While spreadsheets are a very robust tool, they can present some serious challenges (and consequences) when used for asset management processes. Using fixed asset spreadsheets to track and account for assets requires a significant amount of time and energy on your own part, as well as your team.
Managing your asset data in spreadsheets presents many other challenges, including errors, overwrites, wasted time, and a lack of accountability- not to mention the headaches associated with searching for misplaced assets and lost spreadsheets. If left unaddressed, these challenges can lead to bigger problems, like compliance and funding concerns, and budgeting issues.
The bottom line is this: spreadsheets were not designed for fixed asset management. Check out this infographic to learn more about the limitations associated with fixed asset spreadsheets.
- Panko, Raymond. “What we Don’t Know About Spreadsheet Errors Today: The Facts, Why we Don’t Believe Them, and What we Need to Do.”
- Dumbleton, Janani and Munro, Derek. “Global Data Quality Research 2015: Tips and Advice on How to Move Towards a More Mature Data Strategy.” Experian. 2016.
- Caulkins, Jonathan P.; Morrison, Erika Layne; and Weidemann, Timothy. “Spreadsheet Errors and Decision Making: Evidence from Field Interviews.”
- Miller, Stuart. “The Debate about Excel.”
- Lucco, Joseph. “The Road to Excel Hell is Paved with Good Intentions [Infographic].”