Is Excel a dated method of data crunching that is holding back rather than advancing your company? CFOs from Fortune 500 companies are insisting that staff stop using Excel. What does that mean for the pharmaceutical industry, and why is there push back against the popular spreadsheet software? Finance chiefs say the ubiquitous spreadsheet software that revolutionized accounting in the 1980s cannot kept up with the demands of contemporary corporate finance units. After all, just like hair metal bands, the 80s are long gone and pharmaceutical companies need to advance with the times.
Spreadsheets have been a necessary and advantageous tool in a huge number of industries. Excel has revolutionized accounting and driven decision making, but as business becomes more complex and global, Excel cannot bear the expectations and demands of many companies.