It is a popular spreadsheet program that was developed by Microsoft. It is usually bundled with Ms Word and MS Outlook and sold together as a package of programs known as Microsoft Office. Each Ms Excel file is known to most users as a workbook. Each workbook consists of one or more worksheets. Each worksheet is made up of rows and columns.
Because of its layout and widespread availability, it is often used as a tool to create and maintain a list. More seasoned users use it to store database records, create charts or graphs. A lot of organization uses excel to manage their budgets, business planning, customers records, business intelligence, analysis of sales data, customer data, performance dashboard, etc.
A major business application of Excel is in corporate budgeting. Many companies, from big corporations to small companies use Excel for their budgeting. Despite numerous calls by suppliers of Business Performance Management Systems (BPM) to move away from Excel as a budgeting tool, 70% to 80% of all corporations still use Excel as their primary budgeting tool. Find out why in this corporate budgeting article.
Excel provide many functions and formulas that will not only help you manage your data records efficiently but will also make sure that you could analyse your data based on your constantly changing business environment. Through the use of Microsoft® Excel formulas, you can create comprehensive drop down boxes to facilitate data inputs and reduce erroneous entries. And through the use of pivot tables, you could get a good detailed analysis of your stock movement and also your inventory level at any point in time. For more details, read up this inventory management write-up.
Excel can also be used to create forms. We are not talking about simple form that contains just boxes for you to type in your answers. We are referring to professional forms which contain option buttons such that user can only select only one answer (Yes, No), check boxes that allow them to select multiple answers, dropdown list to select a particular answer from list of items. Here is an example of such a form:
Learn more about the benefits of Excel Form.
Together with charts, you can use Excel to compile answers to tests or quizzes and analyze the profile of the class (If you are a teacher) or your team (If you are a supervisor). The chart below helps us analyze the performance of an individual against that of the team.
Excel is commonly used to manage data records and name lists for the following 3 reasons: