Are We Finally Moving From Outdated Spreadsheets?
For a few years, we have been in the age of Big Data. And whilst many agencies have transitioned to tools which enable to dive deep into the data in order to come up with actionable insights, evidence suggests there are still too many agencies using Excel, using it as a means to extract and display their insights. In fact, research suggests that 1 in 5 agencies are still using spreadsheets as the main tool to communicate data internally and to clients.
Don’t get me wrong, spreadsheets are an excellent tool for many different jobs, but they are time-consuming and require great effort and attention to detail from all staff, not least of all the finance department within a creative company.
According to Forbes, more than 80% of employees would like their bosses to share more business performance information as this can contribute significantly to their own positive performance. If an organization wishes to boost performance and also improve its internal transparency, the recommendation is that data must be communicated to all departments at every level of the business in a timely manner. Yet, to do this, the agency needs a tool that can communicate the data effectively, quickly and ideally, visually. Evidence would suggest that spreadsheets are not the right tool for this job because:
- Extracting data is time-consuming: Spreadsheets provide raw data all at once, thus, it’s difficult to interpret what data is important and what is not perhaps the only option in a spreadsheet is pressing the “sort” button which doesn’t always help find what you are looking for. With other existing systems prioritizing data through visualization tools can be possible, these tools can highlight the important aspects of a data set or results, unlike spreadsheets.
- The majority doesn’t like them: Whether you love it or hate it, excel is underutilized, especially among employees who don’t use it often. It gets worse when the volume of the data being used is significant which requires complex formulas and if not used correctly it can lead to poor decision making.
- Difficult to share with others: Spreadsheets are not designed to keep historical data, so often during the action of reducing their size to keep spreadsheets more manageable, historical data may be deleted. Even if different versions are retained, it is very hard for decision-makers to compare files and spot trends within their data. By comparison, Pegasus Systems can store data no matter how old in the system without the need to remove any historical entries.
- Hard to share: Despite the existence of cloud computing solutions, it is still difficult to share spreadsheets among team members and other departments within the organization. Google Sheets is one of the possible cloud solutions that can share live/ real-time spreadsheets yet using Google Sheets may contravene a company’s security policy as this can lead to the risk of data being lost or stolen.
The good news with Pegasus Systems software is that we provide data and reporting tools that allow you to share and report in a more effective and productive way.
Pegasus Edge is a software that can improve your data reporting with its user-friendly experience for all users, regardless of how old your data is. Pegasus Edge has many functions such as timesheets which includes time entry, leave overview and leave overview report. We also have production tools which include time and cost transactions, production invoices, order management and over 15 reporting tools just for the production team. Expenses are also included in the Pegasus Edge menu, with expense claim entry and expense approval. Finance Management, Profit and Loss, Balance Sheet, and General Ledger analysis and Reporting is a module that is very popular among the finance department within the creative industry, it includes General Ledger, Accounts Payable, Accounts Receivable, Client Profitability, and Fixed Assets.
Pegasus Edge is still under development and nearing completion. The exciting part is we are working to add more utility to this web-based version, allowing users to intuitively understand their business. Our goal is to make Pegasus Edge a tool which ultimately improves their decision making and allow them to transmit key intelligence to those in your organization who need it.
At Pegasus Systems, our focus is on helping Marcomms Agencies to improve their systems and as a result, their financial performance. If you would like any insight on how we can help you, let’s have a chat.