ny organizations are slow to change their reporting practices, even when they know they aren’t benefiting the way they could be. In business as in life, it’s hard to be sure that moving out of your comfort zone is going to propel you forward. Taking risks, making changes — it’s almost always a little scary.
It’s easy to say things like, “A new reporting system would be nice to have, but what we are doing here is fine.” But a strong reporting system is not just something to window shop for; it is a necessity. In 2015, F1F9 conducted a study based on research with over 1,200 senior managers. Out of these 1,200 managers, “17% of large businesses suffered financial loss due to mistakes on spreadsheets” and 78% said that key financial decisions were supported by the data in their reports and spreadsheets. Even the smallest mistakes can redirect precious resources and cause decisions based on incorrect information. Why be at a competitive disadvantage? There are powerful solutions out there that can strengthen your company.