Blog Recommended Blog

Excel: Is it suitable for complex data analysis?

[et_pb_section admin_label=”section”][et_pb_row admin_label=”row”][et_pb_column type=”4_4″][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left” use_border_color=”off” border_color=”#ffffff” border_style=”solid”]

When it comes to data analytics, many business users and financial managers are unsure whether Excel is a reliable business tool. Their main concerns are whether it is convenient, simple, and equipped enough to handle their business needs. So, is it an efficient business tool for financial analytics? This is the question asked by many business users and financial managers. The problem lies herein: many users are not aware of the full capabilities and power of Excel and its add-ons, such as PowerPivot.

Source: Microsoft Products

The full capabilities Excel has to offer

Excel has the capability to bring in data from multiple sources which include websites, sales platforms and other excel worksheets and workbooks. So when doing a complex analysis this data is brought into a single place to tell a rich story about how the business is doing, what the level of efficacy is within the business and whether the desired results are being achieved.

There seems to be a belief that Excel does not have the capability for being utilised to build predictive models. Excel is useful in importing, sorting and organising data, as well as creating reports and scorecards of which results can be used to indicate what had happened in the past, but not what will happen in the future.

The importance of doing an historical analysis is to determine whether a business has met its objectives. Financial plans and budgets are put into place and an historical view will indicate if something unexpectedly good or bad is happening. This will allow for the business to deal with the bad incidents and replicate the good incidents, in order to move forward with ‘positive strides’.

Excel has the capability to do predictive analytics. Though it is essential for a user to have the ability to draw these models, there are plugins available within Excel to assist in the building of predictive models, which incorporate prescribed modelling as well.

Excel – an ideal tool for complex data analysis

In conclusion, it seems that there are varying opinions regarding Excel’s limitations and whether it can be used in analytics. Some say there is a lack of awareness of the latest versions of Excel’s capabilities, and add-ons. Others maintain that Excel is fantastic as a support tool in data analytics. What one could also say, having seen the sources of some Excel-bashing articles, is that Excel is a great target for vendors trying to promote their software packages, possibly in the hopes of replacing it.

e-Magination Info Solutions firmly believes that Excel’s capabilities and add-ons make it an ideal business tool for complex data analysis. Our solutions centralise all your complex business formulas and calculations so that you can work with data from multiple systems in one sheet, view, or graph. We also give you the ability to report from detailed visual dashboards, using Excel PowerPivot, which have full analytical capability. Having all your data in one centralised place and detailed, customisable dashboards enable you to easily compare, measure, and analyse complex data so that you can make informed business decisions.

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row admin_label=”Row”][et_pb_column type=”4_4″][et_pb_signup admin_label=”Mailchimp Signup” global_module=”1412″ saved_tabs=”all” provider=”mailchimp” mailchimp_list=”ca7aee012b” aweber_list=”none” title=”Get more from your Excel reporting” button_text=”Click to connect” use_background_color=”on” background_color=”#e74c3c” background_layout=”dark” text_orientation=”left” use_focus_border_color=”off” use_border_color=”off” border_color=”#ffffff” border_style=”solid” custom_button=”off” button_letter_spacing=”0″ button_use_icon=”default” button_icon_placement=”right” button_on_hover=”on” button_letter_spacing_hover=”0″]

Leverage our BI tools and boost your business’s productivity. Let’s connect.