According to Acuity Training UK, 12% of global Excel users have seen lack of Excel skills cost a company more than £10,000
Microsoft Excel is a phenomenon. From using it for bookkeeping to creating school maths projects, the software has come a long way, slowly creeping into the daily life of the average Joe. Currently, the spreadsheet software has over 450 in-built functions and 17,179,869,184 cells that can be worked upon.
The potential of Excel is almost immeasurable since it’s a complex spreadsheet software with arithmetic, database, financial, engineering, logical, statistical, engineering, and text functions. Its ability to be programmed to support a variety of calculations instils it with a lot of possibilities, especially to synthesise insights from disorganised data.
The best part about advanced Excel is that it’s a perfect tool for budding entrepreneurs and corporate professionals who want to power their business through data analytics and financial modelling. Advanced Excel fundamentally teaches one how to do everything in Excel faster and smartly.
Why Learn Advanced Microsoft Excel?
Advanced Microsoft Excel focuses more on in-built features like pivot tables, dashboards. and conditional formatting. Hence, pursuing an Advanced Excel course can open up an Excel user’s mind to new functions and formulas, plus influence them to solve operational problems creatively using the tool. Some of the many advantages of an adept Excel include:
- Business monitoring through dashboards
Overviewing complex data and tracking metrics that would ideally take hours of effort using basic Excel row-and-column view will otherwise take a few minutes once a dashboard is created. There are tons of dashboard templates available online that one can download, made for different intents and purposes.
In the case of a Project Management dashboard, business owners can streamline project operations, track deadlines, and represent data visually, all from a single spreadsheet. Such a dashboard can help entrepreneurs keep projects on schedule and within a predefined budget.
Other examples of dashboards include the Executive dashboard where parameters like revenue growth, customer growth and Average Order Value (AOV) cab included; Sales Management dashboard to track sales performance, Lead Generation dashboard to monitor lead conversion, and Digital Marketing dashboard to keep an eye on potential 0social media and website leads.
- Valuation modelling
A valuation model on Excel refers to spreadsheet analyses of discounted cash flows, comparable trading multiples, precedent transactions, etc., that help in raising company capital, identifying business value, internal budgeting, and project capital evaluation. Valuation modelling can easily be done using Advanced Excel functions, thanks to the software’s customization capabilities and flexibility.
- Task automation
With the knowledge of advanced Microsoft Excel, an adept excel user will be able to leverage the use of Macros. This functionality allows users to automate repetitive tasks. Macros reduce the need to input manual commands. Macros can be saved and be used on a variety of data in different instances. Macros help in cases where a task has to be periodically performed or sometimes a calculation loop needs to be applied on a set of data.
- Data Protection
In some of your Excel sheets, you might require the need to hide confidential and sensitive data, especially on a dashboard. Being trained in advanced Excel , you’ll learn to use Visual Basic programming to create algorithms that hide data and set passwords with respect to a particular situation.
Given the applications of Excel being so diverse, the knowledge proves to be a panacea in one’s skillset. Not only does the knowledge of advanced Microsoft Excel prepare one to manage time efficiently, it also boosts the entrepreneurial spirit. Advanced Excel is essentially for normal Excel users who are in the phase of starting their own venture or are upskilling for their executive role in a company.
Codingzen currently does not offer an Advanced Excel course. We have courses for children for different age groups where we teach elementary coding, game development, Android development, website development, robotics, and more. That being said, we also believe in preparing young ones against professional hurdles in the future and inspire them to take up entrepreneurship.
We hope this blog educated you on why advanced Excel skills are worth learning, especially for those who want to pursue entrepreneurship and bolster their corporate professional skills.