Sales figures of a cement depot, student admissions month on month in a training center, cost, budget and sales projections in a retail outlet, movement of brands in a multi-brand cloth store all have one thing in common. Capturing, monitoring and analyzing data sets.

The days of going with one’s gut are pretty much over. Historical data of some volume has insights in it that can be tapped for present or future use. Let’s take the example of a training institute that administers classes in English, Math and Science. The flow of admissions across the months is collated and converted into a chart using Microsoft excel. These charts are used during budget meetings by its manager to request for advertising and promotion budgets during specific periods. Class scores of individual students on a month to month basis vs. group scores are presented to students using worksheets to help them understand where they stand in class. A pep talk might work, but a direct comparison will help put things in perspective faster for the student.

More often than not most managers use Excel at a fairly peripheral level. Excel is a tool that if learnt in depth helps analyse and interpret business data. It helps represent this data in a meaningful way that can then be used to implement future plans and strategies. At an individual level it is a real tool to advance in one’s career. A good understanding of excel can transform the way we look at data and use it.

Organisations seek and keep accountable managers. This also explains their need for reports. A cohesive report that puts forth relevant details is always sought for. Not all data is required in all reports. Some reports seek information only on certain points and some on others. Reports usually draw from a common pool but are tweaked based on the specifications. Excel helps filter data as per the specs and generate reports. Excel has features such as pivot tables that helps juxtapose the data in multiple ways.

The charts and reports generated by excel can be shared across the organisations. In many cases the charts are embedded in power point presentations to share business insights. They can also be integrated with other Microsoft applications.

Excel is a skill worth having in your skill set that is bound to help your business and career alike.

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