Saturday, January 28, 2023

How Important is Excel in Business Analytics?

Around three decades back, Microsoft Excel was released, and it has now become one of the most used business applications in the corporate world. Knowing about business analytics with excel fundamentals is imperative for every company. Believe it or not, more than 80% of businesses are using Microsoft Excel daily for accounting, budgeting, and forecasting; undoubtedly, Excel is a powerful business tool.

Over the years, as the business needs were constantly evolving, countless features were added to Microsoft Excel. From making payment sheets, tracking client records, budgeting, bookkeeping to analyzing the competitors, these are some of the common applications of Microsoft Excel.

Today, in this post, we’ll discuss the importance of excel in the corporate world.

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The Key Reasons Of Excel Becoming Popular Among 

  • Around 80% of businesses are using Microsoft Excel for numerous purposes. One of the key reasons excel is becoming popular is there is no perfect alternative to this application. Nowadays, most companies only hire candidates with fair knowledge of business analytics with excel fundamentals.
  • Using Excel is very simple and hassle-free. If you’re facing any problem while using Excel, a million people are there in the community to tell the best solutions and guide you throughout the entire procedure. There are various forums available where you can ask questions and clarify your doubts.
  • You don’t need to opt for special training courses to learn about business analytics with excel fundamentals. You can learn everything about Excel for free from YouTube and other online resources. Getting started with Excel is also relatively straightforward. However, there are various tools in Excel, but you can learn them very easily within a few days.
  • Microsoft Excel is accepted worldwide; you can access this application from any part of the world. Above all, Microsoft Excel supports all the major operating systems like Mac, Windows, and Linux.
  • Microsoft Excel is the one-stop destination for all your data-related needs. You can develop, create, filter, and eliminate data within this one application. You can also build budgets, bills, and other estimations with Microsoft Excel. All you need is to learn business analytics with excel fundamentals.
  • Microsoft Excel is fast, responsive, and collaborative allowing you to modify data and add comments simultaneously. With this amazing application, you can expect a collaborative work experience. Above all, Microsoft Excel is actually forced to follow the latest trends and stay updated with the latest versions.

Some Important Things You Can Do With The Microsoft Excel Spreadsheet By Business

When it comes to Microsoft Excel, there are no limitations at all. Below, we’re mentioning some common applications of Microsoft Excel spreadsheets.

  • When planning a business trip with your colleagues, you can use the spreadsheet for tracking the necessary expenses.
  • Using the Excel spreadsheet, you can develop new growth models for your new consumers.
  • While developing an editorial calendar, you can put the important dates in the excel spreadsheet.
  • When creating new products/services, you can put all the important expenses in the spreadsheet, update it regularly, and modify the budget accordingly.
  • You can track the revenue collected each month by selling your products/services directly and indirectly.
  • By understanding business analytics with excel fundamentals, you can easily develop important statistics in the excel spreadsheet. 

Which Important Areas Of Businesses Use Excel?

  • Marketing

The marketing team uses Microsoft Excel for budget planning, sponsorships, and competitor analysis. Unlike the large marketing groups, the small marketing teams use excel spreadsheets for creating graphs and pivot tables. 

  • Finance and accounting

Microsoft Excel is the only option for many small companies for all the bookkeeping needs. By learning business analytics with Excel fundamentals, you can access various templates for making accounting easier.

When Microsoft Excel was developed, the objective was fulfilling accounting needs like budgeting and developing financial statements and balance sheets. With Microsoft Excel, you also have the liberty of creating custom reports.

With Microsoft Excel, you can import and export data between different accounting platforms. However, nowadays, businesses have been using different finance and accounting platforms for the last 4-5 years. Businesses are shifting to SaaS tools for accounting instead of Microsoft Excel.

  • Human resource planning

If you want your workforce planning to be data-focused, you can use Microsoft Excel. With business analytics with excel fundamentals, you can visualize your workforce and evaluate the data that needs to be changed on a short-term and long-term basis. By developing custom reports, HR has the liberty to track the key metrics.

  • Managing the inventory

Microsoft Excel is a smart application that has in-built functionality for managing inventory systems. This application comes with ready-to-use templates for managing the inventory. For many companies, inventory management is always a challenging task. As Microsoft Excel is an affordable and easy-to-use solution, managing the inventory becomes easy.

  • Scheduling

Excel is user-friendly for scheduling related tasks. For example, you can create weekly and monthly worksheets to schedule the conference meetings without putting in much effort and time.

Microsoft Excel Won’t Be Leaving The Corporate World For Business

Believe it or not, Microsoft Excel is not leaving the corporate world in the upcoming decades. Many businesses will keep using Excel as a primary tool for numerous applications like budgeting, scheduling, etc.

With more than 1 billion users globally, Microsoft Excel is the #1 for data analysis, developing custom reports, creating necessary charts, and presenting reports. Undoubtedly, learning about Microsoft Excel is very important for working professionals, and strong Excel skills open the doors of numerous leadership opportunities.

Above all, Microsoft Excel is a powerful tool, but without having the right knowledge, you can’t use this application appropriately. In simpler words, Microsoft Excel is definitely important for streamlining various business functions. This powerful tool will undoubtedly provide the best results to your company.

By reading this post until now, you might be feeling that you’ve read lengthy information regarding Microsoft Excel. From developing custom reports to creating important statistics, the different applications of this fantastic tool seem limitless. If you want to learn more about Microsoft Excel, various online resources are available.

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