Crucial blunder in consolidation sheet caught on time

A large oil company missed a subsidiary in a consolidation sheet, PerfectXL caught the issue before the file was finalized..

Before PerfectXL

This company had several proficient Excel users, but the general complexity of files was also very high. While they had four eyes principles and standardized checks, these processes were manual, therefore they were not only time consuming, they were also error prone. Human error Exists in the modeling part of working with Excel, but also in the checks and testing. The client was confronted with this truth when they started working with Excel and found an error that could have had significant consequences.

After PerfectXL

With PerfectXL tools users were able to mitigate several potential blunders by having a more complete, and standardized check of Excel models. While manual checks still take place on core outputs, the checks PerfectXL automatically performs result in indepth model reviews exposing any potential weakness or error in models. It has also resulted in a significant reduction in time investment when it comes to quality control checks on Excel models internally.

 

Conclusion

People working with Excel at this company feel that the quality of models is higher, confidence in the output of models is higher, and the amount of time invested to reach this result is much lower. When risk mitigation is paired with significant time saved, everyone is happy!