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Recently an MLSCI client approached us with a problem. Government auditors were seeking information on sponsored programs from several years earlier. The data resided with a vendor who they no longer used and that was no longer in business.
While many companies rely on outside services and logistics partners, there are real risks on relying on those companies to manage YOUR data in THEIR systems.
MLSCI systems, such as MedAvantageTM, interface with many 3rd parties but the data is always maintained in a single repository. This not only provides "one version of the truth" but also ensures that critical data is owned by the client, today and tomorrow.
Who Really Owns Your Data - Today & Tomorrow
As we help our clients achieve operations and compliance excellence, one of the first things we do is work to get a solid understanding of how their business operates on a day-to-day basis. One common thread we see with nearly all struggling customers is a heavy dependency on Excel spreadsheets. We have encountered medical affairs teams who rely on over 100 spreadsheets just to run their daily business! Let’s take a moment to explore the main reasons why companies use Excel and some reasons why relying on spreadsheets can be a risky way to run your business.
The Risks of Running Your Business on Excel
In our experience, one of the main reasons companies use Excel is because their existing systems don’t allow them to view and understand data while providing the information they need to make timely business decisions. Other times they believe the costs of an integrated system are too high for the size of their business (let us show you how quickly even a small organization can quickly have a positive ROI). There is no doubt Excel is an extremely powerful tool, but below are several reasons why relying on spreadsheets is a dangerous way to store business critical information:
The Benefit of One Integrated System
MLSCI is a big proponent of integrating all information into a single, managed, data repository, therefore eliminating the need for external spreadsheets. Having one system eliminates many of the pitfalls companies run into from working with multiple spreadsheets. It ensures quality and also provides one version of the truth with visibility to the same data throughout the company. This is vitally important for many reasons including audit and compliance.
If you are running our business on Excel and are open to learning about some possible systems that could help streamline your operations while enhancing compliance, contact the experts at MLSCI today. Our solutions will save you both time and money
The Fallacy of Managing Critical Studies in Spreadsheets.