitors will gain.
- Spreadsheets can’t enforce repeatable process for efficiency
Analysts reports that companies waste roughly 25% of their time on manual processes and report generation. Even with cleverly developed spreadsheets, the process is still manual and inefficient for updating information. And while time can be saved creating spreadsheet templates, time is lost in locating the latest version of the template – plus it puts the organisation at risk due to bad formulas and data carry-over.
- Forget data consistency with spreadsheets
Because fields, acronyms, codes and other data detail often vary from user to user, it’s impossible to analyse information on an even scale. One user’s definition of a ‘high’ revenue potential may be very different from another’s. So trying to determine equivalents between spreadsheets can prove an extremely risky enterprise.
- Spreadsheets cost more than you think
Some organisations struggle with multiple spreadsheets housed in distributed locations, which are sent to a single person for compilation and verification. This results in staff wasting time consolidating data for presentation, instead of working on the core competencies of the organisation. These ‘spreadsheet wizards’ are essential to keep the organisation operating, and the loss of one of these key employees could prove disasterous for keeping the the business running smoothly. Do you really want to risk your portfolio and financials on irreplaceable personnel?
Finding a way out?
According to analysts like Gartner and IDC, best in class companies are implementing solutions that better support the decision-making process. In other words, they’ve ditched spreadsheets in favour of technology and processes that facilitate decision making – rather than frustrating it.
Instead, these organisations are turning to purpose built enterprise-wide portfolio management solutions which enable the enhanced synchronisation of strategy, operations and finance. So everyone has the data they need, when they need it – and are able to collaborate with ease. It is the key to tying corporate strategies to the projects that get executed to achieve those goals.
Not only does this enable an improved analytical culture where all the dots get connected – something that’s crucial for long range planning – it also enables greater agility, because everyone gets to access the real-time data they need to respond better to fast-paced marketplace changes.
Companies that want to improve performance need to achieve deep insights in every aspect of their product, resource, and project portfolios. In a world where technology and globalisation are driving a need for improved collaboration and project management across teams, everyone needs the tools to cope with the complexities of cross-functional innovation.
Staff training crucial for SME recovery post-COVID
- 47% of UK’s top performing SMEs provide regular, formalised training for all staff
- Despite this, 15% of small businesses report to never training staff
- New findings come as part of an independent, holistic study into small business success, commissioned by Allica Bank to support British businesses
A new study, commissioned by business bank, Allica Bank, shows that the practice of regular training correlates strongly with high performance in SMEs and will be vital to businesses’ prospects of a swift recovery post-COVID. The study analysed data from over 1,000 companies and ranked their success on a scale that evaluated factors including productivity, growth, consistency and outlook.
Post-pandemic, many businesses will be focussing on day-to-day survival; it might be easy to forget long-term planning, of which staff training is a key component. Allica Bank’s findings indicate that small businesses should incorporate training programmes into their recovery strategy to ensure long-term viability. Training will improve morale, retention and boost the company’s credibility.
The study showed that routine staff training is a common characteristic among the most successful SMEs. 47% of the 100 highest scorers on the SME Performance Index provided training for employees at least on a quarterly basis. However, nearly half of all small businesses (46%) only provide training once a year or less, inadvertently hindering their growth and success prospects.
Frequency of training also differed across sectors. 34% of legal businesses provide training for staff once a month compared to just 6% in the hospitality and leisure sector. Whilst there will always be sector-specific disparities, firms in all industries can benefit from boosting and improving their training programmes.
Chris Weller, Chief Commercial Officer, Allica Bank, said:
“With so many concerns and barriers for small businesses to navigate in the immediate term, it can be difficult for managers to focus on the training and development of their teams. However, if COVID has taught us anything, it is that adaptability and resilience are invaluable.
“The provision of regular training not only builds these characteristics into teams but serves to maintain a sense of value and togetherness that will boost morale, aide retention and improve performance – all of which contribute to the ongoing success of a business.”
“There is no one-size-fits-all approach to training, but it’s vital for business longevity that staff are supported with a formalised programme of some description. Customers will respond well to a company whose employees demonstrate enthusiasm and competence. Employees also need to feel that their skills are constantly being improved and expanding. These skills will contribute to the success of a company and this will feed through to the bottom line.”
Allica Bank’s SME Guide to Success identified six ‘rules to success’ that were more likely to be displayed by top-performing SMEs compared to their counterparts. The full report contains a wealth of additional data and insight into each of these topics.
As part of its mission to empower small businesses, Allica Bank is making the findings freely available and running a series of free online workshops with relevant partner organisations for businesses to attend.
Aliya Vigor-Robertson, CEO, JourneyHR, the expert partner for Allica Bank’s training workshop, adds:
“Staff need direction and the knowledge that they are advancing in their career to stay motivated and engaged at work. An unmotivated, disengaged team is no recipe for long-term success and will ultimately hamper a business. Team members that lack tangible support from above are less likely to identify with their role and its duties, which is a completely natural reaction.
“Regular staff training is a key component of tangible support and will make the team feel secure in their career development. A happy team with purpose and direction will contribute to a thriving business”
What Is Globalization
What is globalization? Globalization, or inter-connectedness, is the ever-growing process of integration and interaction among countries, individuals, businesses, and even governments all over the world. Globalization has rapidly accelerated in recent years because of advances in communication and transportation technology. This allows us to be able to get from one country to another quickly and easily. This also allows us to communicate freely use the Internet to connect with our friends and families around the world.
So what is globalization and why is it important? Globalization will benefit many people around the world who are looking to travel more freely, save money on their monthly expenditure, be able to meet new friends and relatives from different parts of the world, learn more about a new culture, and take part in trade and commerce.
Globalization will benefit all of us because there will be more opportunities for everyone to participate in global markets. People in different countries have access to resources, information, and products they wouldn’t have otherwise been able to afford. There are also many opportunities for people to work at home.
Globalization is not just an economic boon, but it can also benefit all of us in other ways. As globalization continues, the boundaries between individuals, states, and countries will become less porous. There will be fewer political conflicts in the world, less violence, and a greater sense of cooperation, tolerance, and peace. These are all positive impacts of globalization.
However, globalization has also created some negative effects as well. It has caused people from one country to move to another to take advantage of globalization. This is also leading to some negative consequences such as a reduction of jobs in some countries. The effects of globalization also include increased competition and unemployment in many countries. Due to this decrease in jobs, wages are dropping.
The only way we can stop globalization is to make sure that we know what it is and what its benefits are. We must understand globalization and its impact on our lives and make sure we are ready to accept the changes that it may bring. if it is inevitable in the future.
The key is to be educated about globalization. There are plenty of books, websites, and television shows that explain how globalization is impacting us and the rest of the world. Globalization is not always bad, but we must be careful not to lose sight of its positives.
In the end, globalization is here to stay, so we must learn to live with it and embrace its benefits. We cannot fight it and try to fight it off, but we must learn to deal with it. And we can do that by educating ourselves. Globalization is here to stay for the long term but we must learn to adapt to it and learn how to live with it.
Globalization can be beneficial for all of us, but it has also caused many problems in the past. There were many cases of unfair trade practices and there was the rise of unfair labor practices. Some people argue that globalization has also reduced the pay of most Americans. So while globalization is definitely not all bad, we should understand that the benefits of globalization are not unlimited. and that we must be willing to give it some limitations and accept some sacrifices.
The biggest benefit of globalization is the ability for all of us to communicate with each other easily. The ability to connect with other people across borders makes it possible to share ideas, information, and knowledge. Since we can communicate with each other, the chances of getting a good price for our goods or services goes up dramatically. and it also allows us to save money by buying in bulk. This also translates to more savings on our end.
As mentioned earlier, globalization has brought about a change in the way people work and live because people are no longer tied down by jobs. They now have the freedom to travel and do what they enjoy.
As globalization continues, there will always be some people who are unhappy with globalization and are afraid to open their eyes to new opportunities that are available to them. But that is okay; this is part of the process of globalization.
What Is Microsoft Teams
Microsoft Teams is an application and web-based collaboration tool that combines chat, videos, online collaboration, document storage, and collaboration with other applications. The service integrates well with the Microsoft Office 365 business solution and features numerous extensions that can integrate well with other non-Microsoft products, like SharePoint. There are many different versions of Microsoft Teams but here are some of the basic functions that all versions offer.
Teams also offers a variety of options for people to create and customize their own groups. This feature provides a way for people to organize their teams within Microsoft Teams. For example, there may be teams for business projects and then another group for personal tasks or social tasks. There are also different types of teams which include teams for social, personal and business.
Microsoft Teams allows users to make lists of files and documents and view them from different perspectives such as in the document viewer or from another Microsoft Teams project. This feature is called “project pane”, and it shows a summary of each of the files in the project. There are also sections for all files in the project that you can see in the “Files” pane.
Microsoft Teams gives users the ability to share information and collaborate on these shared items. A user can create a document that has other people add comments or attach files and then save the document to a list so that other people can view the document in a Microsoft Teams document viewer.
Another feature of Teams is the ability for you to invite other team members to work with you. A user can join a team and then invite other team members to collaborate with the team members who join the team. You can also invite team members to join a new team. When a team member joins a new team, they will be automatically added to your existing teams and the teams will merge together.
Microsoft Teams provides a number of different ways for you to collaborate with others and see the files and documents of others. These include groups and threads in the main document viewer. You can search your files using the search box in the document viewer and you can share your documents with others by email.
Microsoft Teams provides users with a variety of different tools to help you organize and manage your teams. You can assign members to specific teams, assign permissions to members, create custom groups, organize tasks and events, and organize files and documents into groups.
Microsoft Teams can help you build a team and create a collaboration culture that you want to create at your organization. You can use this tool to build effective teams and increase productivity and improve your relationships within the organization. Microsoft Teams offers a variety of options to help you get started and become more productive quickly and easily.
Teams are created easily. If you have several departments within your organization and need to create a team for each department you can do this easily. Teams are made easy and you can get your teams up and running quickly.
One of the best features of Microsoft Teams is the ability to invite people from around the world and let them work with the same documents and projects. You can have the documents and projects organized and shared in the same way throughout the entire organization, regardless of what country they were created in. You can create a similar project in the same language that they were created in and share it with other employees in the organization.
One of the most amazing features of Microsoft Teams is the ability to have multiple team members edit and view the documents and files in the same way. With Microsoft Teams you can have a document and have people edit the same document at the same time without any problems. The changes that you make can also be seen by other team members and can be modified by them without ever needing to send the document again.
Microsoft Teams is the perfect tool for building a powerful and effective collaboration culture. You can share documents and files in the same way that the rest of the organization can view the information.
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