Since Microsoft launched Excel for more than three decades, it has since become a vital workplace tool for many businesses. It is a powerful and flexible tool that can be used in a variety of functions and all sorts of industries. Here are some common areas where Excel still shines in business practices.
Spreadsheets
Most people use Microsoft Excel to create spreadsheets for all sorts of situations. For example, you can create a spreadsheet for a budget or even revenue models, calculating customer discounts, keeping track of costs, and many other spreadsheet-type uses.
Handling human resource data
Excel is quite a useful tool in many companies and businesses, especially as a means through which to manage human resource data. This is particularly the case in database systems provided by Quickbooks and Oracle, where Excel is used to manage employee information and payroll data. Excel can even be used in the workplace to make a timestamped summary of expenses. Excel spreadsheets at the workplace help business professionals understand the business state by looking at the costs. They can then come up with a course of action that will allow more control over those costs.
Product management and marketing
Excel is also a useful tool for product management and marketing divisions in a business or company. The teams in the two divisions in most companies use Excel spreadsheets to create a list of target customers and existing customers as per their sales and marketing targets. They also use the data to set sales targets, as well as to create sales strategies using past data.
Sales data and customer data can easily be summarized through Excel sheets, thus allowing for easy retrieval or reading of data. The data can be organized in a manner that makes sense to employees and executives. This is ideal, especially for making data-based decisions regarding the future operations of the company.
Excel is also used for accounting and finance purposes
Accounting and finance are among the most sensitive departments of any business. They play a critical role in the success of a business, and as it turns out, Excel is one of the most commonly used digital tools in the two departments. This is because the program facilitates the use of complex formulas for important data calculations for a wide range of uses such as forecasts, budgeting, and even financial results.
Some of the features on Excel, such as FV and PV functions, are particularly useful in finance. There are many other features for complex data handling and accounting, which explain why it is still a relevant tool for office use decades after its debut. These features play a big role in the success of many businesses, which means that Excel is still a vital tool for the success of many businesses.
Summary
Excel was so important in the first two decades that knowing your way around; it was considered advantageous when seeking a job. However, that is not to say that it has appeal. It is still considered one of the most important office tools to this day. It also extends beyond office space, as seen above, where it can be used in inventory management at a restaurant, data management at a data firm, or even by institutions to handle payrolls.
Knowing how to use Excel is still vital as ever, and the program itself remains quite useful. An impressive feat for a software that has been around for more than 30 years. It looks like it might be here for a while longer since computers and organized data are still a necessity in many areas, especially at the workplace.
