More than two thirds of mid-sized UK businesses rely on spreadsheets to support decisions, a survey has revealed.
This is despite the fact that 80% of board-level decision makers polled by research firm Quocirca admitted to having "significant problems" with information taken from spreadsheets.
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Over a third said spreadsheet use has a marked detrimental impact on the business because of data duplication and inaccurate information.
"In a challenging economic climate, it's staggering that mid-market companies are gambling critical company decisions on unreliable spreadsheets and dodgy data," said Clive Longbottom, service director at Quocirca.
Budget and resource planning cannot be left to chance by using systems that allow poor quality data to proliferate, he said.
Businesses are only just beginning to realise that spreadsheets cannot deliver reliable and accurate information, said Ged Simmons, UK and Ireland country manager for business intelligence at IBM, which commissioned the survey.
"Tailor-made software exists that provides enterprise-level analysis with a mid-size price tag. Mid-market companies would be wise to consider the choices," he said.