What significance does excel hold in business?
Excel came into our lives somewhere in 1980s and slowly grew up to be one of the most workplace tools all over the world. Whether it is about budgeting or making invoices or organizing tedious data lines, you will always need excel by your side. Even now, it is one of the most potent tools used in business plan models all across the globe. And the biggest domain where it stands most firmly is in the accounting and finance departments of all big corporations. You will see hundreds and hundreds of excel sheets fill up their offices and documents section. These are used for making plans, forecasts, and budgets of all kind.
Finance and accounting is one of the biggest parts of business that makes use of excel spreadsheets and depends on it for many reasons. Right from balance sheets to financial analysis modeling, it is used in every sphere. The advanced formulas used in this process easily replace several manual tasks, it has mainly helped in shortening down the timing of processes. All those things that took hours to complete in previous times can now be completed within few minutes with the help of excel sheets and their tools. Things like excel modeling, financial analysis modeling and others exists only because of this reason.
Apart from this, excel also has a huge role to play when it comes to marketing and product management. It is true that all planning related to finances is done by financial analysts, there are several other things that need to be taken care by managers and marketers like sales figures, inventory, sales analysis, and so forth. When management of sales processes became complicated, it was excel that came in to help all and bring things under control. One single pivot table is enough to summarize the sales and customer data as per category. You can watch out the complete myriad of information with a simple drag and down feature.
Another domain that benefits most from this is the human resource department. There are several database systems like Quickbooks, SAP, or Oracle that are to be used for management of payroll, but information conveyed by these can be best exported via excel sheets. These sheets also allow the HR managers manage information from several parallels like payroll, inventory, and so forth. It simplifies the process of keeping a tack of employees performance, punctuality, and tasks completion.
