7 Popular Business Uses for Microsoft Excel : For the average person Excel is a number-crushing program, used to track household costs or calculate complex formulas for school homework. However, the program can do so much more and can be an incredibly powerful tool for companies. Here are some of the ways companies use Excel in the workplace
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At its most basic level, Excel is an excellent tool for both data entry and storage. In fact, the size of an Excel file is limited only by your device’s data power and memory. Spreadsheets can contain a maximum of 1,048,566 rows and 16,384 columns. So probably Advanced Microsoft Excel can store a lot of data. Not only that, features like Data Form make it easy for data to be entered and displayed, where users can create custom data entry forms tailored to their specific business needs. This can be used to build and maintain customer lists or employee shift lists.
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Companies often use several systems (ie CRM, inventory) each with their own database and logs. Everything that can be exported to Excel for easy access. The program can also be used to clean up data by removing incomplete or duplicate records; Eliminating such data from the beginning is necessary as it can affect subsequent analysis and reporting.
One aspect of management tasks is to create and describe business processes. This helps with process optimization and is an effective tool for organizing procedures and scenarios. Excel offers tools that allow users to create flow charts, which can include text, images and animations.
Excel also includes accounting and budget templates for easy use. From there, the software’s built-in calculation and formula functions are available to help you organize and synthesize results.
So you’ve been dumped with a giant pile of data and accused of pulling insights from it. Not to worry because Excel can also help you manage and synthesize clear transferable results from it. One of the best features for doing this is called Pivot Tables. They allow users to consolidate and focus on certain data segments from a large data set, and create brief snapshots that can be used as an interactive summary report. By using filters or replacing data segments, the table can easily be changed to display the desired data fields.
Data from both raw data and Pivot tables can even be used to create charts and graphs. Which can be used for formal reports, presentations or help in one’s data analysis. Because they can provide a different perspective on trends and performance. Excel again offers a variety of ready-made map templates but also allows users to fine-tune details such as colors, axis values and text comments. Visual reporting can be used in all industries. For example, marketing teams can use a column chart to report the effectiveness of an ad campaign over time and compare it to previous campaigns.
Although reporting and reviewing results is an important aspect of all business, forecasts and preparations for different scenarios and changes are equally important. Excel together with a third-party software can be used when simulating financial forecasts with previous data. Excel can also use a chart’s data set to create a formula that can be used to calculate future values.
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