Almost all firms are still reliant on spreadsheets - is it time for change?

Spreadsheets are holding us back, report finds. When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works. Almost all (90%) organizations are still relying on outdated spreadsheets and similar forms for some of their most vital business data, new research has claimed. By using legacy tools, businesses are operating less efficiently than they could be, slowing themselves down and preventing themselves from optimal growth, a study from AutoRek found.

Although four in five (82%) have automation on their roadmaps, there are still some challenges that are stopping businesses from using better tools. Only two in five (43%) plan to implement automation within the next six to 12 months, with a further fifth (20%) planning to do so within 18 months. AutoRek acknowledged that spreadsheets offer familiarity for workers, however they’re let down by large amounts of manual processing that can lead to delays. Legacy systems also threaten compliance and competitiveness by introducing potential regulatory risks and increasing costs.

“Legacy systems and manual processes pose a direct threat to operational efficiency. In turn, this threatens compliance and market competitiveness," noted AutoRek Payment’s Lead, Nick Botha. The company confirmed artificial intelligence and automation can help small and medium-sized businesses to adopt more modern approaches, however the desire to modernize isn’t met with equally clear guidance.

Sign up to the TechRadar Pro newsletter to get all the top news, opinion, features and guidance your business needs to succeed!. Modernizing payment data management should be the first port of call for businesses looking to boost efficiency, enhance accuracy and improve compliance. Today, 81% of organizations receive payment data in real-time or once a day, with 83% processing, actioning and reporting this data with the same frequency.

“Our research shows a worrying disparity between how payments are made and how they are processed,” added Botha. “Payment methods have become more sophisticated, yet the industry is still heavily reliant on legacy solutions to process transactions.”. With several years’ experience freelancing in tech and automotive circles, Craig’s specific interests lie in technology that is designed to better our lives, including AI and ML, productivity aids, and smart fitness. He is also passionate about cars and the decarbonisation of personal transportation. As an avid bargain-hunter, you can be sure that any deal Craig finds is top value!.