5 Reasons Spreadsheets are Bad for Asset Management

5 Reasons Spreadsheets are Bad for Asset Management

Excel is unreliable

Accuracy is difficult, and the increased likelihood of data errors is almost inevitable with larger quantities of information, or when out of the box actions take place (such as moving an asset’s location for example). Excel’s lack of validation and potential copy-paste errors make it extra easy to slip in mistakes. Precious time is wasted validating and tracking data. It can be extremely challenging to spot and correct errors, especially with larger volumes of data. A computer crash, hardware failure or virus can potentially mess up all your hard work and set you back like it’s nobody’s business.

No Real-Time Asset Data

Keeping your spreadsheet up to date is often a hassle. There’s no audit trail, which makes it tough to keep your actual asset count and data in sync, especially when more than one person has access to the file. Unnecessary time is wasted updating spreadsheets to avoid this problem.

Limited User Access

Works fine until more than 1 person starts using or editing it. Only 1 person can edit the spreadsheets at a time. After the spreadsheet is copied, horrific chaos and confusion often ensues. There is no system to tell us who changed what and when. So anyone can be blamed for mistakes.

Excel can easily get too complex

Which can make it difficult to give a clear overview, predicting equipment need and customer demand. With too much data it can get complex to be able to see what’s relevant. It can get overly complicated if you want to start planning for the future.

No audit trail

As multiple spreadsheets are likely circulated and saved over, a record of what items may have been misplaced or damaged can also be removed. A asset tracking system specially designed for tracking assets allows you not only to locate items but also to conduct audits for internal or other purposes. Although budgets are often tight, it’s worth the investment to upgrade to a fixed asset tracking system designed to track your company’s fixed assets.

At the end of the day, the cost-effectiveness and convenience of using Excel will end up costing you more money than investing in an asset tracking management solution.

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