Maximizing tech ROI: four tech questions every organization should address.

• Author: Stephens, Thomas G., Jr.
• Position: Technology issues - Return on investment

Technology permeates virtually everything we do in our jobs. As such, when we utilize technology as a strategic asset, it can provide a substantial return on investment. On the other hand, when we fail to update our technology or to train our team members on how to utilize it effectively, results suffer. To help ensure that your organization is maximizing its technology ROI, consider the following:

1. How can you use Excel more efficiently, while simultaneously reducing the threat of spreadsheet errors?

2. Do you want to minimize internal and external threats to sensitive information?

3. Should you migrate to Windows 10?

4. What are the best collaboration tools for your organization?

   Using Excel Efficiently & Effectively

   Excel is one of the most-used applications by accounting and financial professionals. Yet, most users receive little, if any, formal training on how to take full advantage of this ubiquitous tool. Consequently, productivity suffers because users remain unaware of new and improved features and advancements available with the more recent versions of the application.

   To obtain a greater ROI from Excel, consider to what extent you use features such as Tables, PivotTables and Data Queries. These three tools can help you to automate many of your reporting processes, which means spending less time on mundane tasks such as creating formulas.

   Also, don't overlook opportunities to extend the functionality of tried-and-true features, such as "layering" multiple levels of calculations with Excel's Subtotal feature and using array formulas to solve simple rounding issues, along with generating advanced summaries of data. Additionally, explore how the new Power BI features can help you create meaningful business intelligence applications by building on your existing knowledge of Excel.

   One often-overlooked issue with spreadsheets is their error rate. Many estimates peg the error rate at approximately 90 percent of all spreadsheets in us. How can we reduce spreadsheet errors without compromising functionality? Consider taking advantage of features such as Excel's Inquire tools, IFERROR function and the Analysis Toolpak to help you prevent and detect spreadsheet errors.

   Of course, with the release of Office 2016, Microsoft will introduce new features in Excel and the rest of the applications in the Office suite. As you upgrade to Office 2016, carefully review and consider how you and your team can benefit from using each of these tools.

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