Microsoft Excel was introduced in 1985 and has since grown to become arguably the most important computer programme in offices worldwide. In business, literally any function in any industry can benefit from individuals with advanced Excel skills. Excel is a powerful tool that has become ingrained in business processes worldwide—whether it is used to analyse stocks or issuers, create budgets, or organize client sales lists.
How can MS Excel help businesses?
If you learn Excel it can help you grow your business and facilitate your career too. Here are some of the ways you can put your knowledge of Excel after doing an MS Excel tutorial to use in different sectors and fields.
Complete Microsoft Excel tutorial can assist you in selecting the best excel course at Auston for you.
Accounting and Finance
Financial services and financial accounting are the most reliant and beneficial areas of finance on and for Excel spreadsheets. In the 1970s and early 1980s, financial analysts would spend weeks manually or on programmes like Lotus running advanced formulas. Excel now enables you to perform complex modelling in a matter of minutes.
When you walk through the finance or accounting department of any large corporation, you will notice computer screens filled with Excel spreadsheets crunching numbers, outlining financial results, and creating budgets, forecasts, and plans used to make critical business decisions.
While most users are aware that Excel can add, subtract, multiply, and divide, when combined with VLOOKUP, INDEX-MATCH, and pivot tables, it is capable of much more.
Management and Marketing of Products
While marketing and product managers typically delegate financial analysis to their finance teams, using spreadsheets to track customer and sales targets can help you manage your salesforce and plan future marketing strategies based on past performance.
With a simple drag-and-drop, users can quickly and easily summarise customer and sales data by category.
Planning Human Resources
While database systems such as Oracle (ORCL), SAP (SAP), and Quickbooks (INTU) can be used to manage payroll and employee information, exporting that data to Excel enables users to identify trends, summarise expenses and hours by pay period, month, or year, and gain a better understanding of your workforce’s function and pay level distribution.
With a Spreadsheet, You Can Do Anything
Excel’s business applications are nearly limitless. The following are some examples:
- When organising a team outing to a baseball game, Excel can be used to keep track of RSVPs and costs.
- Excel develops revenue growth models for new products based on forecasts of new customers.
- When creating an editorial calendar for a website, you can use a spreadsheet to track dates and topics.
- When creating a budget for a small product, you can create a spreadsheet that lists expense categories, is updated monthly, and includes a chart that illustrates how close the product is to budget in each category.
- You can calculate customer discounts by product based on their monthly purchase volume.
- Customers’ revenue can be summarised by product to identify areas for strengthening customer relationships.
- Utilize complex calculation techniques, such as Sharpe ratios.
How can MS Excel help you grow your business?
Making sense of our data-saturated, noisy world is difficult but necessary. And it becomes easier if you have taken up an Excel course to hone your skills in Excel. When used properly, Conditional Formatting draws attention to the patterns inherent in the universe as captured by your spreadsheet. That is why both Excel experts and users rank this as the most critical feature.
This can be quite refined. However, even minor colour changes can be extremely beneficial. Assume you have monthly sales volumes generated by sales staff. With just three clicks, you can identify the top 10% performing salespeople and initiate a critical business conversation. Here are some of the advanced Excel tricks which can help you grow your business by improving your efficiency:
You may be put off learning PivotTables by the 4 hours required to achieve proficiency, but that is a big mistake. They can be used to sort, count, total, or average data stored in a single large spreadsheet and display it in a new table, cut as desired. That is the critical point when you want to improve the efficiency of your business and grow. It’s of no use to look at sales figures for specific countries, product lines, or marketing channels if your data is not organized well. This helps in better conclusions to be drawn based on data and thus better business decisions.
Grabbing (i.e Copying) data from one cell and pasting it into another is a very common Excel operation. However, there is a lot you can copy (formatting, value, formula, and comments, for example), and you may not want to copy everything. The most common instance of this is when you want to remove the formatting entirely – the data is being exported to your own spreadsheet with custom styling.
Probably one of the most frequently performed spreadsheet activities. Ctrl-Shift + is the shortcut, but it takes longer, so we recommend Right Click. Additionally, if you wish to add more than one, select the desired number of rows or columns and then Right Click and add.
Optimization of Printing
Everybody encounters difficulties printing from Excel. However, consider if everything you printed was always exactly what you intended to print. It is possible however there are several components to this: print preview, fit to page, adjusting margins, printing selection, printing headers, portrait vs. landscape, and spreadsheet design.
This is one of the most powerful Excel function combinations. It can be used to look up a value in a large table of data and return the corresponding value. Assume your company has 10,000 employees and you have a spreadsheet with all of their information, including their salary, start date, and line manager. However, you have a team of twenty and are primarily concerned with them. INDEX-MATCH will search that table for the value of your team members (which must be unique, such as an email address or employee number) and return the desired information for your team. This is worth understanding because it is more flexible and thus more powerful than VLOOKUPs.
MS Excel is used for a variety of purposes, including data storage, analysis and sorting, and reporting. Spreadsheets are extremely popular in business because they are highly visual and relatively simple to use.
Advantages of MS Excel
MS Excel is most frequently used in the workplace for business analysis.
Business analysis is essentially the process of utilising gathered data to assist in decision-making. Businesses naturally collect data through their daily operations, which may include product sales, website traffic, supply spending, and insurance claims.
Business analysis is the process of transforming data into something useful for business owners and managers. For instance, you could generate a report on profitability by weekday. If a business consistently loses money on Sundays, that is data management can use to make a decision.
You might be surprised to learn that one of the most prevalent uses of Excel in business is for personnel management.
MS Excel is an extremely effective tool for organising data about individuals, whether they are employees, customers, supporters, or training attendees.
Personal information can be efficiently stored and retrieved using Excel. A spreadsheet row or column can be used to store an individual record, which may contain data such as the employee’s name, email address, start date, items purchased, subscription status, and last contact.
Many businesses rely heavily on Excel to manage their day-to-day operations.
Oftentimes, business activities entail quite complicated logistics. Inventory flows must be managed to ensure that operations run smoothly – and without overstocking on specific items. This includes tracking supplier and client transactions, creating a calendar of critical dates, and managing time and schedules.
While Amazon manages its operations with sophisticated custom software, MS Excel is a critical tool for many smaller businesses (or parts of larger businesses).
Excel is not going away, and businesses will continue to rely on it as their primary tool for a variety of functions and applications, ranging from information technology projects to company picnics.
Today, most office-based professionals require a working knowledge of Excel, and stronger Excel skills can pave the way for promotion and leadership opportunities. Excel is an extremely powerful tool, but it cannot function in isolation. It takes a savvy computer user to maximise Excel’s capabilities in order to achieve the best results for their business.