Top 10 Business Benefits of Advanced Microsoft Excel
The advancement of technology and rising competition in the last few decades have compelled organizations to be at their best performance. With the dynamic shifts in the digital paradigm, companies need to evolve and become tech-savvy. It is imperative to harness new software to advance the profitability and lead employees. Latest technologies improve the efficiency of the workforce to deliver top-notch work. One such program that has simplified the task of crunching numbers is Microsoft Excel.
Microsoft Excel is a formidable data organizing platform that makes the handling of small and big data easy. Excel includes a systematic organization, data visualizations, advanced calculations, and manipulation of data. Microsoft, with its latest updates, rolled out a more advanced version of Excel. This version has plenty of avant-garde features to make your work easier. Advanced Excel holds the skills to solve complex problems with simple answers to enhance your work skills.
Advanced Excel is a course when mastered with expertise, will yield numerous benefits for your business. Excel proficiency is considered one of the most desirable skills for management students. Corporates today, small and large, seek MBA candidates with Advanced Excel skills to make their business productive. Complete training in Advanced Excel courses can make management students irresistible to potential recruiters. It will contribute to increasing their existing pay scale and even protect their jobs.
Without any further delay, let us find out why Advanced Excel is of utmost importance in every business today. Here are the best ten benefits of Advanced Microsoft Excel for a business.
Big Data Organization with Power Query
Vast amounts of data are processed by businesses worldwide with the rise in AI and Machine Learning. It assists in competitor insights as well as customer data, amongst other reasons. With the organization of big data in Advanced Excel, firms can strategize work and improve their decision-making.
Power Query is a feature of Microsoft Excel that is a game-changer for handling the company data. It simplifies and automates various data activities. With Power Query, connect to company data sources to fetch the required data. Define processes for data cleansing and transformation. Make a combination of data sets with table joints and appends features. Additionally, pre-process, manage, and mash-up the data with it.
Data in its raw state is overwhelming and complex to analyze. Advanced Excel simplifies the process of punching the raw data in its spreadsheets that makes its analysis swift. The latest upgrades to the Excel spreadsheet provide you with sorting, filtering, and searching tools. It makes the task of interpreting hundreds of morsels of data easy. Leverage it to forecast scenarios, generate memos, track sales trends, and much more.
As management students, it is demanded of you to handle multiple roles. Such roles include management of time, projects, and employees. You must juggle various responsibilities and tackle fixed deadlines. Advanced Excel proves to be a boon for situations like these to become more productive in your tasks.
Advanced Excel skills allow you to be more efficient when working with data to complete your projects quicker. With the to-do list of Excel, bookmark your critical tasks and leave the habit of forgetting essential engagements. Jot down your notes and priority dates in excel. It will strike it off once finished. It even logs the time taken to complete a task to give the employees an idea about productivity.
Basic skills of Advanced Excel can help employees save an ample amount of time with easy data analysis and advanced calculation. It will aid in the management and analysis of data in a short time. Utilizing Excel at an advanced level will inform you to employ shortcuts to complete your tasks smoothly. Formulas of Advanced Excel can help you to crunch data and analyze it productively.
Data Visualization with Advanced Charting
Sets of numbers in the spreadsheet are of no use if they do not lead to a conclusion. Advanced Excel is best to create easy-to-comprehend graphs and charts. Awe-inspiring charts as data visuals make it easier to interpret and analyze information without any hassle.
When it comes to presenting your data in front of the clients or management, it needs to be visually attractive. Advanced Excel gives you the option of converting your boring data into visually appealing statistics. Creating and forming advanced charts can make your business data more digestible. Therefore, management students must invest their time to learn charting in Excel to impress their employers.
There are numerous ways to make an interactive chart in Excel. Use data validation, slicers, form controls, or timelines. With an Advanced version of Excel, you can form a pivot chart directly from the data. Make your information more compact and concise with impactful data visuals.
Performs Advanced Calculations
A career in MBA can lead you to deal with vast volumes of data every day. There are thousands of calculations every day from sales revenues to marketing budget, payroll to profit & loss statements. Advanced Excel, with its incredible formulas, can help you to streamline your complex calculations.
While any employee can use the basic formula of SUM or IF, an advanced worker will be able to write & combine advanced formulas seamlessly. Make your calculations effortless with INDEX, SUMIFS, SUMPRODUCT, LOOKUP, MATCH formulas. Aside from these formulas, advanced Excel users can also debug them, audit, and possess information to use which formulas.
Microsoft introduced six novel functions under its Dynamic Array Category in April. These include functions like UNIQUE, FILTER, SORT, SORT BY, SEQUENCE, and RANDARRAY. These help you to perform a plethora of functions. Filter a range of cells and extract unique items. Sort columns and lists as per your convenience. Generating a sequence of numbers or a range of random numbers is required.
Pivot Tables for Data Analysis
Pivot tables & pivot reporting can help management and finance students to compute massive amounts of data. Advanced users of Excel can leverage the features of Pivot tables. They include relationships and groupings. Additionally, Pivot Tables are used for slicers and providing summaries by different types of metrics.
They are a helpful tool to create instant summaries, data analysis, and reports from your raw data. Businesses can use Pivot Tables to count, sort, total, or average data stored in one large spreadsheet. It will display them in a new table that you can edit as per your requirement. It can automatically group matching data to give quick summaries from a giant table.
For example, suppose you have a full-fledged table of sales data with products in each line. Add an amount to cells that you need. Within a couple of clicks, the table will exhibit all the data summed and grouped by product. This task would take much longer with just the use of formulas. Filters like value, label, slicers can also help you to create interactive charts in Advanced Excel.
Beneficial for Human Resource Professionals
Gone are the days when only the financial and accounting employees were expected to be tech pros. The competitive edge of corporations demands management students to be skilled in Excel for successful HR professionals. MBA students in roles of HR will be able to navigate numerical datasets quicker than ever with Advanced Excel.
Spreadsheets let HRs calculate employee expenses and dispense payroll. It helps them to manage the workforce flow throughout the organization. As HR executives, your role is to manage your employees and render them more valuable assets for the company. Conduct employee training and development programs of Advanced Excel to foster their growth.
Companies that conduct regular training have satisfied employees that reduces the risk of their turnover. Provide your best-talented employees with a reason to stick around with essential training. It will master your company to grow and stay a step ahead of your competitors. Excel spreadsheets automate the workflow of HR professionals with record maintenance and employee performance analysis.
Highlight Data with Conditional Formatting
The growth of globalization and e-commerce has led to a huge surge in data volumes.
With the smart analysis of data by Advanced Excel, companies remain up-to-date with the industrial trends, competition, and market manoeuvres. Conditional formatting is one of the most powerful features of Excel that is frequently underutilized.
By applying conditional formatting, Excel can highlight portions of your data that meet your given conditions. For example, displaying top regions of sales and top-performing employees. Advanced Excel takes a step ahead of simple conditional formatting. It combines formulas with conditional formatting to highlight data that meets your condition.
With Conditional Formatting, you can change the colours of cells and their data given a specified condition. It saves your time as manual formatting of cells would consume a lot of time for the employees. Especially, if your value set is big and changes often. Use different colours, shades, fonts, customize columns. Edit the rows to present the spreadsheet more professionally.
VBA and Macros to Speed Up your Tasks
Advanced Excel has its language to communicate with users just like humans. It is called VBA or Visual Basic for Applications. With your instructions to the Excel in this VBA language, it can do whatever functions you tell it to do. Macros consist of a set of instructions you feed to Excel.
VBA Macros uses the Visual Basic Application in Excel to form custom functions generated by the users. It speeds up the manual task of performing functions by creating automated processes. With VBA, you can automate a dull report, format big charts, and manage your data automatically. All you have to do is assign commands to a button with macros that will run the exact process again when you click it.
With this feature, you can highlight duplicate values from a particular section. With the right commands, you can also insert multiple worksheets in a workbook with just one step. All you have to do is insert macros to automate your tasks without having to do them manually. Highlight commented cells, count unsaved workbooks, and reduce your repetitive keystrokes.
Sharpens the Skills Set of Employees
It is essential to polish your skill set from time to time to advance your career and possibilities. Management students with the knowledge of Advanced Excel supplement the workforce as skilful employees. Further, the use of Excel can help a company to visualize, evaluate, and manipulate data.
Businesses that invest in training employees with Excel knowledge can efficiently manage workflow and projects. Employees can predict financial trends and highlight budgeting with Excel. It will assist them in arranging, handling, and balancing accounts of complex inventory and finances. Employees can operate big data smoothly with proficiency in working knowledge of Excel.
Just the mere information about Excel formulas and functions will not take you much higher. The key is to learn where to apply which Excel function to make the work efficient. Brush up your Excel skills to comprehend spreadsheets and statistics from other company departments, customers, and vendors. Businesses can set themselves up for greater security and advancement with Excel training to their employees.
Efficient Project Management
Microsoft Excel is a paradise for project managers across the globe. Without it, it would be hard to track critical data and maintain records. Proficiency in Advanced Excel will guide you to navigate the projects in the right direction. It incorporates various shortcuts that can empower you to work faster with fewer complications.
Excel is so much more than just calculations and formulas. Project managers can leverage it to forecast vital business trends. Format data efficiently for the real benefit of Excel to predict trends based on the information. Identifying your business trends will provide you with the opportunity to build plans and implement essential decisions. Align your creative and critical thinking skills with Excel to be successful project managers of your firm.
As project managers, you have to allocate the resources equitably and manage the employees for effective working. They have to deal with voluminous data every day. Excel turns out to be a chief companion for them to handle this data. Knowledge of Advanced Excel will enable them to sort and organize data effectively to ensure minimal wastage of resources.
Excel proficiency is one of the most desirable skills in potential employees. Several organizations include Excel courses in their employee training programs to streamline their workflow. Businesses that hire individuals with Excel skills can save time and increase productivity. Optimize your business processes and handle your data organizations with Advanced Excel today.