Why Spreadsheets are Here to Stay
Spreadsheets sit behind nearly every critical business decision. In fact, a recent study found that 90% of firms still rely on spreadsheets in their financial operations despite bottlenecks. Spreadsheets have been around for decades because they are familiar and flexible, keeping them relevant even as new technologies emerge. Employees know how to use them, leaders are comfortable making decisions with them, and companies can avoid the disruption and expense of moving away from legacy systems by continuing to rely on Excel.
However, once files are shared, whether through email or storage options like SharePoint, versions multiply, data diverges, and sensitive information becomes harder to control. These spreadsheets start to create confusion, slow down processes, and introduce risk. The tool that has long empowered businesses is now in need of stronger management to support the scale and complexity of today’s operations. To help organizations evaluate where they stand, we created the Spreadsheet Risk & Readiness Assessment — a free checklist you can use to measure how well your spreadsheets are managed today. Below, we outline the six core areas it covers.
Version Control
Almost everyone has lived through the “which version is right?” problem. You have a quarterly review where five different copies of the same spreadsheet are pulled up on laptops around the table. Finance is presenting from their file, operations has a slightly different one, and sales is convinced their numbers are the most current. Instead of focusing on strategy, the first 20 minutes are spent debating whose file is correct.
This happens because multiple versions of the same spreadsheet are being passed around through email and shared drives. Edits get lost, updates happen in silos, and no one can say with confidence which file is the official one. The result is wasted time, frustrated teams, and decisions being made on data that may not be accurate.
True version control eliminates this chaos. With one live spreadsheet that everyone can access, there is no confusion, no duplication, and no guessing. Teams can walk into a meeting knowing they are all working from the same numbers and spend their time making decisions rather than reconciling files.
Explore this further in our post on Secure Spreadsheet Management.
Access and Security
Consider the risk when a spreadsheet containing pricing models or sensitive customer data gets attached to an email. Once you send it, there is no way to control where it goes next. It could be forwarded outside the company, uploaded to the wrong folder, or copied into another file without anyone knowing.
Spreadsheets are often treated as casual documents, but they frequently hold information that should never be shared freely. Without access controls, anyone who opens the file can see, edit, or distribute it. That exposes intellectual property and puts confidential data at risk.
Strong security prevents this. With role-based access, you decide who can view results, who can make changes, and who can simply run calculations without ever touching the underlying formulas. Sensitive business logic stays protected while collaboration continues safely.
Audit Trail
Trust in a spreadsheet depends on knowing its history. Without visibility into what was changed, when, and by whom, even the most carefully built model can lose credibility.
If you have a financial forecast that looks off, but there’s no way to see if a formula was adjusted or if someone made an update, how will you know what to fix? Teams can only guess, and in regulated industries, that lack of traceability becomes a compliance issue.
Integration
Spreadsheets are rarely stand-alone. They connect to sales pipelines, operational metrics, and financial systems. When those connections rely on manual updates, the process is slow, frustrating, and error-prone. It also creates silos, where departments work from different versions of the truth, leaving teams to reconcile conflicting reports instead of collaborating on decisions.
An option for spreadsheet integration is critical when assessing a spreadsheet’s risk and readiness. Your data becomes more reliable when your spreadsheets can function as part of a connected system rather than isolated files.
Learn more about the Importance of Data Integration.
Analytics and Insights
Spreadsheets are often treated as temporary tools, but in practice many organizations use Excel as a kind of database. The problem is that Excel was never designed to be a true database. Its limitations, from capacity and collaboration issues to lack of advanced analytics, mean valuable history and insight are often lost.
The key is to treat spreadsheets as more than disposable calculators and give them the structure of a database. By capturing inputs and outputs over time, you can turn everyday spreadsheets into a source of intelligence.
For a deeper dive into the question of whether Excel should be used as a database and its limitations when treated that way, see our article Is Excel a Database?
Governance and Compliance
Many industries have strict requirements for how data is managed and reported. Regulators expect a level of control and oversight that spreadsheets on shared drives simply cannot deliver. Yet in practice, many compliance processes are still powered by spreadsheets, making governance a major concern.
By establishing clear rules and role-based oversight, you can demonstrate compliance with confidence. Governance ensures that your spreadsheets meet both internal standards and external regulations while still giving your teams the flexibility they rely on.
Read our customer success story to learn why LeasePlan says “EASA is the only tool we were able to find that can fully address Governance, Risk, and Compliance issues of spreadsheets.”
Measure Your Spreadsheet Readiness
Want to know how your spreadsheets measure up? Our Spreadsheet Risk & Readiness Assessment helps you benchmark your practices and see where improvements can make the biggest impact.