Come the final apocalypse only two things will survive: cockroaches and Spreadsheets! Given that the computer-based spreadsheet only came into existence in the late 1970s their spread has been truly phenomenal. A quick chat to Copilot or Google will give you an estimate of between 1.1 and 1.5 billion Excel users in the world. Obviously other Spreadsheets are available. Spreadsheets have revolutionised how individuals and organisations analyse data, manage finances, and make decisions.

From Tiny Acorn to Mighty Oak

The ubiquity of the Spreadsheet is one of the marvels of the modern commercial world. This came about because the advent of Spreadsheets coincided with the phenomenal growth in the power of PCs, as predicted by Moore’s law, and the corresponding reduction in the price of PCs. Since 1979 the performance of a standard PC has increased ten thousand-fold while the price, in real terms, has fallen by 82%.

Year	Price_USD_Adjusted	Performance_Index
1979	5527	1
1984	6042	2
1990	3840	8
2000	2000	100
2010	800	1000
2024	1000	10000

PC Price vs Performance

The concept of the spreadsheet predates computers. For centuries, accountants used paper ledgers arranged in rows and columns to record financial information. This layout directly inspired the digital spreadsheet.

The first electronic spreadsheet, VisiCalc, was released in 1979 for the Apple II. Created by Dan Bricklin and Bob Frankston, VisiCalc allowed users to perform automatic calculations and instantly see results update when data changed. It is widely credited as the first “killer app” for personal computers, driving business adoption of PCs. I first started to use VisiCalc in 1984, and I have been working with Spreadsheets ever since.

In the 1980s, spreadsheet software evolved rapidly. Lotus 1-2-3, launched in 1983, became the dominant spreadsheet on IBM PCs by combining calculations, charting, and basic database features. 1-2-3 became the benchmark for any aspiring Spreadsheet. With the inclusion of Manuscript and Freelance it became the first PC based offering that included, Spreadsheet, Database, Graphing, Document and Presentation functionality. A pre-cursor to today’s Microsoft Office. It set performance and usability standards that shaped the industry.

The rise of graphical user interfaces in the late 1980s and early 1990s paved the way for Microsoft Excel, first released for the Macintosh in 1985 and later for Windows. Excel’s visual interface, powerful formulas, and extensibility helped it overtake competitors and become the world’s most widely used spreadsheet application.

In the 2000s, spreadsheets moved to the web. Tools such as Google Sheets introduced real-time collaboration, cloud storage, and version history, allowing multiple users to work on the same data simultaneously from various locations.

Spreadsheets transformed business decision‑making, democratised data analysis, and remain essential across finance, science, education, and personal productivity.

A Sting in the Tail

But with success came a problem.

Traditionally, applications that could process substantial amounts of data required the engagement of Software Developers or the acquisition of specialist Programs. The democratisation, mentioned above, coupled with the Spreadsheets’ rich functionality empowered users. End User Computing (EUC) was born. If a user could gain access to the data, they were now free from the time and cost constraints that came with traditional IT Development.

Why EUC Grew So Fast

Professionals like accountants, actuaries, and underwriters face constant pressure to move quickly. Spreadsheets let them:

• Build models without waiting for IT
• Prototype ideas instantly
• Automate repetitive tasks
• Adapt tools to their exact workflow

While their spreadsheets often drive decisions involving millions of pounds there is a potential problem; a single mis‑typed formula can cascade silently.

A 2012 academic paper on government austerity, called the Rheinhart-Rogoff paper after its authors, used a spreadsheet with a range‑selection error that excluded key data. The mistake influenced global economic policy debates; indeed, the paper was cited by George Osborne in his defence of his austerity programme.

Other examples of spreadsheets leading to serious embarrassment are:

1. Merchant Bank Loss

Impact: ~$6 billion loss
What went wrong:
A spreadsheet used to assess risk contained:

• Manual data entry errors
• A faulty formula (dividing instead of summing risk values)

Real-world consequence:
The bank vastly underestimated risk exposure, contributing to one of the largest trading losses in banking history.

2. Energy Trading Loss

Impact: $24 million loss
What went wrong:

• A trader accidentally copied and pasted the wrong row in an Excel spreadsheet
• Electricity prices were misread by a factor of 1000

Real-world consequence:
The company executed trades at wildly incorrect prices. The trader was fired!

3. Fund Manager Typo

Impact: $2.6 billion valuation error
What went wrong:

• A missing minus sign in a spreadsheet

Real-world consequence:
The fund temporarily overstated its value, misleading investors until the error was caught.

If your business relies on spreadsheets maybe you ought to consider hiring an expert.

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Published: 1 May 2026
© Copyright Just Recruitment Group Ltd 2026

Spreadsheets have revolutionised how individuals and organisations analyse data, manage finances, and make decisions.