How the siloed spreadsheets are hampering finance operations?

Spreadsheets continue to be a favourite among finance operations teams, largely because they are ubiquitous, inexpensive, simple to use, and require little to no training.  However, due to the manual nature of financial operations, data of an organization invariably gets stucks in siloed spreadsheets leading to several issues.

Incomplete view of business

Data silos hinder the sharing, monitoring, tracking, and reporting of relevant data.  The review of each department is constrained by its own point of view.  Without an enterprise-wide perspective of data, it gets quite difficult to track and iron out inefficiencies.

Threat to data integrity

When data is compartmentalised, the same data is frequently saved in various databases, resulting in discrepancies across departmental data. Data may become less accurate and consequently less valuable as it gets older. For instance, if medical records for the same patient are kept in various systems, they may eventually fall out of sync.

Waste of resources

Resources are depleted when the same material is kept in many locations and when users download files to their personal or group storage. Streamlining data into a single source reduces the IT burden from purchasing and maintaining storage that may not be required and frees up valuable storage.

Limited Collaboration across the business

Using the facts at hand, teams make decisions. They will pass up chances to work with other teams and accomplish the company's objective if they can only access the data that is accessible in their department.

Security risk

If adequate security measures aren't in place, the security risk for the business grows if employees are keeping spreadsheets, documents, and other data on their personal devices. Because it's challenging to determine who has access to what information, data silos also make it challenging to comply with data privacy rules.

Bad customer experience

Customers anticipate that the data they supply will be accessible throughout an organisation's departments. However, 64% of consumers still report having to repeat or further clarify information to various company employees most of the time.

Breaking down the data silos

Data silos must be broken down to provide valuable information and insights. Businesses will have to make investments in new technology to do this, though. These new-age automated software help enterprises plan and describe their business needs by providing an end-to-end data platform and integration flexibility.

You'll see the advantages as soon as you make the decision to eliminate data silos and have your various databases communicate with one another. Nothing compares to having top-notch databases that have been enhanced by all the apps your company uses