A lot of companies don’t want to invest in tech they don’t control or understand.
no. this does not happen. everyone uses excel.
At my current job (late-ish stage SF startup), most of us default to Google Sheets, but there have been enough use cases for "real" Excel alone to warrant setting up Office 365 licensing/accounts and defining a flow for that at the corporate level instead of just one-off licenses here and there.
Our finance team in particular (or at least specific key members thereof) has to use the Windows version of excel because both the macOS version and Google Sheets rapidly buckle under the datasets they're manipulating in their monthly reconciliations. My team has been working on various tools and systems (mostly as extensions to our ERP) to better automate some of these things, but Excel is still a reality until that happens for all their use cases.
At which, again from my perspective and view of things which may be wrong, startups are more likely to automate/productize that so they can better maintain and dogfood it if possible instead of letting someone's Excel workbook grow into a pet ML tool that only they understand.
But if you start your business with your stock and order tracking in excel, your customer list in excel, and your accounts in excel, it's not unusual to outgrow excel in some of those areas fairly quickly.
The upside is higher quality, the downside is way reduced turnaround speed if they need to change something.
I understand why people using Excel are often reluctant to give it up.
Think about anything that you do in Excel. In what scenario do you roll with exactly what you initially start with?
I just did a preliminary capital forecast in Excel. I could have used something like Google sheets as well, but beyond that, the lack of flexibility makes purpose built solutions less able without specialized people that I don’t have or domain knowledge that I don’t possess.
Without difficulty? No, definitely not. The difficulty is always there, it's just internalized, ignored or worked around in various (often crazy) ways.
The baseline difficulty of using excel is not what I'm talking about and I don't consider it relevant since experience has proven that baseline difficulty is not much of an obstacle to real adoption.