Typically Business Intelligence is an assortment of procedures and tools utilized to collect information and convert it into consequential data that can be made use of by people to reach
Excel spreadsheet is one of the most popular tools and a real boon for maintaining administrative reports and a wonderful aid to ensure that your enterprise is running smoothly without any hitches. From its very inception these spreadsheets have been used to store and present the financial data and other important information in a systematic way. They turn out to be extremely useful in selling, marketing, HR and all other operating fields in a business.
The main advantages of excel spreadsheet are as follows:
Format wonderful Chart – With its grid cells consisting of rows and columns, all valuable
facts and figures can be filled to present excellent charts that are used to represent
information of any nature. This visual representation of data not only looks systematic
and organized but is also very easy to decipher even for a layman.
Employ Conditional Formatting – You can make use of a variety of colors and also
choose any style of writing you need to discriminate the various columns and figures
and highlight whatever you feel is important. This is known as conditional formatting.
Gives You an Idea of the Trend – Since an excel sheet also provides you with average it
will help a firm to spot the trend easily and help you to make predictions of the future
market by studying it in detail.
Helps in Systematic Collection of Data- Another positive point of excel is that it aids in
collecting data and figures from various documents and files and stores it in a specific
location that makes it very easy to access whenever you need it.
Can be Accessed Online- Good news is that excel can now be accessed even online
which implies that entrepreneurs and business executives can get access from any
device like their i-phone, lap top that makes it all the more easier regardless of where
Many business enterprises across the world have made the best use of the Microsoft Excel for
financial accounting purposes. In spite of the fact that companies believe that they are
thorough with the functions in Excel, they realize that there is so much more they can
learn if they keep themselves updated and understand the advantages of utilizing Excel
for their financial application.
Financial Forecasting with ‘Trend’ in Microsoft Excel
Excel’s ‘Trend’ analysis function is something that can help business with forecasting
their finances and their business budgets.
If one would like to analyze why there is a deterioration in the business at a
particular period of time, all one has to do is collect necessary data for the
analysis and utilize the ‘Trend’ function.
After generating the numbers one has to make sure that it is a sensible one; you
would also have to get the advice of various departments to make the necessary
alterations before it is presented.
The power of Excelsius Present
The ‘Excelsius Present’ is another of Excel’s tools.
Typically it is an SAP BusinessObjects function.
It permits the person to make new spreadsheets or bring in ones that are already
in existence and convert the information into any one of the visual templates like
graphs and charts that have been configured beforehand.
In addition there are measures that interact with the user allowing him to test
imaginary scenarios and transfer these ensuing graphs or charts into PowerPoint
files thereby allowing the user to control data when he presents the report.
For the purpose of financial reporting, companies often have to transfer details into
Microsoft Excel form other sites or locations. To do this the most widely utilized method is
automation. This permits the user to make use of properties and techniques that are
made use of only for tasks in Excel.
Financial companies, auditors, and businesses utilize the well known facets of Excel
and all of them claim that Information Technology is yet to present them with an
application comparable to it.
Dashboard reporting offers its readers several significant benefits.
Dashboards can distill extensive data into a single page of succinct results. Dashboard reports can reduce the flood of paper to a trickle.
With dashboard reporting, managers can compare many results to each other. This gives the managers a more accurate view of their organization, more quickly. With traditional reports, managers tend to compare many facts from many reports received over many days; with dashboard reports, it’s all there in front of them.
Dashboards easily can emphasize areas of performance that managers care most about. This is because dashboards are extremely modular. It’s very easy for Excel users to replace a chart or table that managers no longer care about with a figure that’s critically important.
In the past, the move to dashboard reporting largely bypassed Excel. This is a shame because Excel is an excellent tool for dashboard reporting. And the incremental cost of dashboard reporting with Excel is essentially zero.
What’s going on here? Why is Excel so underused for this application?
We can think of three reasons.
First, software companies can become quite successful by selling proprietary software for dashboard reporting. But selling an Excel solution offers a tiny fraction of the sales potential. Therefore, few companies find it in their interest to promote Excel for this purpose.
Second, few people have discovered the techniques needed to create high-quality dashboard reports with Excel. Although the techniques are relatively easy to use, they’re not obvious.
Third, Excel easily is overlooked for high-quality dashboard reporting. Picture in your mind a typical Excel report produced by a typical Excel user. Compare that report with the example shown above. It’s hard to believe that the same product—Excel—produced both reports. It’s no wonder that people long accustomed to standard Excel reports would never think of using Excel for magazine-quality dashboard reports.