6 Potential Hidden Risks Electrical Distribution Companies Face Using a Spreadsheet to Manage Inventory
In a recent blog post Jordan Skole states “At every organization there exists at least one spreadsheet that is absolutely vital, it is usually emailed around every morning, and it is almost always called ‘something-something-MASTER.xls”. He then asserts that this master spreadsheet always belongs to a person.
That person’s sole focus is entirely on the following variables which incorporate hidden risks:
- Running the extracts and reports required to compile the source data from multiple systems, all of which have to be extracted at exactly the same time so that the data is consistent and usable
- Getting the data into the spreadsheet – whether by importing, cutting-and-pasting, refreshing linked queries, populating linked spreadsheets, etc
- Checking that the refreshed data does not extend beyond the rows and columns with formulas – and then modifying the spreadsheet, if required
- Making any changes to the “rules” in the spreadsheet based on new scenarios that have been discovered
- Validating that the data is correct, with no obvious errors, and reconciling that the totals are within predefined “acceptable” ranges
- Repeat the above, should any issues be found
According to MarketWatch 88% of spreadsheets contain errors. A single error could have a significant impact on your supply chain and is only likely to be discovered after considerable loss has occurred.
Please find the original version of this post at NetStock.