MS Excel helps store information, analyze and sort, and report. It’s prevalent in business as spreadsheets are very visual and user-friendly. A few common commercial uses of spreadsheets are business analysis, human resources management, operations management, and performance reporting. A very popular use of spreadsheets in workplaces is business analysis. What is business analysis? It is using compiled data to help in decision-making. Companies amass data in their routine activities. Examples are data on website traffic, product sales, insurance claims, expenses on supplies, etc. What does business analysis do? It helps covert the data into something beneficial to the people running the company.
What are the other popular uses of spreadsheets in workplaces?
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People Management
Though surprising, top business use of spreadsheets is managing people. Spreadsheets are great for organizing information about people, whether they’re customers, employees, training attendees, or supporters.
Excel is practical for storing and retrieving personal information. A spreadsheet column or row is usable for an individual record. Possible information includes email address, name, items purchased, employee start date, last contact, and subscription status.
Client growth coordinators, client relationship managers, employer service consultants, etc., often require Microsoft Excel Training.
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Management of Operations
Many companies depend on Excel to manage their routine operations.
Business activities often involve rather intricate logistics. It’s essential to control Inventory flows so that operations run smoothly and avoid overstocking on specific items. Thus the need to monitor supplier and customer transactions, list vital dates and manage times and schedules.
Amazon does operations management with sophisticated custom software. However, MS Excel serves several smaller businesses. What is an advantage of Excel? The fact that the program is somewhat low-tech makes it easy to use by many people and with no risk of programming bugs.
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Office Administration
Managing directors resort to Excel to type in and store a great deal of data that later helps in accounting and fiscal reporting, business analysis, and PR. Besides recordkeeping, spreadsheets help in office administration by supporting routine tasks, including paying bills, invoicing, and contacting suppliers and clientele. It would be safe to conclude Excel is a versatile tool for monitoring and handling office activities.
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Performance Reporting
A specialized sort of business analysis is performance monitoring, and reporting and MS Excel is effective in doing it. A pivot table is a prevalent way of making a performance report from data in Excel. Pivot tables feature several in-built functions that enable tasks, including counting and summing definite sorts of data in a dataset.
Companies often need to give Microsoft Excel Training to financial accountants, performance analysts, professional services operations analysts, reporting analysts, etc.
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Strategic Analysis
Strategic analysis is where corporate decisions are closely associated with the statistics and formulas on spreadsheets. More than a few companies apply Excel to control actions, including asset allocations and investments. A case in point is the use of an Excel model for deciding to take out currency insurance.
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Management of Programs
Excel is an excellent platform for the management of programs. It is adaptable for handling the precise characteristics of a program. The popularity of MS Excel makes it easy for several people to manage program records.
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Account Management
An account manager receives and must maintain client records. An account manager nurtures relationships with present clients. Key objectives are achieving client loyalty and getting repeat sales. Excel facilitates the sharing and maintaining of client files and thus facilitates account management.
Signing Off
So, these are the seven benefits of using Microsoft Excel. If you haven’t started using it yet, then it is high time you do and excels in your profession.
