Why Do You Need Excel Skills for a Business?

Posted on 08/13/2024 by Niko Venev

Excel's reputation in the business world is legendary, and for good reason: The software meets a wide range of data-centric needs, including organization, calculation, and analysis, and remains largely unmatched by other pieces of number-crunching software. To get the most out of Excel, you need to simply identify your data needs and choose the right features, functions, and formulas to apply.


       

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Why Excel Is Important in Business

Excel's usefulness in commerce can't be overstated, as it can be applied to almost all areas of a company's operations. Some of its most common applications include inventory tracking and sales and advertising management. Using Excel to keep track of stock and plan for future demand can help ensure that businesses remain profitable. Similarly, implementing Excel to collect information about customer behaviors can aid in creating and meeting the demands of target audiences.

While Excel can break down detailed data, it can also aggregate and compile it to create reports and dashboards that help you see how a business is functioning. Such overviews can be beneficial as part of yearly assessments, official business audits, or hypothetical restructuring efforts.

 

How Excel Is Used for a Business

Organizing Data

Excel is often used as a repository for data, which can then be organized. The types of company data collected, organized, and analyzed can include information about a business's operations, employees, or customers. For example, Excel can collect and organize data about customers to help improve relationships with client bases, or a human resources professional could use Excel to establish employee profiles. Luckily, using basic features to sort and filter data doesn't require extensive Excel training. For small-business owners, taking advantage of the software's built-in organization tools is an inexpensive and convenient way to gain clear insights into data that can inform business decisions.

Business Intelligence

If your organization doesn't have access to an advanced business intelligence tool, you can perform some of the same analysis using Excel. Using your Excel skills for business intelligence may require manually inputting data or taking extra steps to configure appropriate graphic outputs, but Excel's visualization tools can rival the business intelligence software used by corporate professionals. Its graphs, charts, and dashboards can give a clear view of a business's health and help business owners make decisions about current operations or future goals based on what the data predicts.

Project Management

Many project managers find Excel to be perfect for project management. Excel's features simplify basic planning, task scheduling, and progress monitoring. More complex activities, like creating calendars, implementing timelines, and visualizing milestones, may require more innovative uses of Excel. Using Excel for project management purposes can require familiarity with the program that is best achieved with advanced Excel training. For business professionals in charge of project management, it can be well worth the investment, but for more powerful project management features, you might want to consider upgrading to Microsoft Project.

Finances, Budgeting, and Forecasting

Excel can be used to wrangle a business's finances, offering business owners a snapshot of available resources and giving them ideas about how to distribute them. Whether you want Excel to perform precise calculations or apply formulas to existing financial data, the software can provide you with invaluable financial information, such as models, analyses, reports, and statements. It's safe to say that any use of Excel for business professionals is likely to include tasks related to finances, budgeting, or forecasting.

Human Resources

When people discuss how Excel is used in business, one area rarely comes up: human resources. But, while the application of Excel's functions in an HR department isn't as obvious as in other data-driven departments, it's still a convenient tool to use when insights into employee behavior are needed. By using Excel, HR employees can manage tasks like balancing workloads and processing payroll or track more abstract concepts like employee satisfaction.

 

Sign Up for Courses to Learn Excel Skills for Business Professionals

There's no better way to learn how Excel is used in business than to take our hands-on Excel classes. At Certstaffix Training, our Excel courses are categorized by level and topic, ensuring that you can pick the appropriate course based on your professional needs and skill level. You can opt to take your courses online or on-site and have the benefit of being taught by a knowledgeable instructor. Enroll in our Excel courses today to learn how Excel lives up to its name in the commercial world.

 



 


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