Microsoft Excel Uses In BusinessToo much data could spell disaster for a business. Sorting through it takes time, costs money, and there are no guarantees that the humans who input it will do it without any errors (and how expensive could those errors be?).
Fortunately, there is a program that can cut its way through reams and reams of data and make it work any way a business needs it to. That program is Microsoft Excel, and it makes countless businesses run its processes smoother, saving valuable time and money and guaranteeing no costly, draining human errors!
There is virtually nothing Excel can’t do to benefit a business. But since no one has the time to count ALL the ways Excel works for a business, here are eight great examples.
1. Using Excel with Your E-Commerce Website
Many websites are where people go to buy products, so there’s a need to ensure all data related to online sales, rates of returns and how often a customer buys is correct, accurate and readily available.
Unfortunately, many websites, especially those built on WordPress, can’t handle large amounts of data on the back end. But Excel can because it can handle the CSV and XLSX formats that websites use. Then a business can easily use other Excel features to use the data for whatever purpose you want. That includes tracking sales, budgets, schedules, plans of action, calendars and blogs.
2. Using Excel to Track Sales
As many businesses still use spreadsheets, and as Excel is a spreadsheet program, a business would be crazy not to use Excel. It easily creates dashboards — summaries of data (see No. 5) — and reports, plus it seamlessly integrates all sales records so anyone in the business can access the records and gain critical insights because the data is all there in a format the person needs.
3. Using Excel to Track Supply Chains and Inventory
Expensive software used for tracking supply chain issues and inventory is unnecessary because Excel can handle that. An Excel spreadsheet holds thousands of data cells, making it easy to include locations, barcodes, bin numbers, stock levels and times to order and reorder in the spreadsheet. Excel even lets a business connect Excel to a barcode scanner to process
4. Using Excel in Automation
Excel automates boring, monotonous, repetitive tasks that if done by humans would leads to costly errors that take time and money to get fixed. Instead, Excel streamlines processes, increases productivity and efficiency, leading to more profit.
However, most automations require a specialist who knows Excel to come in and set things up. It’s well worth the cost.
5. Using Excel Dashboards
Like with a car, a dashboards provide an overview of the company’s current business performances. The data in the overview allows businesses to make intelligent and informative decisions that will positively help the business move forward.
With Excel dashboards, data can be shown in numerous graphs and charts — whatever way a person wants to best demonstrate what the data’s telling them. Then they can be shared with anyone and everyone so they can see that the data says to do this or not do that.
However, there are some questions a business should answer when deciding what data to include in the dashboard:
* How should the dashboard look?
* What data is most important that it has to be front and center on the dashboard?
* How often is data being put into the dashboard?
* How will the data look as a chart or a graph? Is that the best way to show the data, or is there a better way?
6. Using Excel in Accounting
According to a 2018 article in Accounting Today, 90% of companies use Excel for budgeting, planning and forecasting. This is because Excel has a large number of ready-made formulas and calculations that businesses need for accounting. These include VLOOKUP, Nesting IF Functions and Conditional IF Formulas, which companies use to manage accounts.
Because there are so many formulas, computations and calculations, Excel saves tons of time and makes it easy to almost eliminate human error and simplify interpreting the data. What’s more, Excel makes it easy to share documents such as ledgers or invoices.
7. Using Excel to Create Invoices and Track Orders
Errors while processing orders can make a business lose a sale. Do that enough times and bankruptcy occurs. That means keeping track of orders and following them from dispatch to delivery and customer satisfaction is essential. Excel does that, and it easily integrates this information into other spreadsheets and dashboards to give a complete view.
8. Using Excel in HR
Human Resources personal often use systems to manage payroll and employee data. They don’t realize they don’t have to pay for them because Excel can handle all of that.
Excel can measure expenses over a set amount of time, from daily all the way to annually; and Excel can show how a workforce is spread out by job function or salary range. This allows HR people to better plan and control how the workforce can be better used going forward.
Excel is a great way to streamline processes, organize data and predict what will happen in the future to positively benefit productivity and performance.
But these eight examples only scratch the surface when describing everything Excel can do for a business. Contact an Excel specialist to learn more and see how Excel can work for your business.
For more information on how to find the right MicroSoft Excel Developer contact Warren Schultz at Email : email@example.com or call him at 818-281-7628. Website : www.tapsolutions.net
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