Spreadsheet software is universally loved for being so easy to use, modify, and share. The tidy rows and endless fonts and colors make just about anything look great. That’s why spreadsheets are still the go-to tool for many risk management teams.
Those good looks, however, can be deceiving. Hiding behind those colorful columns and intricate pivot tables can be a multitude of errors that could have major implications for an organization’s future.
The reality is that just because your spreadsheets are already paid for and on your computer does not mean they are free. What is the cost of those data errors to your insurance program? Are you missing opportunities because of incorrect or incomplete valuations? And how much time is being wasted making manual updates? Spreadsheet users also have a tough time keeping track of changes and verifying the accuracy information.
The true cost of any risk management technology solution has to be measured in terms of the total operational cost to the organization over the long term.
Today’s risk management software automates data collection and analysis to improve accuracy and efficiency. All risk data is in one place for a complete view of your risks, how they relate, and the cumulative impact on the organization. That’s a tall order for spreadsheets.
Here’s a closer look at how spreadsheet software compares to risk management software:
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