Spreadsheets contain huge amounts of sensitive data; however, they lack risk controls inherent in IT-managed applications. Add-on control products reduce risk and improve user efficiency without affecting flexibility.

Spreadsheets — the most widely used business intelligence (BI) tool — are a permanent fixture in enterprises because no other analytical application outperforms them in flexibility, ease of use, and ubiquity. Spreadsheets' role in BI is no longer limited to simple import/export mechanisms; they now play an integral role in all layers of the BI stack. Yet the lack of controls and security and integrity issues create tremendous challenges. To minimize risks while gaining the inherent BI value of spreadsheets, information and knowledge management professionals must discriminate between the different ways spreadsheets are used. Then, they must help users apply advanced spreadsheet tools and techniques to their daily jobs, while also implementing a tightly controlled (or closely monitored) environment for critical production processes that rely on spreadsheet data. In turn, vendors should take advantage of this market opportunity by introducing tools that will bridge the gap between spreadsheet management and spreadsheet usage in the BI process.

Financial business processes run on spreadsheets. The widespread usage of spreadsheets should cause concern for all enterprises. The ability to discover, assess, and control spreadsheets, however, greatly mitigates their risk and drives enterprises to consider one of several IT solutions for this problem. Effective processes associated with spreadsheet control and risk mitigations need to cross all financial functions and address auditors' concerns. Implementing the correct procedures around spreadsheet controls will create the necessary working framework to allow the continued usage of spreadsheets while lessening audit issues and financial compliance requirements.