Europe Fintech

UK Businesses Waste Thousands of Hours in Lockdown Due to Outdated Systems Like Excel

Data experts from Azquo have said that businesses would have wasted thousands of hours this week planning new workflow scenarios and financial forecasts in the aftermath of the Government’s latest lockdown.

“2021 is going to be a tough year for businesses,” said Ed Lennox, operations director at Azquo. “With the ongoing Coronavirus pandemic, another UK lockdown as well as Brexit to deal with, if your data systems aren’t up to scratch, it will make your job even trickier.”

And with almost half of workers admitting they worry about the accuracy of company data and processes while homeworking, there’s even more for businesses to consider.

Midlands-based Azquo is a data system which stores, manages, processes and integrates data differently – making data available in a far more transparent and transformatively-fast way. “It not only makes reporting a lot easier, faster and more effective for businesses but most importantly, more accurate – meaning no firm should ever find a mistake in any management information,” Ed added.

The warning comes after numerous companies have fallen victim to their own poor data handling in recent years.

The most recent high-profile data crisis was the UK Government’s Test & Trace system, which was blamed on Public Health England’s use of an outdated Excel spreadsheet that was only able to record 65,000 lines of data.

Another famous – and costly – Excel spreadsheet error happened when JP Morgan seriously underestimated the downside of its synthetic credit portfolio, which ultimately led to the bank to declare $6 billion in losses and could lead to another $600 million in fines.

“We believe that Azquo would have picked the JP Morgan error up, because of the way it can so easily highlight data that has changed – or not – within a selectable timeframe,” said Ed.

Author

  • Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.

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