Top 8 Uses of Microsoft Excel in Business

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Business man

Excel is a software program created by Microsoft to sort out numbers and data with functions and formulas. Excel’s analysis is used by all kinds of businesses to carry out a financial analysis.

Its capability is well-known in the business world. This software program has grown to become a very prominent, all-purpose tool. Its spreadsheet program can store, analyze, organize, report, and visualize data.

In business, Excel is used to perform both simple and complex tasks.

Excel can be integrated with other MS Office tools like PowerPoint and outlook for limitless possibilities. This software is used in different industries to aid their operations at all levels

To use this program, businesses need experts with broad knowledge. That is why Excel training is critical for your employees. It ensures that your business is successful and ready to be competitive in your field. So what is Excel training?

It’s a process where you’re taught the basics about entering data. You also learn how to perform calculations and work with many worksheets. Other lessons covered in Microsoft Excel classes include VLOOKUP and the IF functions.

The other advantage of taking part in MS Excel training courses is learning how to create named ranges in Excel. There are various reasons to use named ranges in Excel.  One of them is that it enables you to make spreadsheets dynamic and easy to read. It also makes it easier to read workbooks. This knowledge makes employees more efficient and it saves time.

Employees should get encouraged to enroll in the Microsoft Office Excel online training. It ensures that they gain the necessary skills right from entry-level to advanced skills. Online Microsoft Excel courses include the use of tutorials for beginners. Most free online courses assume that learners are at the beginners level and the tutorials come in handy.

The following are some of the Microsoft Excel short courses:

  • Microsoft Excel 101 – An introduction to Excel
  • Microsoft Excel 102 – Intermediate level Excel
  • Microsoft Excel 103 – Advanced level Excel
  • Master Microsoft Excel Macros and VBA in 6 simple projects

Going through Microsoft Excel training of the above short courses empowers employees. It takes away the pain of having to stumble through their daily tasks. Once Excel training is complete, employees will have mastered the popular Excel tools. That will give them the confidence to perform tasks with grace.

The importance of taking Microsoft Excel short courses is that it improves productivity. It also reduces the occurrence of errors such as loss of data.

Uses of Microsoft Excel in Business

Microsoft Excel has several functions that can benefit businesses in any industry. In this article, we’ll discuss how businesses stand to benefit by using Microsoft Excel. Follow the discussion below.

1. Office Administration

Excel is an important tool in managing office activities. This is taking into account the daily activities of office administrators. A substantial amount of their activities are done using Excel. From keeping records, financial planning, billing, to invoicing.

By using Excel, business processes can be outlined using checklists and task lists. It helps to keep a close eye on the progress of business activities. Administrators can also track projects and follow up on activities that need to be accomplished.

Excel enables office administrators to ensure that business runs smoothly and efficiently.

2. People Management

When it comes to Excel’s functionality, organizations know that it’s more than just figures and computation.

People are assets in business and Excel is very effective in managing people. Excel spreadsheets help to store, maintain, and retrieve people’s personal information. Businesses can organize and track employees, clients, and prospects’ information.

What this means is that a lot of data can get exported and managed in Excel. Spreadsheets help to record personal information like names, emails, and work schedules.

Being a resource that helps to manage people in an organization, Excel is a powerful tool for HR managers. It helps them to stay on top of their game, right from training management to employee turnover.

3. Data Analysis

Assume that you have a large pile of data and you have to draw insights from it, but you don’t know how to go about it. Businesses that use Excel would have an easy time handling that. Excel enables you to manage and synthesize clear communicable results from such data.

The pivot tool enables you to merge and focus on specific segments of the data. So what’s a pivot tool? It’s a feature that enables you to calculate, summarize, and carry out data analysis. As a result, users see patterns, comparisons, and trends in their data. They can then create snapshots and use them as interactive summary reports.

4. Client Relationship Management

Excel helps in keeping and sharing client records and maintaining a good relationship with clients. Through this, clients are retained and the number of sales increases.

Data analysis from clients’ information helps to improve the interaction with clients.

Integrating Excel and CRM software helps to improve processes like sorting contact data.

5. Operation Management

The Excel tool is essential in managing service operations or manufacturing. This includes managing the strategic and daily production of goods and services. In terms of inventory tracking, organizations use Excel to control the inventory flow.

Small businesses prefer to use Excel because it has the ability to handle a lot of tasks. It enables them to manage their suppliers and client transactions. They’re also able to manage time and schedules. That’s not all. Excel is also reliable and affordable, making it a good choice for startups.

6. Reporting and Visualization

Businesses can use data from raw data sets and pivot tables to produce charts and graphs. They can then use the charts and graphs to make presentations and provide formal reports.

The creation of charts and graphs enables the audiences to visualize data in a manner that creates maximum impact. It also provides different perspectives about trends and business performance.

Excel also has a wide range of ready-made chart templates. This allows you to tweak details like axis values, color, and text comments. Visual reporting can be used in many sectors of business operations. For instance, marketers can use the column chart to report the success of an ad campaign.

7. Data Entry and Storage

Excel is a very good tool for data entry and storage. It can store as much data as you’d want. The only limitation to Excel’s file size would have to be your device’s computing power and memory.

The Data Form feature also makes it easy to input and view data. It allows users to produce customized data entry forms tailored for particular needs. It can also be used to build and keep clients’ mailing lists.

8. Accounting

Excel is a favorite tool for accountants. This is considering that it’s compatible with some accounting software. The spreadsheet software is used to carry out accounting activities.

Accounting is considered Excel’s main function. It keeps track of an organization’s financial transactions. It also helps to prepare financial statements, create balance sheets, and set budgets.

Conclusion

Excel is an essential tool in this age of big data where content is “King.” Thus, we cannot ignore the capability of such an established program. This is despite the competition in the rise of different sophisticated analytical programs.

Excel’s compatibility with other business software makes it a powerful program. It’s used with other programs since data is always moving in and out of Excel.

Excel keeps getting updated in line with the current data-driven milieu. Note that the use of this software needs experts with broad knowledge and hands-on experience.

FAQ

Who uses Microsoft Excel?

People who are working in the finance industry predominantly use Excel. The amount of flexibility it offers, this is the complete data management tool. There are organizations who run their entire projects on Excel sheets.

How many hours does it take to completely learn Excel?

The estimated time it will take to complete the certification in Excel is around 150 hours. During this course of time you will be well versed with the different advanced concepts like VLOOKUP, Macros and other things.