Microsoft Excel is a powerful data analysis tool with features like calculation, graphing tools, pivot tables, and a macro programming language called Visual Basic for Applications (VBA). In other words, it is a tool that every employee working with data must learn if he wants to make his life simpler.
LEARNING EXCEL PROVIDES THE FOLLOWING BENEFITS
1. Saves time and improves productivity
Firstly, the most apparent advantage of using this tool is the time saved for tasks like data analysis and interpretation. The structured layout of sheets and shortcut keys help users in increasing their productivity. In today’s fast-paced world, every individual is always pressed for time. Moreover, a highly valuable employee is one who can get the maximum amount of work done in a limited amount of time.
Significantly, it can increase employee productivity for tasks like quantitative analysis that otherwise could have taken hours, can be done in a matter of a few minutes using Microsoft Excel.
2. Data Analysis
Organizations today collect large amounts of data in their day-to-day functioning and data analysis and interpretation of this data is very important. To arrange and organize such a large amount of data in a manner that useful inferences can be drawn from it, possessing knowledge of a tool like Excel is imperative.
Also, it provides a plethora of features like conditional formatting and data validation for the analysis of such data. Therefore, by using these tools, employees can derive maximum value out of the gathered data and apply it towards the fulfillment of organizational goals.
Markedly, MS Excel not only facilitates recording and data analysis but also provides visual aids like charts, graphs, 3-D images, etc. that can be used to identify trends in the data which can further form the basis for decision-making. One such tool that helps visualize and interpret the data is Conditional formatting.
4. Conditional Formatting
Conditional formatting helps better sort and segregate the data by allowing users to use different colors, fonts, etc. This is useful when looking at a huge number of columns and rows in spreadsheets without any context. Applying filters, sorting, etc. are must learn functions for all employees
5. Interactive functions
An employee has many pages and hundreds of fields to gather relevant information. Hence, analyzing such a report becomes a challenge. Indeed, Excel’s interactive functions and shortcut keys allow users to get the relevant information within this sea of data quickly. The ability of multiple users to view it and editing it is a major bonus.
Excel helps the user to troubleshoot the program themselves without relying on the IT department. As a result, this saves a lot of valuable company time.
Imagine you have a concept in your head and you need to convert that into an idea. Excel enables you to do that. With the help of data analysis, it can then create budgets, financial reports, and prospective profit reports of the idea. Hence, this helps the user to gauge the feasibility of the underlying idea.
Notably, it goes a step further and helps come up with steps that one needs to make the idea come to life.
8. Trend analysis
This tool helps users identify trends. It becomes vital for employees looking forward to rising the company ladder by identifying and presenting these trends to help the business.
Data analysis and interpretation functions can help the employee achieve this objective
9. Data Collation
Company data is often scattered across computers. So, this data needs to be collated in a single file if the quantitative analysis is to be done. Specifically, excel enables just that.
10. Online Access
As a part of MS office 365, one can access Microsoft Excel from anywhere anytime over the internet. It ensures work continuity.
11. Other utilities
On the positive side, it can do much more than making traditional spreadsheets. For instance, in an office the three most common functionalities an employee can utilize are:
Text Data: Employees can make lists in spreadsheets that allow the reconciliation of information from other sources.
Tailor-made Emailing: It enables the user to send a large volume of tailor-made e-mails to clients, customers and organization members at the same time.
Automatic PowerPoint Presentations: With only a few clicks, excel can convert the spreadsheets into PowerPoint presentations to be used on-the-go.
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MS Excel is the most powerful tool in the management of your business, as it is beneficial for the employees and will give the more practical vision of your performance as well as improve the basic.
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Excel is the best tool to store data, perform calculations, transform and clean data.
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