MS Office is the most commonly and most important tool abundantly used in workplace especially corporate setups. Amongst the entire package offered by MS Office, Excel is a prominent tool utilized. Excel offers a range of features that can assist one in daily operations involved in office work. With numerous advantages associated with the software, MS Excel is still going strong. With more room for startups and small businesses to launch their businesses off the ground in the digital age, Excel is still one of the most reliable ways to organize data, market research and finances.
1. It Keeps Your Finances in Order
When it comes to managing finances and keeping track of company expenses, Excel is in its element. Accountants can enter important data much in the same way they would by hand. When it comes to visualizing and managing datasets, financial experts can turn their attention to the software’s handy graphs and charts feature. While there are plenty of templates that come with Excel, you also have the ability to customize your own, which can be used to enhance your day-to-day data analysis as well as company presentations.
Business analysis using financial and other data has been rated as the most important use of Microsoft Excel in the workplace. According to Mallory Career Guide, “Businesses naturally gather data in their day-to-day activities, which may be data on product sales, website traffic, spending on supplies, insurance claims, etc.” Business analysis using MS Excel is all about converting such data into useful information for decision makers.
2. It’s Profitable
When it comes to upping your computer skills, MS Excel might not be the first thing you think of, but even after all these years, it still pays to know your way around a spreadsheet. While having basic computer skills is key to scoring a better job, knowing how to get the most out of Excel can make you an essential part of the workforce. In addition, there are plenty of great resources that companies can use when on the lookout for an Excel expert, if you don’t already have one on your team.
3. It Helps You Understand Your Customer
Not just good at tracking cash flow, MS Excel can be used to record and analyze data regarding your customer base, which is essential when it comes to conducting accurate market research. Offering much more than just a basic spreadsheet, Excel is fully equipped with a range of tools that can be used to calculate and subsequently translate information into visual data. Charts, diagrams or whatever works best for you can transform customer data into easily understandable information.
4. Helps You Plan for the Future
There are always going to be unexpected expenses in the business world. For small businesses, these unexpected costs can mean the difference between staying open for business and having to shut down entirely. Having a good working knowledge of MS Excel can help you prepare for these unexpected and potentially detrimental costs in the future. Of the many advantages of knowing your way around Excel is having the ability to plan based on real facts and figures without having to guess on your financial future.
5. Organizes the Details
Excel allows you to keep important numbers and data all in one place. This level of organization is key when you’re dealing with budgets, current expenses and future expenses. Having all of your fundamental information all in one optimized spreadsheet makes it easy to navigate and adjust when needed. It is always useful to learn more about data visualization and how to create excel dashboards to summarize data and show key performance indicators in real time. For startups and small companies that are just getting going, there can be a lot of numbers, data and basic information that you’ll need to wrap your head around in the beginning. Keeping organized with Excel will ease stress and also ensure that you don’t have to go scrambling through paperwork and documents when you need to find something.