Almost all firms are still reliant on spreadsheets - is it time for change?

Almost all firms are still reliant on spreadsheets – is it time for change?

A recent report reveals that a staggering 90% of organizations are still using outdated spreadsheets and similar tools for crucial business data management, hindering efficiency and growth potential. Despite 82% having automation plans, challenges persist in adopting better technologies. Only 43% aim to implement automation in the next six to 12 months, with concerns over manual processes and regulatory risks. AutoRek suggests that embracing modern payment data management is crucial for efficiency and compliance, emphasizing the need for small and medium-sized businesses to leverage AI and automation technologies for operational enhancements. The research highlights the gap between payment methods’ sophistication and the reliance on legacy systems for transaction processing. Prioritizing modernization in payment data management is key for businesses aiming to streamline operations and ensure accuracy in an ever-evolving industry landscape.