Why EXCEL is one of the most demanded skills for businesses?

July 06, 2021

Why EXCEL is one of the most demanded skills for businesses?

Microsoft Excel spreadsheet software has become an integral part of most business organizations across the world. Once you become accustomed to the application and familiar with the more powerful functions available, you'll find many uses for this business tool.

Vijay Computer Academy (VCA) presents you some of the ways people can utilize Excel in their everyday life.

1. Data Entry and Inventory

At its most basic level, Excel is an excellent tool for both data entry and storage. Worksheets can contain at most 1,048,576 rows and 16,384 columns. So obviously Excel can store a lot of data. Not only that, features such as Data Form make it easy for data to be inputted and viewed, where users can create customized data entry forms tailored for their specific business needs. Inventory tracking is central to the success of any business selling a physical product. Inventory management in Excel requires a lot of manual oversight and is, in turn, more prone to human error than its pricier alternatives. So, using Excel for inventory management is usually a better option for startups or smaller businesses still in the process of getting off the ground.

2. Administrative and Managerial Duties

One aspect of managerial duties is creating and outlining business processes. This aids in process optimization and is an effective tool for organizing procedures and scenarios. Excel offers tools that allow users to create flow charts, which can include text, pictures, and animations.

3. Basic Accounting and Budgeting

Small businesses often use Excel as a basic accounting program or checkbook ledger. From there the software’s built in calculating and formula features are available to help you organize and synthesize results. Excel even has numerous different spreadsheet templates to make all of these financial processes much easier.

4. Compiling Mailing and Contact Lists

The range of Excel’s applications extends well beyond number crunching; it’s also a great way to store and maintain records of prospects’ and customers’ contact information. If you’re interested in conducting a personalized mass email campaign, you can use an Excel feature called a Mail Merge to tailor mass emails to address specific contacts you’ve listed in a spreadsheet.

5. Reporting and Data Visualizations

Data from both raw data sets and Pivot tables can even be used to create charts and graphs that can be part of formal reports, presentations, or aid in one’s data analysis. Data visualizations allow you to convey the results of any data analysis you’ve conducted succinctly, accessibly, and compellingly. Potential investors, management, or coworkers will have an easier time understanding your data by taking a look at a dot plot or bar graph than they would by wading through a massive sheet of numbers.

At the same time, they can provide another perspective on trends and performance. Excel again offers a variety of ready-made chart templates but also allows users to fine-tune details such as colors, axis values, and text comments.

6. Data Analysis

Excel can also help you manage piles of data and synthesize clear communicable results from it. One of the best features to do this is called Pivot Tables. They allow users to consolidate and focus on certain segments of data from a large data set, creating concise snapshots that can be used as an interactive summary report. By applying filters or swapping out data segments, the table can be effortlessly changed to display desired data fields.

7. Scheduling, Checklists and Task Lists

Businesses create basic employee and resource schedules with Excel that can be color-coded and designed to automatically update as the schedules change. Create weekly worksheets with column headings of each day, and name the rows based on hourly slots or work shifts. In addition, Excel can be used to track different projects’ progress, list and detail specific deals, and keep tabs on individual tasks that need to be covered day-to-day. Tracking employees’ hours is central to maintaining accountability at a company — for both management and employees alike. Excel can be an inexpensive, reliable way to ensure that process is carried out consistently and properly.

8. Use of Excel for Housewives

Housewives are known to be the best keepers of monthly expenses & saving money. And thus excel can assist housewives to manage their daily house expenses which can track down the spending habits of each member of the house. Furthermore, housewives using Excel can be beneficial for them to make their kids learn basic excel skills.