It may surprise you to learn that a leading Formula 1 team was, until recently, still managing a 20,000-cell spreadsheet for their car-build package. Nevertheless, while they were facing a budget cap, the team realised that Excel was not only time-consuming but also extremely inefficient.
This prompted them to invest in a new software solution to manage their data; an essential step that any financial investor should consider.
What does this have to do with the financial industry, you may wonder? While these may seem like two separate fields, they both encounter similar challenges. Moreover, the best Excel alternative align closely!
Why Excel Isn’t Really the Best Option for Large Datasets
In a recent interview with online motorsports publishing giant AutoSport, the Williams F1 team revealed that they had bid goodbye to their Excel spreadsheets, as the tool was delaying their production plan...
Consulting data took too long, leading to inefficient calculations regarding the weight of components critical for reducing the car's overall weight. Additionally, incorrect calculations resulted in damaged parts, necessitating extra maintenance and replacements, which negatively impacted their budget.
This scenario is not unique to Formula 1, however. Indeed, it mirrors the challenges faced by financial investors and many other sectors.
In other words, relying solely on Excel can lead to similar pitfalls.
The Williams F1 Team Has Bid Goodbye to Excel – You Should Do the Same!
As we have seen before, Excel databases are not the right option for financial industry players. Even so, many people initially turn to Excel because it is quick to set up and seems to address immediate needs. However, as data volumes grow and calculations become more complex, problems arise, leading to inconsistencies, erroneous calculations, and delays in finding information.
Fortunately, the Williams team is now using modern software technology that provides real-time insights into available parts and materials. This step represents a critical shift that financial investors should also consider, especially as they navigate large datasets that require accuracy and speed.
Transitioning to new technology can be uncomfortable, as it necessitates changing habits and mindsets. However, these changes are essential for enhancing efficiency, reducing errors, and accelerating processes. The good news is that if a Formula 1 team is only now moving from Excel to a dedicated system, you can find comfort in knowing that you are not alone in overcoming these challenges.
Why We Created the Wakett Box as a Vertical Solution
This is precisely why we developed the Wakett Box. Specifically, our powerful data processing software, AUTOMAN, which serves as an excellent Excel alternative for financial investors.
At Wakett, we recognise the persistent challenges organisations face when managing complex data, particularly in fast-paced industries like finance. This understanding drove us to create AUTOMAN, a software solution that streamlines data management processes, offering a comprehensive, intuitive platform tailored to meet industry needs.
With AUTOMAN, organisations can effortlessly integrate various data sources, perform analytics, and generate insightful reports that facilitate informed decision-making. This tool not only enhances efficiency but also minimises errors, allowing your team to focus on what truly matters: innovation and growth.
By adopting the Wakett Box with integrated AUTOMAN software, businesses can embrace a technology-driven future, moving away from cumbersome spreadsheets like Excel and towards a streamlined, automated approach to data management.
So, what are you waiting for? Get in touch with us to discover how Wakett can help you leverage the best Excel alternative for financial investors and make the most of your data, faster and more efficiently than ever before.