• Risk Wizard Team

Excel vs Risk Wizard: PROs and CONs


Excel is a wonderful software application that’s been around since the dawn of the internet age. One of the biggest benefits of Excel is that it’s well-established and well-understood by its millions and millions of daily users, as well as being extremely versatile as a spreadsheet software solution.


Accountants, engineers, floral boutique owners, and project managers may have little in common, but the frequent use of Excel to aid in business operations is quite common amongst all of these diverse fields.


Is Excel the King of Data Analysis?

Yes and no. Its ubiquitousness and its relative ease of use (at least, at the surface level) make it king in popularity. It’s sort of a jack of all trades, master of none. Data scientists and mathematicians, for example, tend to use more robust data software better catered to their needs.


Likewise, risk management professionals can get by with Excel as they have for decades, but it doesn’t make Excel the best software, it just makes it amongst the most common ways of tabulating and visualising data pertaining to risk management.


PROs and CONs of Microsoft Excel for Risk Management

PROs

  • Well understood by most professionals;

  • Flexible and easy to adapt to risk management tasks;


CONs

  • Lack of real-time reporting, instant messaging and notifications to key stakeholders;

  • Lack of robust scheduling capabilities;

  • A proactive, not reactive solution that is in demand by risk management professionals;

  • Lacks specific toolsets ideal for risk management.


There is a Better Way

There’s nothing inherently wrong with Excel, but for risk management professionals who have outgrown Excel, the good news is that purpose-built risk management systems have taken off. Risk Wizard is one of the most robust risk management software solutions built and designed with risk management professionals front and centre.


PROs and CONs of Risk Wizard

PROs

  • Easy to use, secure, and reliable;

  • Reassures stakeholders, including board members, auditors, and owners;

  • User-friendly thanks to its intuitive UI;

  • Affordable pricing, making it suitable for all businesses big and small;

  • User reporting tool engages employees and stakeholders;

  • Bespoke and can be tailored to meet the exact needs of your organisation;

  • Save time, money, and effort with Risk Wizard’s streamlined yet robust UI.

CONs

  • Not as well known as Excel;

  • Lacks the big marketing budget of Microsoft;

  • Not ideal for non-risk management professionals (e.g. accountants, shopkeepers, etc.).


Excel vs Risk Wizard: Which is Best for Risk Management Professionals?

It should be clear that for risk management professionals, Risk Wizard is a clear winner in many regards. If you’ve outgrown Excel and require a more robust, tailored software solution to assist with real-time reporting, notifications, and customisable risk profiles within your organisation or industry, you’ll be pleased with what Risk Wizard has to offer.


But don’t just take our word for it. Get started today with a FREE trial of Risk Wizard to see if it’s appropriate for adoption within your organisation. Don’t worry about reinventing the wheel and importing all of your data manually from Excel, either. We make it quick and easy to transfer existing data to the Risk Wizard software so that you can get right back to doing what you do best.


Risk Wizard

Give Risk Wizard a go to day and experience high-quality, user-friendly risk management software built with risk management career professionals in mind.