Digital Consolidation provides Excel VBA development services following the best practices. We create great applications with a stand-alone feel and can help you with any types of data cleansing or migration. We also create Excel add-ons and customized ribbons by using XML. See our training.
Digital Consolidation Spreadsheet Specialist
Spreadsheets are the most widely used form of end-user computing (EUC) applications. In 2014 they are still the number one reporting tool even among top multinational companies which rely on a vast number of autonomous spreadsheets for key activities like Financial reporting or pricing.
The advantages of spreadsheets are evident: They are cheap, easy to implement and flexible. The hidden cost associated and inherent risks are less obvious.
While the cost of running your business is initially low, the long term cost is likely to be higher as spreadsheets are usually:
Inefficient: They require a lot of manual interventions and are not scalable (hardly convenient for simultaneous users).
Managed by a single End-User: Risk of losing some key business knowledge when the spreadsheet Author leaves your company.
Lacking of governance: Spreadsheets are usually unmanaged, were developed without detailed requirements. Absence of Manager approval/Peer review.
Risky: Frauds and mistakes. Every year spreadsheets errors and frauds cost the global economy hundreds of millions of pounds.
"In October 2014, Goldman Sachs made spreadsheet error that might have cost Tibco shareholder $100 million as the spreadsheet used by Goldman Sachs to value the company counted some shares twice resulting in Vista acquiring the company for less than originally thought. Tibco's board decided the deal was still in the best interest of investors."
"Spreadsheet errors also concern the best academics. In 2013 it was revealed that in the famous economic research that inspires the recent European economy policy “Growth in a Time of Debt”, Reinhart and Rogoff appear to have made an error
with one of their Excel spreadsheet formulas. By typing AVERAGE(L30:L44) at one point instead of AVERAGE(L30:L49)."
Spreadsheet errors happen to the best scientific and financial institutions in the world.
Listed companies and financial institution must now comply with regulations promulgated by Sarbanes-Oxley 404, the National Association of Insurance Commissioners Model Audit Rule, the Office of the Comptroller of the Currency, the Financial Services Authority, Solvency II, Basel II, and MFID
You can reduces these risk by appointing Digital Consolidation as your Data Management and Spreadsheet Control Specialist.
It will increase productivity and lower operational risk within your organization. Our process will also prepare you to implement an alternative scalable system (see IBM Cognos TM1 ). Manage your spreadsheets operational risk with our Excel Risk Management System: