Many organisations rely on Excel spreadsheets - as part of their End User Computing (EUC) solution - Spreadsheets remain a critical tool in business and are an integral part of the information and decision-making framework.
However, more than 90% of spreadsheets with over 150 rows contain serious errors. These errors, and the manual processes associated with spreadsheets can compromise data accuracy resulting can result in significant financial losses.
Because spreadsheets can be easily changed and lack certain control capabilities, they are subject to increased inherent risk and error. Some of the typical errors that occur in spreadsheets include:
Flawed data entry, inaccurate formula references or other simple cut-and-paste functions.
Inappropriate/incorrect formulae are created generating improper results.
From the import or export of data with other systems.
Errors from inappropriate definition of cell ranges, inappropriately referenced cells or improperly linked spreadsheets.
Excel is in everyone's comfort zone for a reason, it is the tool they want to use. It's extremely flexible and people trust it. However the agility and accessibility of the application means that without governance, operational risk and error prone sheets can lead to concerns always be people who use it in an ungoverned way and that can lead to spreadsheet sprawl, error prone sheets and other major concerns.
Schematiq provides governance and best practice use of Excel and brings decades of experience in providing this governance in highly scrutinized, regulated finance environments to all users of Excel. Schematiq provides transparency over what is used, who is using it and where they are using it, including every data item, every calculation and total transparency of the results.
Where users are dependent on analysis models and work flows developed by others, Schematiq’s Asset Manager also allows these to be shared / published in a controlled release process which provides transparency and governance.
Spreadsheets often start out small and easy to manage, but can soon grow out of control as the data and calculations spread over many rows, columns and tabs. Mistakes creep in as users don't notice that formulas haven't been copied down properly, or references have been hard-coded.
Schematiq eliminates this complexity at a stroke by keeping large data structures and blocks of calculation in a single cell, so that entire spreadsheets can be seen in a single screen. It's easy to understand what's going on once you can see everything right in front of you. Table functions allow you to work on a whole block of data in one calculation rather than having to apply formulas to each row separately, thus reducing errors.
Because Schematiq doesn’t require you to leave the tools of choice to prep, blend or analyse data, you can easily spot errors, fine tune the analysis, re-calc and explore what-if scenarios, without having to refer to an external analysis system that may also not provide the level of transparency at each step. By keeping the logic within the sheet itself, if the logic changes, you don’t need to change the workflow on an external analysis system.
Schematiq also removes size limitations and allows you to join data from multiple spreadsheets. Using simple formulas and reducing errors, Schematiq provides transparency for every calculation and transparency of the results. Schematiq allows you to follow the provenance of data even through the most complex calculations.
Schematiq introduces blending and analysis of multiple, unstructured data sources into Microsoft Excel and provides a workflow environment that allows you to transparently see, step-by-step, the result of each step of the data transformation as you prepare, blend and analyze that data directly within Excel itself.
Schematiq has a number of connectors out of the box including Haven OnDemand, Twitter, web pages, files and databases and can rapidly be extended to other data sources. Schematiq can even process files from folders on your desktop or file servers using wildcard imports.
Schematiq allows repeatable workflows for data preparation, blending and analysis directly within Excel, the tool that one billion users want to use.
One of the criticisms of using Excel for data analysis is that if the source data changes you need to go through each step of the data preparation and blending again. This is due to the fact that with Excel you copy data from a source and work with that copy, busting it open into a range, filter and change it and then save it. If the data changes you need to do that again.
With Schematiq data is always pulled from the original source as a live datalink so that if the data changes your spreadsheet and analysis will always be updated accordingly. Where your business depends on real-time data in environments such as trading desks, for example, this allows you to build your analysis against real-time data as opposed to taking snapshots which are rapidly out of date.
Schematiq's server based computing takes the burden of data calculations, leaving Excel to concentrate on what it does best. Your Excel sessions will run quicker and crash less, helping you to get more done. It's like getting a whole new farm of PCs.
Suppose your BI platform didn't slice the data the way you wanted to see it. In the past, you'd either have to do without or ask a developer to write some code to generate the view you needed. But now using Schematiq you can easily pull the data into Excel, where you can use Schematiq's functions to effortlessly transform it to show you what you need to know. And you can do it quickly and easily yourself; now everyone can develop simple and powerful analytics.
When the truth is buried in the data, you want to drill down to extract and analyse the nugget of knowledge you're looking for. The Schematiq Viewer is a dockable window that shows the detail of every cell, calculation or data structure. You can see the whole solution and every detail at the same time.