To the average person, Excel is just a simple data entry application used to track expenses or compute simple formulas. However, Excel can do a lot more, especially when it used in the business world where data analysis is always the norm. That said, this article shares a few among many ways a company can use Excel.
Data Entry
Data entry is the most basic excel function. As such, you can use it to add and store important data. The good thing about data storage capacity offered by an Excel file is that it can be only be limited by your computer’s computing power. So with a decent computer, you can input and store large data sets, which can be customized to meet specific business needs.
Data Collection
Besides manual data entry methods, Excel can also be used in data collection and verification. Most businesses run multiple databases and logs. You can export data from different platforms into Excel for easy access. From there, Excel can be used to clean data by removing incorrect details. Collection and cleaning data using Microsoft Excel will positively affect decision-making and future analysis.
Reporting and Visualization
Raw data can be used to create charts and tables. Pictorial forms of representations are invaluable when preparing formal reports and presentation where details are not necessary. This application also offers a plethora of visual elements that can be used to customize the charts for optimal visualization. Visual reporting is essential in all business levels. The finance department, for instance, can use Excel to create a chart on departmental spending.
Data Analysis
When dealing with large data sets, it reaches a point when you have to conclude the data presented to you. This is what data analysis is all about, and Excel can help you get the job done. Excel also makes it a lot easy for you to focus on specific data sets by filtering or swapping. The fact that this process is automated ensures that reports or decisions informed by Excel are informed and accurate.
Forecasting
Part of data analysis involves forecasting. Forecasting plays a crucial role in helping business cope with unexpected scenarios in the future. Forecasting is often made easy using chart data sets and formulas which are used to predict future values.
