In case you have been searching for a strategy to simplify your business processes, one of the finest solutions is to use Excel. Microsoft Excel is a formidable tool, and many of us have used it in the workplace already, either as workers or as entrepreneurs. New data from Acuity Training shows that 66% of office workers use Excel hourly!
One of the most compelling reasons to use Excel for business operations is that it helps in saving time owing to its various options for storing and processing data, as well as functionalities that enable you to automate routine chores.
This article will go through a few of the most crucial applications for Excel in business, as well as why this programme is so necessary and beneficial.
Business applications of MS Excel
Bookkeeping, inventory control, revenue reports, business data control, and automation are all tasks that MS Excel is utilized for in a business. If you’re curious why Excel is so crucial, consider this: it can run an entire business!
One of the primary reasons organizations use Excel regularly is because of its many applications in business. We wanted to go deeper into this, so we compiled a list of the most prevalent business cases we’ve come across that require the use of MS Excel.
Also read: Pros and Cons of Flowcharts
Making Gantt Charts:
Gantt charts have been an invaluable tool in business operations. Gantt charts are a brilliant visualization tool that helps business owners to make informed decisions as well as keep track of all the progress made within the company. Gantt charts also help to keep track of attainable goals that the company is striving towards and are a great indicator of the progress that has been made.
Gantt charts allow users to check how much time has been allocated to which resource and if the operations are on track to be completed within the stipulated deadline. It also helps visualize the workload for teams, allowing for easier task allocation without overburdening any particular individual.
For those of you wondering how to make a Gantt chart in Excel, MS Excel provides powerful Gantt tool functionalities that can help you make beautifully illustrated Gantt charts in Excel.
For product management:
If you manage a digital commerce shop, you understand how critical it is to keep information about products relevant and updated to generate online sales, reduce cancellations, and gain recurring business to elevate your business to the next level.
The framework over which your webpage is developed is one of the key hurdles that might prohibit comprehensive and precise product information. WordPress, Magento, and a slew of other platforms aren’t built to handle big volumes of data in the backend. Here’s when Excel comes in handy.
Almost every website development platform allows you to export and import data in CSV and XLSX formats. You get total power over your dataset once you’ve exported it and imported it into Excel.
You can delve into your data and improve the product details to promote eCommerce expansion using a variety of Excel tools. Start importing the document into the back end of your website after you’ve made your modifications and witness your revenues soar.
For sales reporting:
Take a look at some of the major businesses in your nation, and you’ll see that a few are reporting sales using intricate and expensive software, while others are still employing pen and paper!
Between these two extremes, most organizations utilize a spreadsheet for sales tracking because of its simple structure and automation features. Excel, especially, is among the most effective tools for tracking and reporting sales for your company.
Excel sales reports combine all of your essential sales analytics into one easy-to-read sheet which can be published across the company to convey and measure productivity, thanks to its dashboard development features, automatic reports, and interaction with other business tools.
For inventory/stock management:
Excel is an excellent alternative to specialized and costly solutions for supply chain management and stock management owing to its adaptability and capacity to contain thousands of data fields. Inventory control spreadsheets may be as basic or as complex as your organization requires. The incorporation of barcode scans into your page is a good example of building on a simple page.
Linking your database to a barcode reader will allow you to swiftly process orders, manage shipment and transaction notes, and locate orders as they go through.
Excel may be linked with a variety of applications and even used as a conduit to connect them. Excel is still useful if you’re a larger company with hundreds of product offerings and you’re utilizing SaaS or custom software solutions.
For automation of tasks
Automating routine business operations is possibly one of Excel’s least recognized yet most important functions for businesses. Companies may utilize Excel Automation to conserve time, enhance productivity, and eventually increase revenues by reducing jobs to lines of code.
Excel automation is normally put up by experts who are familiar with VBA or Visual Basic for Applications. The advantages of automating processes, on the other hand, will significantly surpass the expenses of implementing automation.
For making interactive dashboards:
Dashboards offer you a quick picture of your present company’s performance, allowing you to make informed decisions about your company’s future.
Excel dashboards are among the most important tools a business can employ to visualize data, transforming rows of data into easily readable and usable graphs and charts. Excel allows you to construct a wide variety of dashboards according to your convenience. Once you’ve determined the sort of dashboard you want to develop, you’ll need to think about a few things to make sure it presents the information you want and pulls data regularly, which you can accomplish with Excel automation. The following are the most important considerations to keep in mind:
- What method will we use to load data into the dashboard, and how often will we do so?
- How would the dashboard’s data be organized and related to features such as tables and diagrams?
- What is the optimal dashboard structure and format, and also which metrics are the most significant and should be displayed prominently?
For accounting purposes
In the case of accounting software, Excel is often known as the go-to option for businesses.
One of the explanations for this is a large number of formulae and computations that may be employed and processed in Excel for accounting purposes.
Conditional IF, Nesting IF Functions, and VLOOKUP functions are just a few of the most useful formulas used by businesses to record and handle their finances.
Furthermore, since Excel is being used by so many different types of businesses, from digital marketing to accounting professionals, you can be hopeful that if you’re utilizing Excel for accounting in your company, you won’t have any trouble sharing an acquisition log or billing tracking sheet with your accountant in a format that they can understand.
Also read: 5 Ways to Improve Your Excel in 2022
For invoicing and tracking
Mistakes in order processing may have a significant impact on a company, ranging from missing out on a transaction to declaring bankruptcy. This means maintaining records of orders is critical, and having all key sale information in one place, such as the value and client information, is very important.
This kind of report may easily be linked to other spreadsheets and even dashboards to offer you a comprehensive perspective of your business from the moment of sale through shipment, delivery, and customer support indicators like refunds and grievances.
The following are three of the most typical requests for setting up or changing existing invoicing and order tracking excel sheets:
- When it comes to repeated operations, screening incoming work reduces mistakes and saves time for employees.
- Creating forms inside the sheet to ensure that new orders are entered appropriately and with all necessary information.
- To finish the loop and unify essential company information, integrate an invoice tracker with inventory control and sales statistics.
Using Excel in the workplace is one of the most effective methods to simplify procedures, manage data, and boost sales and productivity.
Excel’s Importance in Business
The first version of Excel was launched in the early 1980s by Microsoft, enabling users to make the switch from manual macro coding to automated Excel operations. Since then, the program has considerably improved to include charts, graphs, and bar graphs that may be integrated into spreadsheets or presented as separate items.
Because of its feature-rich architecture, Microsoft Excel is utilized for a wide range of applications for businesses all around the world. Excel is used by millions of businesses every day, thus its relevance in the corporate world cannot be overstated.
The popularity of MS Excel is due to its user-friendly nature and easy-to-use interface, which allows users to take charge and complete jobs fast and effectively. Many organizations now expect recruits to have Excel abilities, so if you’re looking to apply for a job, understanding how to use Excel is an absolute necessity!
We’ve explored a variety of spreadsheet applications in business in this post, from monitoring inventory to scheduling repetitive activities, so you can start using Excel in your business right away.