Bloor’s Research Director Philip Howard’s report on Enterprise Spreadsheet Management – to be released imminently – is already causing a stir and gaining accolades from featured companies.
Paul Bach, CEO for Compassoft, a featured company which has also taken an “In-Detail” product evaluation of its own software, was particularly impressed by Philip’s knowledge and considers him a “must read” analyst for this market.
The timing of the report is also apposite, as it identifies a huge corporate exposure to risk from these spreadsheets. Spreadsheets are among the most popular applications on the planet. Yet, Howard states: “used improperly or incorrectly, or without sufficient control, [spreadsheets] pose a greater threat to your business than almost anything you can imagine.”
Reasons cited include: compliance issues through changes to data not being audited, aiding and abetting fraud because security is not applied and genuine mistakes such as entering an incorrect formula which can mislead decision-makers – all of which can be very expensive.
In Compassoft’s own press release it stated that 30-40 percent of corporate data was contained within spreadsheets, PC databases, and reports – while audits from the Big Four [Accountancy Firms] were increasingly focusing on the risk exposure of these undocumented, untested and typically uncontrolled corporate applications.
Howard has divided the market for spreadsheet and end-user computing applications into three main categories: control and compliance tools (of which monitoring tools is a sub-category), auditors’ tools and automation tools. However, the very fact that there are three application categories which do different things, itself highlights the scope for error as things stand now.
Enterprise Spreadsheet Management is surely a “must-read” for every organisation that bases internal financial decision-making on the results of spreadsheet calculations – and what organisation does not?
If you would like to purchase a copy of Philip Howard’s report Enterprise Spreadsheet Management please click here