[vc_row][vc_column][vc_column_text]ComTech recently highlighted an alarming incident of how a commodity trader incurred a $2 million trading loss due to a minor inaccuracy while working with spreadsheets. While an occurrence as such may sound rare; 70% commodity traders using spreadsheets admit to have battled minor financial and operational errors at least once in their lifetime.
For several small and medium sized traders, deploying a CTRM or ERP application can be daunting due to misconceptions stating they’re complex and demand huge investments. However, breaking this myth is Robo-Commodity – a cost effective, insightful and easy-to-operate ERP solution that covers end-to-end business processes.
Not sure why your business requires an ERP upgrade? The answer is simple – It’s competent, secured and highly effective.
A Quick Look At How Spreadsheets Can Affect The Financial Health Of Your Business
- Spreadsheet have undeniable errors: According to the University of Hawaii, 88% spreadsheets consist of at least one form of inaccuracy. In fact, despite extensive development, 1% or more of all formula cells contain errors.
- 1:5 traders report loss: While the simplest of human errors can be rectified, technical glitches often go unnoticed. 1 in 5 commodity traders both big and small report incidents of capital loss due to spreadsheet flaws.
- JP Morgan case: Even large companies are susceptible to spreadsheet errors. In 2012, JP Morgan Chase experienced a loss of $6 billion because of a minor spreadsheet error. Likewise, other big names such as Barclays capital, Eastman Kodak, Fannie Mae, London Olympics and MI5 were victimised by the inefficiency of spreadsheets as well.
- $2M Trading error: Something as simple as replacing a cell formula with a fixed value cost a firm a whopping $2 million. In fact, during the research conducted by ComTech, at least one business suffered a loss of similar capacity.
Other Business Challenges, Include:
In addition to these, spreadsheets can also make a business vulnerable to data-security related fraud. In addition to financial loss, businesses may suffer a tarnished brand image as well.
More than 80% commodity traders continue to use spreadsheets and struggle with inaccurate accounting, reporting difficulty, and data visualization among challenges. However, just like a stitch in time saves nine; incorporating a best-in-class ERP solution can help you defeat organisational downtime, escape fraudulent incidents, and scale heights.
Having helped commodity traders like Axiom Global transform digitally, we look forward to assisting you as well.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/6″][/vc_column][vc_column width=”2/3″ css=”.vc_custom_1569490505427{border: 2px solid #dd9933 !important;}”][vc_column_text]
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