In a world of advanced enterprise software and automation tools, many businesses—both large and small—still rely on Excel for critical data manipulation and management tasks. It may seem surprising, given the investment these companies have made in robust ERP (Enterprise Resource Planning) systems.

But there’s a reason behind this: traditional ERP systems lack the flexibility that many teams need to get their jobs done efficiently.

However, continuing to rely on Excel brings its own set of challenges. In this blog post, we’ll explore why organisations keep using Excel, what’s wrong with it, and how the Olympe Composition Platform offers a far superior alternative for managing and manipulating data.

Why Businesses Still Use Excel Despite Having ERP Systems

ERPs are designed to centralise and automate business processes. They handle everything from financial reporting to supply chain management. Yet, many ERP systems are too rigid for the evolving, day-to-day needs of certain teams. Therefore, Excel often becomes the go-to solution for filling those gaps.

However, relying on Excel creates more problems than it solves in the long run.

A common scenario might involve a financial analyst needing to compare actual sales with forecasts across different regions. The ERP system generates standard reports, but the analyst may need to make slight adjustments, apply custom filters, or perform additional calculations, which are faster and more intuitive in Excel. This dual reliance can often lead to errors, as was seen in cases like JPMorgan’s, where heavy reliance on Excel for risk modeling led to significant financial losses.

The Downsides of Using Excel as a Data Management Tool

While Excel offers flexibility, it comes with significant risks and limitations that can affect your organization’s efficiency and data integrity:

  • Manual Data Entry and Errors: Copying and pasting data between systems and spreadsheets leads to errors, and even small mistakes can have significant repercussions on decision-making.
  • Version Control Chaos: Sharing Excel files between teams can result in multiple versions floating around, creating confusion and misalignment.
  • Lack of Scalability: Excel can handle small datasets well enough, but as your business grows, managing large volumes of data in Excel becomes inefficient and increases the risk of crashes and data loss.
  • Inefficiency: Manually updating Excel files takes time and pulls team members away from higher-value tasks. This inefficiency compounds over time, slowing down processes.

Simply put, Excel was never meant to be the backbone of critical business processes.

Use Case: Payment Terms Reconciliation

Our customer, a large-sized company in the manufacturing sector, found their Finance and Procurement teams bogged down by a cumbersome payment terms reconciliation process. They routinely exported data from three disparate sources:

  1. Contract Management System (CMS)
  2. Finance ERP
  3. Source-to-Pay (S2P) Suite

This tedious manual process often led to discrepancies among contracts, purchase orders, and invoices. Each time a team member had to export, manipulate, and align this data, it consumed hours of valuable time and introduced the risk of costly errors. Ultimately, these inefficiencies not only delayed financial reporting but also hindered the cost of financing working capital and supplier relationships compliance.

The Solution: Streamline with Olympe

Recognising the need for improvement, they turned to Olympe. With our platform, the teams were able to develop a custom solution that seamlessly interfaced with their existing data sources. Here’s how Olympe made a difference:

  • Automated Data Mapping: Olympe allowed for automated alignment of terms between contracts, purchase orders, and invoices, eliminating manual intervention.
  • Time Savings: By streamlining the reconciliation process, the Finance and Procurement teams could redirect their efforts toward more strategic, value-added tasks—such as financial analysis and forecasting.
  • Enhanced Working Capital Management: By improving the accuracy and speed of payment terms reconciliation, the company was able to enhance its working capital management, leading to improved cash flow and financial stability.

This transformation not only increased operational efficiency but also significantly boosted employee morale, as team members could focus on high-impact activities rather than repetitive tasks.

Why Olympe is the Better Solution

Olympe isn’t just about solving one problem; it’s a scalable platform capable of handling a wide range of operational activities, even the most complex ones.

With Olympe, you can:

  • Integrate Data: Connect with all leading enterprise systems and databases like SAP, SalesForce, or AzureDB for seamless two-way interactions.
  • Automate Transaction Processing: Reduce manual input and errors, speeding up workflows.
  • Enhance Process Visibility: Gain real-time step-by-step insights into transactions, enabling quicker decisions and improved efficiency.
  • Develop Interfaces: Provide users with simplified screens that drive adoption and ease onboarding.

It’s Time to Move Beyond Excel

 While Excel may still be a common fallback for businesses trying to make up for ERP limitations, it’s not a sustainable solution. The manual processes, inefficiencies, and risks of error are too great to ignore.

With Olympe, your organisation can achieve the flexibility you need without sacrificing efficiency, accuracy, or scalability. It’s time to break free from Excel and explore a platform that can truly support your data management and workflow needs.

 

Ready to make the switch?

Contact us today for a demo and see how Olympe can transform your data management for the better.

Connect What You Have, Create What You Need – Now.