Did you know that most commercial real estate firms – some managing many billions of dollars worth of assets – still use Excel and other spreadsheet software programs to manage their most critical data? There’s a better, more secure way of managing your data.
Microsoft Excel is used by almost every professional and in almost every profession. It’s simple, ubiquitous, accessible. You can use it to plan a family vacation, or to create a fairly complex series of data models.
But for all that’s rad about Excel, there’s also some bad. Spreadsheets can be copied and siloed within individual computers – even sheets that are linked to other sheets. This leads to big problems – Excel Hell, if you’re into near-rhyming.
Here’s what Excel Hell looks like in the wild:
Wasted time: Without an integrated strategy, companies can spend hours just trying to manage their data.
Increased risk: Too few employees can access your critical data when needed? That’s operational risk. Reporting erroneous numbers because of incomplete data? That’s reputational risk.
Increased headcount: If your data is decentralized, it takes more people to sort through it in order to find what you need.
Painful reporting: Systems that don’t talk to one another, unsecured spreadsheets containing essential pieces of data, too many employees wasting time creating reports. What a pain!
Now, here’s the awful truth – most commercial real estate asset management firms are in Excel Hell.
A recent survey reported that three in every four CRE firms are relying on spreadsheets and/or other non-integrated data management software solutions. That means there’s approximately $11 trillion (TRILLION!) in CRE assets being managed by run-of-the-mill, off-the-shelf software.
The same survey found that most firms were looking for a way out of Excel Hell.
They’re looking for a Single Source of Truth – a secure database to house all their critical asset data. They want clean, uncompromised data. They want reporting to be made simple – push-button, even. They want less risk and manageable headcounts.
They’re looking for a solution like Pereview Software.
Here’s how to steer clear of Excel Hell:
Pereview integrates siloed data, creating a Single Source of Truth that is consolidated, robust, and secure. Pereview’s financial tools deliver investor reports in minutes, rather than days. Its advanced analytics tools provide insights far exceeding anything previously available through simple Excel reporting.
In short, Pereview turns your data into action, into a competitive advantage.
Learn more about how you can do more with your data by investing in an integrated, secure, actionable, Life of the Asset® commercial real estate software solution. Let’s talk about how Pereview can help your firm grow assets under management, without growing your headcount.