3 Reasons Excel Doesn’t Deliver on Data Analytics – A Caseware IDEA Blog
In the past, conventional software like Microsoft Excel was used to perform basic audit and business functions. It is universally accessible, highly affordable, and easy to learn. However, electronic spreadsheet programs fall short when it comes to advanced auditing and data analytics. Let’s look at the top three limitations faced when we try to use Excel or a program like it:
- It won’t protect the integrity of your data: Siloed spreadsheets emailed or shared between colleagues risk being compromised. Nonetheless, dedicated audit data analytics software mitigates this problem by minimizing the element of human error and protecting the data.
- There’s no real audit trail: The run-of-the-mill spreadsheet solution has no intrinsic record-keeping capacity that meets the demands set by even basic audit trail requirements. Alternatively, data analytics tools naturally create an audit trail recording all changes and operations executed on a database.
- It doesn’t have data analytics libraries: When it comes to collecting and using the vast amounts of data available, data analytics tools help users navigate a data analysis process from start to finish with predefined routine tests.
What does this mean? In this age of digital transformation, the data-driven audit is becoming the standard. Read the full article and to continue learning about the need for advanced data analytics.