It was only a matter of time:
Finance chiefs say the ubiquitous spreadsheet software that revolutionized accounting in the 1980s hasn’t kept up with the demands of contemporary corporate finance units. Errors can bloom because data in Excel is separated from other systems and isn’t automatically updated.
Older versions of Excel don’t allow multiple users to work together in one document, hampering collaboration. There is also a limit to how much data can be pulled into a single document, which can slow down analysis.
“Excel just wasn’t designed to do some of the heavy lifting that companies need to do in finance,” said Paul Hammerman, a business applications analyst at Forrester Research Inc.
Instead, companies are turning to new, cloud-based technologies from Anaplan Inc., Workiva Inc., Adaptive Insights and their competitors.