A few years ago, a spreadsheet copy-and-paste error cost JP Morgan a £4.7 billion in trading losses. Ian Smith, the insurance correspondent at Financial Times, wrote that while the companies size up to big global risks, from systemic cyberattacks to natural disasters, they are struggling to cope with the vast reams of real-time data stuck into spreadsheets that have gotten more complicated over time.
The concerns are multi-fold – there are security risks, potential user errors, and poor version control – apart from frequent crashes and sluggish performance.
The Excel model “made sense 20 years ago,” but businesses are now looking to break that stranglehold by automating the data input and analysis to drive efficiencies and reduce risks. While automation of data ingestion and risk analysis can help unlock greater productivity, the use of AI can push automation further. At Simplex, we call this Intelligent Automation.
Microsoft Excel is probably the most widely used end-user development application, with a vast pool of skilled users and years of familiarity for over 750 million users that use the software globally. End User Developed Applications (EUDAs) are computing applications that are developed under the direct control of business users rather than the IT department.
EUDAs allow users to directly manage, control, and manipulate data as well as quickly deploy solutions in response to shifting market conditions, industry changes, or evolving regulations. They have a low barrier to entry and do not require sophisticated technical skills. A variety of a new breed of “no code” and “low code” platforms now enable business users to develop applications without any or minimal programming knowledge.
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The Simplex Proposition
The purpose of End User Developed Applications has evolved in recent years. From simple data tracking and processing, these now combine information from several data sources and undertake complex processing to offer valuable business intelligence.
However, often, these systems are not subject to the rigour of formal design and development lifecycle in contrast to the traditional line of business applications.
At Simplex, we help our clients develop a EUDA policy that governs the development and control of these applications and is aligned with the firm’s operational resilience needs.
Our experts help businesses establish apposite change and access control, ensure the appropriate level of EUDA documentation, apply software development lifecycle (SDLC) principles to the development process, as well as set up relevant archiving and backups.
