#17 Unbundling Spreadsheets

However, the reliance on spreadsheets has also created an opportunity for startups to develop solutions that improve workflows and replace Excel in specific industries. Many SaaS companies have already taken advantage of this opportunity, offering solutions such as CRMs, invoicing software, and industry-specific spreadsheets. While Excel is a reliable and widely-used tool, it lacks the scalability and features that SaaS companies can offer.

AI May Soon Replace Spreadsheet Skills

The rise of artificial intelligence (AI) has triggered a lot of investment in the sector. According to research by the University of Pennsylvania and Microsoft-backed company OpenAI, professions like accountancy are among the most vulnerable to generative AI. AI chatbot experiments have previously focused on gimmicks like writing sonnets, but AI programs may soon be able to prepare financial accounts, thus eliminating the need for spreadsheet skills.

Spreadsheet skills have traditionally been important for accountants, and they work hard to maintain Excel bragging rights. However, AI integration may soon render their skills obsolete. Last month, Excel announced the addition of a generative AI "co-pilot" to the taskbar of Microsoft 365 applications like Excel. The tool will allow users to ask data questions in their own language instead of using formulas.

Despite these advancements, there is still a long way to go before generative AI achieves the omniscience required to produce reliable results. AIs require a lot of learning, and it will be harder to train them if there are more bans of the kind Italy has imposed on OpenAI's ChatGPT over privacy concerns.

Still, while the rise of AI may eliminate the need for spreadsheet skills, accountants and other professionals should not panic just yet. AI still has a lot of learning to do, and it is not yet perfect. In the meantime, professionals should focus on developing other valuable skills that are less likely to be automated.

How about fully embracing Excel (instead of replacing it)? 

Fully embracing Excel in a business SaaS solution can be a great way to enhance the user experience and provide additional value to your customers. Many businesses and professionals continue to rely on the program for its familiarity and versatility. With the addition of AI tools, Excel can become even more powerful and efficient for tasks such as data analysis and financial reporting. Here are some ways to dive deeper into this approach:

1. Integration: You can integrate Excel directly into your SaaS solution, allowing users to open, edit, and save Excel files from within your application. This can save users time and improve their productivity, as they won't need to switch back and forth between applications.
   

2. Automation: Excel is already a powerful tool for automating repetitive tasks, but you can take this a step further by building custom macros and add-ins that automate specific tasks within your SaaS solution. This can save your users even more time and reduce the risk of errors.
   

3. Visualization: Excel is great at creating charts and graphs that help users visualize their data. You can build custom visualizations that integrate with your SaaS solution, providing users with a more intuitive way to understand their data.
   

4. Collaboration: Excel already supports collaboration features like co-authoring, but you can build additional collaboration features into your SaaS solution. For example, you could allow users to collaborate on Excel files in real-time, or build custom workflows that streamline the collaboration process.

By fully embracing Excel in your SaaS solution, you can create a more powerful and integrated experience for your users. Whether you're automating tasks, visualizing data, or streamlining collaboration, Excel can be a valuable tool for enhancing your SaaS solution. RevsUp is a great example of leveraging Excel.

Still, it is important to keep in mind that AI technology is rapidly advancing and may eventually outpace the capabilities of even the most skilled Excel users. It is therefore wise to also explore other software and technologies to stay ahead of the curve and remain competitive in the marketplace.

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