Wizard style navigation or alternatives

Is wizard style navigation best for large amount of data input?

The existing software has very deep nested navigation and uses a wizard style progress method to input and edit information for almost all of the content throughout the software. (example below)

Is the wizard style the best way of showing both the users location in the software as well as their progress on a given section? Thoughts on how best to present this style and any alternatives what will give a great user experience to both existing and new users would be extremely helpful.

Thanks!