3 Key Takeaways from the FIMA Conference

Last week, DataRails gathered with hundreds of data management professionals from around the world at the Financial Information Management (FIMA) conference in Boston.

During the many informative sessions and networking, attendees repeatedly expressed several key points. Here are a few of them:

1. Data is growing at a phenomenal rate

According to IBM, 90 percent of all the data on the internet today was created in the last two years, which amounts to 2.5 quintillion bytes of data every single day. In the corporate world, data is estimated to double every 14 months. By 2020, data is expected to reach 10.5 zettabytes–that’s 21 zeros.

As a result of this enormous data growth, compliance regulations such as GDPR are increasing as well, and with it, the cost of compliance. As data grows, we continue to search for solutions for how to manage it.

2. Excel is ubiquitous

Companies are managing data by implementing various systems including proprietary, vendor and cloud solutions. But even with this specialized software, businesses still rely on Excel in every department. In fact, Excel is the most commonly used software in the business world and the number one desktop application in the world.

The reason? Excel’s power is unmatched.

In many cases, business users prefer having their data in spreadsheets, because they are more familiar with Excel than with newer solutions. They also don’t need to wait for IT for assistance; they know Excel well enough to address problems themselves.

FIMA photo

DataRails CEO Didi Gurfinkel and CPO Eyal Cohen at last week’s FIMA conference 

3. People want to continue using Excel

This was the message that we heard repeatedly at the FIMA conference. Unquestionably, there are a lot of loyal spreadsheet fans out there who know and appreciate the power that Excel provides.

That being said, business users face many challenges using it. Working with Excel means that you have little control, minimal data integrity and poor collaboration, and it’s almost impossible to compare and consolidate data from multiple spreadsheets.

DataRails addresses these challenges by transforming Excel from a personal tool into an enterprise tool. It provides version control, file consolidation, security and a clear audit trail, thereby saving time, reducing errors, complying with regulations and streamlining processes.

The DataRails platform effectively manages the Excel data that is widespread throughout organizations, allowing you to maximize the power of your spreadsheets.