We all someday had the experience with Spreadsheets. And de facto the Excel spreadsheets have become the tool for data storage and analysis for many companies for decades. And while some companies interact on a weekly basis to crunch numbers and analyze data, other companies break this old habit of using excel spreadsheets for everything and switch to a different tool. But why? Find out in this article.
Companies are getting rid of excel-sheets
Regarding the recent study, the global data visualization market size is projected to reach USD 19.20 billion by 2027 and it is definitely the sign that companies are interested in data visualization tools like never before. The importance of data is getting crazy and due to this , since pandemic finance chiefs are trying to get employees to move away from Microsoft Excel, the ubiquitous spreadsheet program loved and loathed by accounting professionals. There are many relevant reasons for this decision : from time-consuming to limited possibilities. But what influences their opinion? What Excel Spreadsheets are not able to give compared to data visualization tools?
Data visualization saves companies time
All businesses are related to the phrase "time is money" and according to the American Management Association statistics reports, data visualization saves time by reducing business meetings by 24%. Excel Spreadsheets are not the right tool in this case. The lack of scalability, the manual operations, the limitations in the amount of data make the whole process around an Excel spreadsheet quite time consuming, compared to robust cloud-based analytics solutions.
Data visualization optimizes a spending behavior
The next reason why companies are switching to cloud-based data visualization tools is an easier way to analyze the spending behavior.
Data visualization is more powerful compared to Excel spreadsheets because it offers at-a-glance representations of trends, correlations, and patterns that would otherwise take lengthier analysis. Visuals enable stakeholders and employees to understand a situation through quick processing and form a narrative around the insights.
Transferring company data into the profit center
It is important to say that the human brain processes images 60,000 times faster than it does text, and 90% of the information transmitted to the brain is visual. In this context, companies are trying to work more with data visualization to make right decisions and go more for cloud-based solutions, like Jenji instead of Excel. Because through comprehensible insights available across departments, optimizing a winning strategy is made simple. Empowered by data, any strategy can boost its ability to reach target audiences and structure campaigns around real customer concerns. A host of benefits can result.
Solution: digitize your accounting proceed
After taking a closer look at reasons why companies are switching to Excel alternatives, it is time to talk about these alternatives.
There are two ways of making it easier to track and manage your finances and visualize your data : firstly, by ensuring that you have a sound cloud-based platform in place; and secondly, by maximizing efficiency so that you can free up time and money to focus on the value-added tasks and more important things in business.
A single, seamless digitized expense management platform of Jenji can help you to achieve both and more. Jenji solution offers multiple tools to manage cash flow, generate financial reports, detect fraud and analyze your spending behavior, as well as to share these data with employees on a single platform that's accessible from the office, home or even on the go via a mobile app.
If you would like to know more, do not hesitate to contact us at firstname.lastname@example.org We would be glad to assist you!