business data analysis with microsoft excel

Many organizations use Excel files to catalog data sets, import data, create data models, and more. The process of consolidating data points and creating a cohesive narrative is the ultimate goal of any data analysis and Excel can help. All spreadsheets fulfill a specific need and are designed to work as a visual data aid. We use it to budget and timeline projects, create simple operational dashboards, and even keep track of lunch orders. The storyĪt Boost Labs, we use Excel spreadsheets for many internal applications. How are you making conclusions? What post-analysis decisions need to be made?Ī real big data project requires way more manpower, skills, and level of detail, but Excel provides a great start to context.Where is the data coming from? What exports/imports need to be made?.What is the goal? Overview? What are the insights you need?.Utilize data spreadsheeting as microcosmic version of a larger data project. Say you’re thinking of becoming an analyst or need to handle data to build a report, but analytics isn’t the simplest process to grasp in a single sitting. While it won’t build a full-scale data product alone, it can present easy-to-read visualizations and accurate calculations. Determine hypothetical profit margins or department budgets. Even with larger data sets, segmented data can be studied more carefully and visualized without using other software. With more complex data, Excel allows you to customize fields and functions that make calculations for you.

A successful Excel spreadsheet will organize raw data into a readable format that makes it easier to extract actionable insights. Anything like raw data exports, date of sales, SKU, or units sold are entered (or imported) into a spreadsheet for easier viewing and organization purposes. In its most basic form, Excels holds data points in each cell. It’s true that larger corporations have moved away from spreadsheets on a big data scale, however spreadsheets are still used for everyday items. Revenue patterns, operations, marketing trends, and more can be analyzed through Excel spreadsheets, but the real advantage is the process. Many industries and businesses continue to emphasize the importance of Excel skills because it remains as an intelligent way to extract actionable insights.

It’s a foundational structure for intelligent data because it deepens your understanding of the analytics process. It’s true it’s not the only or most fitting solution for all data projects, but it remains as a reliable and affordable tool for analytics. Spreadsheets are still relevant and a great tool to learn about data. The original concept isn’t much different than what we use today, it just looks better and has a lot of new capabilities.īut aren’t Excel spreadsheets outdated? It’s manual and there are better software programs. Excel spreadsheets have been around for more than 30 years and they’re still valuable.

Business data analysis with microsoft excel