Data Analysis in Excel

The ability to analyse data accurately and efficiently is a core aspect of why Microsoft Excel is used by thousands of businesses worldwide.

Whether it’s digging into typical customer behaviours, managing financial accounts, informing organisational strategies or updating payroll information, quality data analysis allows businesses to make better decisions on a daily basis. That’s why organisations of all sizes and across all sectors and industries are ramping up their approach to analysing data in almost every conceivable way.

Whether they know it or not, most companies will have been building their own proprietary data list for as long as they have been in business. In many cases, vast quantities of data leave businesses struggling to manage over-sized workbooks and unable to draw qualitative or quantitative insights from their various operations. Worse than that, it may even lead to severe miscalculations that can greatly alter the overall direction in which the business is choosing to invest their time and money.

Sorting your data out

It’s no longer a secret that the ability to summarise and export data in multiple different ways is one of the most powerful weapons in the arsenal of the modern business. We live and work in the age of ‘big data’ after all; though the challenge remains for businesses to make sense of the mountain of information they now have at their disposal.

When it comes to statistical data analysis and data interpretation, Microsoft Excel affords businesses more options than any other spreadsheet or workbook programme. Not only are these options wide-ranging, they are also incredibly useful when managed correctly and allow users to pull out the information they need within just a few clicks.

With Excel, you can sort your data into intuitive columns, filter the data by specific criteria and easily apply conditional formatting to highlight key areas, values or trends within a spreadsheet. The ability to create pivot tables is one of the most powerful features of the software, allowing users to aggregate and extract insightful information from a huge data list within seconds, providing they have an effective template in place. Excel allows presents users with an unparalleled suite of visualisation options, so that large datasets can be transformed into easily digestible charts and graphs.

The problem with poor management and data analysis

One common obstacle in the average business’ approach to capitalising on data analysis is that their information is often stored in separate locations, and formatted in a range of different file types. This makes it incredibly difficult for businesses to use key data to fuel the growth of their business.

Without a streamlined programme in place that automates manual processes, there’s also an ongoing risk of human error when maintaining and aggregating data over the course of months and years. No company wishes to inform their key business decisions using incorrect data, particularly if regular reports are being produced and shared as common knowledge within an organisation.

Of course, a strategic approach to data analysis requires time and investment to get right. Experience is essential to ensuring that data analysis dashboards and workbooks are implemented correctly, and tailored to suit the needs of a specific business.

If your business is facing any of these challenges, or you wish to find out more about the Excel data analysis consultancy services that Bespoke Excel provide, get in touch with our team of expert advisors today on 0161 883 2655.

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