More than half of typical companies report high use of spreadsheets for budgeting, but world-class companies use spreadsheets for budgeting 19% less often, Hackett says. "Using spreadsheets for budgeting purposes opens the organization to potential process breakdowns," wrote the report's authors, Senior Business Advisor John McMahan and Chief Research Officer Richard Roth. "Given their propensity for errors, coupled with the ease with which users can edit and change formulas and assumptions, using a spreadsheet as a standalone budgeting tool makes creating 'one single, reliable version of the truth' difficult."
Somehow I gather Excel spreadsheet provider Microsoft is less concerned with Hackett's conclusions than with Google's recent spreadsheet offering. On Wednesday, Google announced plans to marry its online word processing application, Writely, with Google Spreadsheets.