Challenges to Consider when Relying on Spreadsheets to Manage Property Data
For years, organizations have gotten by managing property insurance-related data in multiple, complex spreadsheets. While this may seem like a quick and simple solution, it also presents many risks. Risks like:
1. An Unwieldy Volume of Data Increases Chance of Error
As organizations grow and regulations change, the amount of data being tracked increases. Maintaining large spreadsheets can become cumbersome and lead to an increase in the number of errors. Moving to a sophisticated database software solution with a formal approval process can reduce errors and maintain data in an organized fashion.
2. Version Control Issues and Loss of Data Integrity
With many people having access to the same spreadsheet and without formal processes for version control in place, data can be easily lost, changed or overwritten. Many centralized database software solutions provide various levels of user access and a complete auditable history, allowing multiple people to have access to the same information while ensuring the integrity of the data.
3. Limited Functionality to Suit Effective Property Risk Management
Over time, spreadsheets have become increasingly flexible, allowing users to perform functions ranging from vlookups to complex statistical analysis. However, spreadsheets were designed to serve a broad audience, while most database software solutions are designed to maximize performance in a particular area of expertise, providing users with more robust, relevant functionality.
To learn more about the benefits of tracking property related data and insurable values in a centralized database, contact us here. We’re happy to discuss how you can achieve greater data accuracy, collect more property data more efficiently, and more.
Or click here to learn more about how our AMP Property Risk Management Software provides organizations and risk pools with a convenient, efficient, and secure method of managing property related data and insurable values.