Akshay Chimankar wrote:i want to know the Advantages of using TM1 over Excel.
Why is TM1 superior than Excel?
Why Should Anyone go for TM1 instade of using Excel?
Normally I wouldn't normally answer a question like this as it really is a "it depends" type of question or "how long is a piece of string?" Also I would argue the phrasing is incorrect; for a finance professional, business analyst or data analyst it isn't a question of TM1
vs. Excel but Excel
with TM1 vs. Excel alone.
Excel is an outstanding tool for ad hoc data analysis and spreadsheets can't really be bettered for many data analysis and ad hoc reporting tasks. There is a reason Excel is ubiquitous and used by every company in the world. But Excel is an individual user centric application. Problems arise when people try to use Excel inappropriately as a database and "spreadmarts" arise. This causes data fragmentation, huge effort in maintaining multiple copies of masterdata and in the end confusion reigns and there are arguments over who has the right number, my spreadsheet or yours. More often than not the differences are down to timing & update issues (either of data or masterdata).
There is an issue caused by many databases and BI tools having no direct link to Excel. This causes huge manual workload for analysts to log into said tool, download a text file, load it into Excel, make some formatting and whatever other changes and only THEN start with their actual job; the analysis of the data.
TM1 unlike the majority of BI tools doesn't have the mantra of "Excel is bad, get rid of Excel". For the most part IBM & TM1 partners recognize Excel has legitimate value and to try and get rid of it is a futile exercise doomed to failure. What TM1 offers is the "best of both worlds", a central database that is always up to date as far as masterdata and data is concerned, and direct connectivity in Excel. So data analysts don't have to maintain masterdata, or extract "data dumps" from the source system and load into their analysis spreasdheet. That is TM1 offers the nirvana state of "single version of the truth". Any software vendor who espouses "single version of the truth" while promoting "get rid of Excel" or without a direct and seamless connection in Excel like TM1 has is simply telling lies or just doesn't understand the reality of a business analysts's job. Of course not all TM1 customers get to the nirvana state, but they do have a much better shot at it than a BI tool with no live Excel connectivity or whose mission it is to do away with Excel.
Manny Perez the inventor of TM1 has a good phrase for this which sums it up nicely.
Manny Perez wrote:"TM1 is freedom under the law"
That is: the business users are free to do what they like in Excel, but their numbers and metadata are "single version of the truth" sourced from a trusted database and controlled by business process and IT governance.
As in ...
pure Excel = anarchy
BI tool only = centralized state control, mis-allocation of resources, dictatorship or communism
Excel + TM1 = a better alterdative, something like democratization of data with central governance
