The business world has changed fundamentally over the past few years.The speed of change means that mangers need to be able to make decisions quicker, but at the same time need to be able to process far more data to be able to make an informed decision.
Business today has no lack of data – transactional systems record every part of the business process. The key challenge for managers is how to turn the vast quantities of data into useful insight and information.
In recent years new technologies has allowed vast quantities of data to be processed, analysed and increasingly visualised. The new technologies allow management to understand trends, identify outliers and to see new patterns in the data that could not be processed previously.
Excel as a Business Intelligence Tool
Excel has become the main tool for manipulating and analysing data, and developing reports in business today. With the release of Excel 2013, Microsoft introduced even more powerful business intelligence tools.
To understand how the Excel Business Intelligence tools work together in Excel 2013, you need to understand the function of each tool and how it fits into the “traditional” Excel model:
How is this relevant to Business Users?
If you work with Excel, using Spreadsheets and Tables to build reports, you probably find yourself regularly copying and pasting data between worksheets then clicking the same sequence of buttons to clean and shape the data.
You’ve probably found that complex formulas, dirty data and inevitable errors take up a lot of your time, making month end reports a nightmare that consumes large portions of time you don’t have.
Learning how to use all the Excel Business Intelligence Tools effectively will free you from the dull, repetitive tasks and give you time to focus on what’s important, analyzing your data and gaining insight into it.
This will enable you to make good decisions about your business.
Ian Littlejohn worked as a Management Consultant for 15 years and is passionate about teaching business people to analyze data and understand business data.