Excel turns 31. Yes, 31!

31 years ago this autumn, Excel changed the way everybody works. Truthfully, we don’t know where the corporate world might be without it today. According to Radius Global Market Research, 43% of all finance and accounting pros report that Excel still plays a significant role in their jobs. The fact is, we can’t live without it, yet we are fast coming to the realization that we can’t live with it particularly well either.

Fast forward to the cloud era and with it, the rise of enterprise performance management (EPM) solutions. Designed to provide more control and accuracy in supporting strategic financial processes such as budgeting, planning, forecasting, reporting, and analysis, cloud-based EPM solutions fill the wide gap that spreadsheets leave behind.

The relationship that most businesses have with Excel certainly has its advantages, as it has allowed many key processes to evolve significantly. However, in today’s rapidly developing world, 30 years is a long time and business demands change by the day. Radius Global also reported that over the next three years, 71% of financial departments expect spreadsheets to shift from center stage to a supporting role.

While Excel celebrates three decades in existence, now is the right time for businesses and finance functions to re-evaluate how the tool is being used, determine the best ways to maximize its offerings, and consider how business processes could be improved.

If you are interested in getting ahead of your competition, moving Excel to a supporting role and adding on a new star for your close process click here to schedule a demo of ART, and learn how you can transform your monthly close process.