Microsoft's Excel and the financial industry have been close partners for over 35 years. Since its release in 1985, the software juggernaut has dominated the spreadsheet application market, and for good reason. The software is so adaptable, scalable, and simple to learn that many wonder if there could ever be a replacement.
Partner Michael Poveda said part of the reason for Excel's continued popularity is the support Microsoft gives the program. “Microsoft has continued to listen to customers and support their program,” he said. “A lot of applications are left by the wayside and stop getting supported by their parent companies in favor of newer intellectual properties.”
Despite this, the software's age shows itself in a limited ability to handle massive data sets, which “can lead to long processing times and more steps than other database tools,” according to Poveda.
Additionally, there's been a distinct generational shift in software to keep up with modern business requirements. “Advanced business intelligence tools that focus on data mining, predictive analytics, and visualizations are becoming the norm,” Poveda said. “Any applications that offer database capabilities along with visualization tools can make Excel look like an inferior option.” Already, schools and businesses are training students and employees on these newer applications, he said.
Read the full article published by CFO.com.