Spreadsheets: A Simple Solution That Could Lead To Complex Problems

Challenges to Consider when Relying on Spreadsheets to Manage Property Data

For years organizations have gotten by managing property insurance related data in multiple, complex spreadsheets. While this may be a quick and simple solution, it also presents many risks.

1. VOLUME OF DATA:
As organizations grow and regulations change, the amount of data being tracked increases. Maintaining large spreadsheets can become cumbersome and lead to an increase in the number of errors. Moving to a sophisticated database software solution with formal approval process can reduce errors and maintain data in an organized fashion.

2. DATA INTEGRITY:
With many people having access to the same spreadsheet and without formal processes for version control in place, data can be easily lost, changed or overwritten. Many centralized database software solutions provide various levels of user access and a complete auditable history, allowing multiple people to have access to the same information while ensuring the integrity of the data.

3. FLEXIBILITY/CUSTOMIZABILITY:
Over time spreadsheets have become increasingly flexible allowing users to perform functions ranging from vlookups to complex statistical analysis. However, spreadsheets were designed to serve a broad audience while most database software solutions are designed to maximize performance in a particular area of expertise providing users with more robust, relevant functionality.

To learn more about the benefits of tracking property related data and insurable values in a centralized database, contact AssetWorks at info@assetworks.com.


Click here to learn more about how AMP Property Risk Management Software from AssetWorks provides organizations and risk pools with a convenient, efficient, and secure method of managing property related data and insurable values.



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