Technology

What Is Microsoft Excel Used For?

Microsoft Excel

Since the 1993 release of Excel 5.0, the Microsoft program has been by far the most popular software of its kind in the world. It is nearly ubiquitous in the workplace and educational institution. For many people, there are frustrating memories of trying to get to grips with Excel during work orientation or a school IT lesson. Once a person has got the hang of Excel, however, the program can prove exceptionally powerful and useful.

Here are some of the most common uses of Microsoft Excel, with a particular focus on Excel’s utilization in the workplace.

Accounting

Microsoft Excel is an absolutely dominant force in workplace accounting. According to a recent study by the Aberdeen Group, 89 percent of organizations use Excel for their accounting. That kind of dominance has been earned: excel is a transparent and clear program with hundreds of arithmetic functions – over 400 as of 2018.

Forecasting

Business strategy is driven by data analysis. Strategists use data to create market forecasts, which can then be used to influence the strategic planning that drives a company’s decision-making process. Organizing data in order to create accurate forecasts is tricky work, but it is made noticeably more easy by Microsoft Excel. A good data analyst or strategist will be able to automate many of the processes within Excel in order to make their life easier. If you want to get into the world of business strategy, you can do a great deal worse than learning Excel online with an established educational institute.

Data Visualization

We live in the age of the data deluge. With so much data being collected by countries, there is almost no way to make it understandable as raw numbers. Excel has several features that make visualizing data easy. Most notably, it allows for the easy creation of charts out of huge datasets. When giving presentations about the meaning of data collected by a company, professionals often use Excel to visualize their findings in a digestible way.

Inventories and Logistics

With its straightforward design and instant arithmetic power, Microsoft Excel has long been the software of choice for logistics professionals. Keeping stock of inventory, outgoing and incoming assets is absolutely essential in fields such as retail, manufacturing and fulfillment. In recent times, machine learning has enabled logistics companies to automate some of their computerized inventories. The latest versions of Excel are able to work in conjunction with automated systems.

Reporting

Reports are crucial to the running of a successful business. A good report contains quantitative data that can be used to illustrate the issues it is about. Excel is a great program for collating data and making it suitable for including within a report. It is compatible with other Windows programs like PowerPoint that are often used to present reports.

Scheduling

Although project management and calendar applications are now gaining popularity, Microsoft Excel is still used by many companies for creating schedules and rosters. The simple grid structure of the display is perfect for clearly showing where – and when – people should be.

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