Lienholders in the automotive space, including car dealerships and financial institutions, have a wealth of data to keep track of in the course of their day-to-day business. As business has moved to a more data-centric focus, with more and more companies recognizing the value and importance of data in all areas of their business, the fact remains that many companies are using outdated tools to keep track of their data. Surveys suggest that one in five businesses utilize spreadsheet programs, such as Microsoft Excel as the main tool to record and monitor data.
A study conducted by Forrester Consulting confirmed that spreadsheets remain the dominant medium for business-critical tasks. Almost a third of respondents noted that their organizations use more than 10,000 spreadsheets on a regular basis and 88% reported using more than 100 complex and customized spreadsheets to support their critical business processes.
While spreadsheets have proven to be a valuable resource for many different parts of a company’s day-to-day operations, they are not perfect. Human error is a very real occurrence. In fact, research has shown that nearly nine out of ten spreadsheets have errors that affect their results. Every spreadsheet has the potential to hide inherent risk – and there are many. Formulas may not be repopulating correctly, coworkers could be using different versions of a saved spreadsheet, and information could be hidden behind formatting. And, while flexible and convenient, using manually driven spreadsheet-enabled processes can lead to errors, either accidental or intentional.
When dealing with high risks involve issues surrounding payments and insurance, it’s vital to maintain accurate data, and a more intuitive, agile insurance tracking service may be the answer.
Verifacto’s mission is to develop products to mitigate and reduce lienholders’ risks. We recognize how tedious, time-consuming and labor-intensive the process of tracking, verifying and communicating coverage information can be and, of course, we know that since the process involves manual labor, there is a high probability of potential errors.
Our insurance tracking service is a fully-customizable solution that empowers businesses to update and organize their insurance tracking methods operate with fewer staff, while allowing them to accurately and easily track their assets and reduce potential losses. The Verifacto On-line Management, Tracking, Verification and Communication system provides your employees the tools and empowers them to work effectively, improve your company’s operational efficiency and materially reduces your company’s risk of loss.
Our insurance tracking service is simple and intuitive, delivering an exceptional user experience. With a passion for finding simple solutions for complex problems using innovative technology, you can be assured that you have access to the most accurate and complete data available. Our platform is fully customizable, giving you the power to create a solution that best meets your organization’s unique needs.
If you are hesitant to move from spreadsheets to a cloud-based software platform like ours, fear not. Our software platform is hosted on the most robust, reliable and secure servers in the cloud throughout the U.S. And, in addition to saving staff time and expenditure, with our platform, there’s no need for expensive hardware and IT personnel. With new releases and updates, your configurations are preserved and seamlessly updated.
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While Excel is a powerful and invaluable tool, just one badly managed spreadsheet can open a business to risks that have the potential to singlehandedly cause irreparable financial and reputational damage. Don’t leave your business open to human error, trust an insurance tracking service to ensure accurate insurance management, tracking, verification, and communication. Request a demo and see how our secure, intuitive, automated and cost-efficient communication system can positively impact your business.