Importance of using excel in Data Analytics

Importance of using excel in Data Analytics

The value of data has been increasing day by day, and is a competitive advantage to various companies that rely on data. Data analytics has been utilised as an effective tool to access the data for the companies to attain enormous success. Data analysts stand behind data analytics to handle the analytical work to bring forth maximum results in the most possible way. For which, Microsoft Excel is a powerful tool to handle the data in means of creating flexible data aggregation, represent data visually, calculate margins and other common ratios, etc. This article highlights the importance of excel in Data Analytics and how it is used and the ways that help businesses.

Understanding Microsoft Excel and Data Analytics

There is always an interaction between Microsoft Excel and Data Analytics and that leads the business development for betterment in various calculations and productivity.

Microsoft Excel

Microsoft Excel is an application or a software developed by Microsoft that uses spreadsheets to organise and explore various data and functions using formulas. Excel is described as the most popular data analytics tool and that is being used in finance, marketing, predictive analytics and so on. The distinct features of Excel include analysing data and making complex calculations. Excel has been used because it is easy to store and recover data and provides neat and secure visibility of information. In order to facilitate the extraction of useful insights, a successful Excel spreadsheet will arrange unstructured data into a comprehensible manner.

Data Analytics

The study of examining unprocessed data to draw inferences about such information is known as Data Analytics. A company can increase productivity, maximise profit, or make more strategically sound decisions with the use of data analytics. Companies may build goods, analyse their advertising efforts, customise content, and establish content strategies with the use of data analysis. The approach serves to reduce the risks involved with decision-making by providing significant insights and facts, which are frequently displayed as charts, photographs, tables, and graphs. For the fact of creating such insights, Excel is being used for Data Analytics.

Importance of Microsoft Excel for Data Analytics

Microsoft Excel, a spreadsheet software soon gained popularity and status as the industry standard. Microsoft Excel has long been the preferred tool for business professionals when it comes to analysing and displaying data. The primary objective of any data analyst is to combine varied data points and utilise them to tell a coherent story, it can be done with Microsoft Excel.

Though businesses are equipped with more analytical tools than Microsoft Excel nowadays, it still plays a major role in the larger Data Ecosystem. This is because Microsoft Excel makes it easier to extract insights since the key features are simple yet effective for the Data Analysts.

When dealing with increasingly complicated data, Microsoft Excel gives users the option to change the fields and functions that carry out computations. It also supports easy collaboration between multiple users at once. Microsoft recently added a number of new capabilities to Microsoft Excel for Data Analysts that can enhance the analytical applications. Due to its potential of making things easier with numerous analytical activities to elaborate and process the data, Excel has become a widely used tool over businesses. Its broad collection of Graphs, Functions, and Arrays enables Data Analysts to quickly learn the fundamentals of extracting insights from data that could otherwise be challenging to comprehend.

Uses of Microsoft Excel

Considering the various key factors that Microsoft Excel exhibits, there are various uses which bring forth the analysis easier for Data Analysts. Those include the following.

Data entry

It helps in allowing you to include records in a collection of data that already exists.

Data management

It includes managing projects, organising data and tracking accountability.

Accounting

This use helps in several computations and schedules that typical bookkeeping software does not allow for.

Financial analysis

It is simple to use and offers an unmatched breadth of financial capabilities.

Charts and Graphs

This usage helps in communicating the data graphically and makes it easier to understand the growth.

Time management

For evaluation, it helps to keep a record of everything you do over a period of time, then analyse how you spend your time and where you'd want to make adjustments.

Task management

This helps to keep track of all the tasks that have taken place within the organisation in order to manage the organisation.

Customer Relational Management(CRM)

This makes customer relationship management easier for companies, consultants, and independent contractors.

Reasons to upskill Microsoft Excel as a Data Analysts

Data is being read, accessed, processed and analysed in a way that it supports the organisation. The reason for understanding and working with Microsoft Excel is that it includes some key factors helpful for every Data Analyst. The reasons include as follows:

1. Enormous opportunities

Enables them to more simply and swiftly examine vast volumes of data than they could with other technologies like Python or SQL.

2. Easy career

Exploring the skillset with professional growth on learning and mastering how to use pivot tables, formulas, etc will hold to a career soon.

3. Futuristic growth

The future of Data Analytics will grow at a high rate for which the skills held by the analysts should preferably be worth the growth.

4. Functionality usage

The ways of utilising the functionalities of Excel help businesses to process the data and keep a track of growth attainment.

5. Time management

Time to insight is usually faster since Excel doesn’t possess a learning curve. We can literally customise the analysis as per our preferences.

Summary

Today, the use of excel is higher compared to the previous decade. This is mainly due to the fact that Data Analysts make use of it in a way that it helps the organisation supporting the business. The importance of Excel is progressively increasing though there are emerging tools like Python and R.

The scope of Data Analytics is somehow resembling the use of Excel in terms of analysis to the data analysts. On the other hand, Skillslash being a leading Data Science provider, offers an exclusive Data Science course in Hyderabad which includes all the data science concepts leading to a career in its domain. Also, this course includes project certification directly offered by the companies when you complete the real-time industrial project with them. Skillslash also offers Full Stack Developer Course in Hyderabad with placement guarantee. Enquire now, for more details.