Microsoft Excel is a spreadsheet software widely used by businesses throughout the world, despite clear and inherent limitations and risks posed by the program to company projects, as a result of its standalone, multi-user capabilities. DataRails, a spreadsheet management system, utilizes a revolutionary algorithm to understand and convert spreadsheet materials into more secure, unified and meaningful data, to make corporate spreadsheet use risk-free and more efficient.
Why Excel poses a risk to businesses
Most of the business world is running on the same personal application that was invented more than 30 years ago: Microsoft Excel. With 1.5 billion Excel users managing trillions of dollars on their spreadsheets each day, the software clearly remains the top application used by businesses worldwide. Excel is the program through which international companies and subsidiaries communicate with each other regarding business and financial affairs, with 80% of financial reports and more than 70% of budget planning and forecasting being recorded and analyzed on spreadsheets.
Most, if not all, investors and VCs use spreadsheets to manage hundreds of millions of dollars and collect critical data from portfolio companies. If Excel is indeed so widely used by companies around the globe, what could potentially be so wrong with the program? What could possibly be the reason that Excel is by far the most dangerous software currently being used in the business world?
Excel was built to provide individuals with the ability to play around with data. On a personal level, it is a nearly-flawless application. On a corporate level, however, the software is greatly limited. It is difficult to consolidate and analyze, enables limited data history access and traceability. Moreover, these functions are extremely limited, time consuming and impose great risks.This, because only human beings can comprehend complex spreadsheet data. Furthermore, only those individuals who inserted the data and made the calculations themselves, can fully understand the significance of the spreadsheet’s results.
Why DataRails succeeded where many other companies failed
Not a single technological system in the world can understand the essence of complex spreadsheet data except for DataRails! The cloud spreadsheet software company, staffed with a team of data scientists, has succeeded in building a platform that seamlessly integrates into any company’s existing work routine to reconstruct Excel content as unified meaningful data, using technology based on a unique patent-pending algorithm. DataRails’ exclusive system deeply understands each spreadsheet’s content, including formulas, cell formatting structure, data type, inter-cell logic and more. The system is subsequently able to transform the data from any spreadsheet into a structured database in the cloud. All this, with the single click of a mouse!
Future ramifications of Excel in the business world
For the first time in history, a company has created a machine capable of truly understanding complex spreadsheets. The potential effects on the entire business world are outstanding. Moving forward, organizations and corporations can better understand and make use of data entered into spreadsheets by single or multiple employees. Business executives can access the spreadsheet data, analyze it, trace it and connect it to their existing BI systems, thereby taking control and governance over the data with full knowledge that the results are valid.
The effect on DataRails users who have been using Excel for years and who with a click of a button, can now reveal insights that have been hidden between the cells is priceless. They can slice and dice the data, easily see trends over time and get insights in real time.
The DataRails spreadsheet software additionally saves days worth of time-consuming manual data entry each and every month, dramatically reducing the risk of human error. The system is consequently able to improve a business’s visibility when it comes to authentic and up-to-date spreadsheet data.
DataRails was founded by a team of experienced individuals with a proven track record of success: Eyal Cohen; the founder of WalkMe, Oded Har-tal; an expert data scientist, and, Didi Gurfinkel, an executive in several large enterprises and current DataRails CEO. Together, we revolutionize the way businesses use spreadsheets!
Contact DataRails today to magically transform complex spreadsheet data into clear and insightful information at Einat@www.datarails.com