There are many ways to assess the potential growth and health of a company, from measureable data such as a strong balance sheet to less tangible factors like a satisfied and motivated workforce. To kick start growth and stay that way, businesses need to keep constant tabs on a whole range of information, because gaps in your data can quickly lead your company on a detour or even stall growth.
But what does the spreadsheet have to do with stalled growth? Unfortunately when you rely too heavily on spreadsheets to manage core business process you’re storing up some problems. It’s not just the lack of security and traceability that can occur when your key data lies in spreadsheets. Having a manual process makes it difficult to maintain accurate, consistent information and make decisions with confidence. In short, an over-reliance on spreadsheets can be a liability.
Up to 40% of many companies data is managed in spreadsheets, and as such users have devised a number of work-rounds to minimise the frustrations and inefficiencies inherent in spreadsheets. But the excessive use of spreadsheets can prompt a series of issues that hit your top and bottom line and prompt backwards growth.
Are you in the spreadsheet danger zone? Do you have the following problems?
1. You don’t have time to negotiate
Any time you rely on people to manually re-key data and enter calculations into spreadsheets you’re going to experience data inaccuracies, formula errors and duplications. All of which takes time for employees to manage and execute such a cumbersome process – the result lost time and wasted man hours.
Switching to a cloud-based contract information and document management system cuts back on the spreadsheets which makes your company more efficient. Your company is placed in control allowing you that all important time to negotiate contracts and subsequently better deals.
2. You’re losing time and money during the compliance process
Many companies rely on a strong compliance operation in order to ensure they’re abiding by certain rules and guidelines when it comes down to procurement. But if data lives in multiple places, the result is a costly and time-consuming audit process.
Easier audits are just another advantage of moving your contracts to a shared, secure cloud system. All of your contract information and supporting evidence is accessible from a single point. Common approval processes can be applied across different locations and business units, which makes auditing a much more efficient process. And what’s more your data is secure.
3. Your spreadsheet data is in the dark
With multiple systems offering multiple versions of data it proves difficult to ensure the accuracy of data. It’s sometime sheer luck that contracts are terminated in a timely manner, let alone that spreadsheet data plays an active role in planning, strategy and data analysis.
When information is stuck in spreadsheets, it is not useful to anyone. A cloud-based contracts information system bring data into the light – where it can actually be of use to your company Individuals can easily pull reports by department, division, supplier type and more.
Various research has indicated that this kind of transparency and ease of analysis translates to better decision-making, by increasing real time reporting.
Often companies have one or two key people who control the data. When these key people are absent or leave visibility on your contracts is totally lost.#
4. Your company is getting a raw deal
Strong businesses understand the importance of good contract management and the inclusion of the whole team in this process.
A good system gives your company time to negotiate better deals and evaluate the service suppliers have provided to you.
Reports and auditing is available to you which allows effective monitoring of your workflows around all your contracts.
A Cloud Based System leads to:
Learn more from our team and how innovative contracts management can empower your business.