If you’re like me, you probably use Excel daily. It’s an essential tool for managing data and analyzing information. But what if there was a way to make using Excel even easier and more convenient Introducing Excel SaaS. This cloud-based service allows users to access their spreadsheet files from anywhere, at any time. And because it’s in the cloud, users can also share their files with others and work on them collaboratively in real-time! Sounds pretty great so far, right? Below are more benefits of Excel SaaS.
Excel SaaS: The Cloud-Based Version of MS Excel
Excel SaaS is a web-based version of the famous Microsoft spreadsheet which allows users to access their Excel documents from any internet-connected device.
Subscription-based Excel includes all the features of the desktop version plus additional cloud-based features such as real-time collaboration and file sharing.
When Should You Upgrade to SaaS Analytics?
Most businesses rely on Microsoft Excel for a wide variety of business tasks, and with good reason. It’s relatively inexpensive, it can be learned quickly, it can be customized easily and it has some useful computation capabilities.
As your company grows, so does your need for accurate, reliable data. Using an Excel spreadsheet to track your numbers, while flexible, can lead to errors and inaccuracies. A more robust solution, such as SaaS, can alleviate these potential problems.
SaaS analytics are a great option for companies who are looking for more robust and secure solutions. Cloud-based software is typically more affordable and easier to implement than traditional, downloaded software.
Below we list some reasons why using SaaS Analytics, in many cases, is better than Excel.
1. Eliminates Human Error
The flexibility of Excel makes it a great tool for creating simple lists, but complex formulas and formatting can make them more prone to error.
When manually manipulating cells, mistakes can jeopardize the entire spreadsheet. This makes it difficult to track errors and takes a lot of time.
Since the typical end-user of SaaS analytics does not adjust or manipulate the source code, the errors in traditional web metrics are minimized.
To run an analytic model for Software as a Service, there are three main steps to take:
- Company data is uploaded
- Model is run
- Results are downloaded
With cloud-based software, users do not need to worry about adjusting any formula or coding. Instead, they upload their data, run the analysis, and view the results.
Since cloud-based platforms host the models for SaaS Analytics, they are less prone to human error. However, these models can be altered by trained professionals, but this happens very rarely.
2. Improved Collaboration and Control
Sharing your spreadsheet via email is the fastest and easiest way to send it, but it comes with security risks and can be difficult to keep track of.
Here are a few common mistakes people make when sharing spreadsheets:
- Jim sends Mary a spreadsheet. Mary makes 10 edits but only tells Jim about 7 changes. How does Jim find and validate the other changes?
- Jim is updating a spreadsheet and asks other team members to review different tabs. As the other team members make changes, there are several versions of the spreadsheet in circulation. Bringing all changes together into a single updated spreadsheet is time-consuming and error-prone.
- Mary accidentally edits a spreadsheet title. Jim needs to share this spreadsheet with the accountant but sends the wrong version resulting in confusion.
- Jim has been managing the corporate spreadsheet for years and suddenly retires. A new analyst may take weeks to fully understand Jim’s complex spreadsheet. Often the new analyst finds mistakes that John had missed for years.
SaaS analytics can help avoid these mistakes by facilitating collaboration and control. These platforms are accessed through a web browser, and multiple users can access them at the same time.
With intuitive user interfaces, software as a service (SaaS) can simplify the process of managing data. If changes to your models are necessary, they can be implemented in an organized manner.
While spreadsheets are easy to use, they may take several days to incorporate new data.
But, if your business model is mission-critical, you may want to manage these transitions more methodically.
3. Enhanced Data Security
While you can protect your spreadsheet with passwords, this doesn’t prevent people from viewing your formula or copying your data.
Spreadsheets can be prone to error, and these mistakes can be multiplied if those spreadsheets are made “locked” or “hidden”.
If hackers do manage to steal confidential spreadsheets, then they cannot stop users from simply copy-pasting the information into other documents. On the other hand, cloud-based software like Salesforce and Google Analytics is much more secure and can prevent data leaks.
SaaS analytic tools offer a secure way to protect and store sensitive customer data. The cloud’s security makes it very difficult for cyber criminals to steal and misuse confidential customer information.
SaaS platforms offer the following data protection:
- Secure communication (HTTPS)
- Data encryption
- 2-factor authentication
- User session time outs and lockouts
- Password management
4. More Robust Workflow
While Excel is good at basic math, it’s extremely slow and cumbersome for more complex tasks. This is especially apparent when handling larger files, which can take several minutes just to load.
Most spreadsheets are single-threaded and predictable. Most businesses would benefit by simulating different scenarios and seeing how the future might play out.
In industries like energy and commodities, market prices and the weather are significant factors in determining risk.
The chief financial officer (CFO) or risk manager may be interested in seeing a “margin at risk” report that shows expected margins with helpful distributional information.
Unfortunately, this is difficult to manage in Excel, so risk analyses are often not completed.
In the data analytics field, this is called “Model Limited Choice.” Your Excel spreadsheet simply cannot handle complex analysis so the process is not completed.
Because the company chose a model with less information, it’s harder for them to make choices.
SaaS analytics are typically built using robust statistical features software such as built-in R, Python, C++, and other high-performance programming languages.
These languages are incredibly fast, flexible, and very powerful. The models can be managed by our cloud-computing platform, which provides several tools for users.
You can run the same model simultaneously, share the results, and save your workflows. This is ideal for businesses that need to consistently track their data.
Analytics platforms also allow you to save your models, allowing you to go back and look at past results, settings, and metrics.
While Excel can be a great tool for analyzing data, it’s not the best tool for all situations.
When an organization’s spreadsheet model becomes more complicated, mission-critical, and used by multiple users, it’s time to consider switching to a software as a service (SaaS) solution.
Spreadsheets can’t handle these complex workflows, and mistakes can be costly. A robust, reliable, and scalable software solution can help your organization avoid the costly mistake of relying on a spreadsheet.
How SaaS Works
If you have an email account in Outlook, Yahoo, Google, or Hotmail, then you’ve already used a form of SaaS.
With these types of services, you log into your email account online, usually from your web browser. The email server is located on your provider’s network and your email messages are also stored there.
You can check your email and messages on any computer, smartphone, or tablet with an Internet connection.
The examples above are free to use for personal purposes.
For companies, there are a variety of subscription-based services to rent, such as email and calendars, as well as more sophisticated business applications, such as CRM, ERP, and document management.
You pay a subscription fee to use these applications.
Software as a service (SaaS) allows users to connect to these cloud-based apps over the Internet. Common examples are office tools such as Microsoft Office 365.
A Software as a Service (SaaS) is a type of software that is hosted in the cloud and you pay a monthly fee to use it. It’s similar to renting out software and accessing it online.
All of the necessary infrastructures, app data, and software are located in the service provider’s data center.
The service provider takes care of all the hardware and software, and with a suitable agreement, they will ensure that your data is secure and that your app is performing well.
Software as a Service (SaaS) is a great way to get your app running quickly without a large investment.
There are plenty of benefits that come with using Excel in the cloud. With Excel SaaS, you can access your files from anywhere, share them with others, and work on them collaboratively in real-time! If you’re looking for a way to improve your productivity and collaboration, then switch to Excel SaaS today!