Why Learn Excel? Here Are the Top 15 Epic Benefits of Mastering Excel
Are you looking to up your spreadsheet game? Excel is an invaluable tool that can help you stay organized and save time. From data analysis to creating budgets, Excel can do it all! In this blog post, we’ll explore the top 15 benefits of mastering Excel so that you can make the most out of this powerful program.
Convinced that you need to master Excel? Check out my top picks for the best online courses to learn Excel.
Benefit #1: Enhance Productivity with Shortcuts & Macros
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Microsoft Excel is the world’s most popular spreadsheet program for good reason. It offers users countless shortcuts to speed up the process of organizing, analyzing, and presenting data.
Shortcut keys can help you speed up your workflow by allowing you to quickly jump between cells or sheets. By using simple key combinations instead of using your mouse or trackpad you can keep your hands on the keyboard.
Even more powerful than shortcuts are macros. These are powerful pieces of code that allow you to record a series of steps in Excel and then play them back with a single click or keystroke.
You can record macros to automate tedious and repetitive tasks. By taking advantage of this feature, users can save time and increase their productivity levels.
Furthermore, you can learn the built-in programming language VBA to customize your macros. Add user forms to collect user input, use conditional logic to change the program flow, and repeat steps a specified number of times.
VBA makes it easy to perform complex calculations or repeat lengthy processes without having to enter each step every time.
This can be especially useful when dealing with large datasets or when performing tasks that need a lot of detailed inputs from the user.
By combining shortcuts and macros, you can skyrocket your productivity in Excel. Giving you more time left over for other important tasks throughout the day.
(Psst… If you are keen to make work easier, faster, and more efficient take a look at Launch Excel’s Macros & VBA School)
Benefit #2: Refine Decision Making with Advanced Formulas
Learning advanced excel formulas gives you valuable skills. They can help with decision-making and you can use them to make better use of the data that you have.
Let’s say you work in finance. How many hours do you spend in Excel? A lot! Advanced functions such as PMT, NPV, and XIRR are important for the analysis and interpretation of financial models.
You can also use advanced methods such as Monte Carlo simulation to make predictions of future outcomes.
Or if you work in engineering. You can use functions like VLOOKUP, XLOOKUP, and CONVERT to create formulas that help with calculations.
Advanced formulas allow you to combine multiple sets of data into one sheet. You can create complex calculations and even automate substantial processes.
With the right training, such as Elevate Excel from Excel Campus, you can master the use of advanced formulas. Then use them to your advantage in many business settings.
Benefit #3: Create Professional Reports & Dashboards
(Want to learn the highly in-demand skill of creating Excel Dashboards? Check out My Online Training Hub’s Excel Dashboard Course)
Excel is an incredibly useful tool for creating professional reports and dashboards. You can organize data in an easy-to-navigate way. Then create visual representations of your data that enhance your analysis capabilities.
Excel can read data from different business systems so you can integrate data and create reports using Excel as the front end.
With the right training, you can also create dashboards to visualize trends in your data. This allows you to summarize changes and key performance indicators. And helps businesses to make better decisions faster.
Additionally, you can use pre-made templates as a starting point to make your own dashboards. Excel is so popular that there are hundreds of templates you can use, so you don’t have to start from scratch.
Use Excel’s formatting tools and you can add some flair to your worksheets. Use conditional formatting to create red, amber, and green traffic light indicators. And add checkmarks, crosses, sparklines, thermal scales, and emojis like smiley faces!
Excel has great built-in compatibility with other Office applications. This means you can quickly copy charts and visualizations to Word or Powerpoint for presentations. It’s easy to create shareable reports and dashboards to use in your organization.
Benefit #4: Excel is Industry Standard Software
A comprehensive study of close to 27 million job listings was published by Burning Glass Technologies in 2017. It found that the demand for baseline computer skills in middle-skill jobs is growing. 78% of these middle-skill positions specifically needed word-processing and spreadsheet skills.
And what’s the most widely used spreadsheet in the world? Microsoft Excel.
Excel has been around for more than 30 years and is constantly updated with new features. It’s used in offices and workplaces around the world.
Some estimates put the number of Excel users between 750 million and 1.1 billion globally. Microsoft CEO Satya Nadella has called Excel the company’s most important consumer product.
Finance professionals use it to produce financial models, run budgets, and do risk-analysis. Teachers use it for explaining math concepts, organizing events, and comparing students to their peers. Scientists use Excel to collect, analyze, and present research findings.
These three professions are among hundreds of jobs that need good spreadsheet skills. And Excel knowledge paves the way to high-paying jobs, especially for workers with no formal college degree.
Excel’s popularity comes from its versatility and user-friendly interface. It offers a variety of features such as calculations, data analysis, charting, and more.
Plus, its compatibility with all major software makes it easier for professionals to work together on projects. With its robust capabilities and scalability, Excel is a powerful tool that can help businesses succeed.
Read more about the Top Careers That Need Excel (with salary data).
Benefit #5: Increase Your Efficiency & Productivity
Learning Excel is a great way to increase your efficiency and automate tedious tasks.
Excel has a vast array of powerful tools, formulas, and functions. It’s no wonder Excel has become the go-to solution for data analysis and reporting!
Excel can help you work smarter, save time, meet deadlines, and increase productivity.
With advanced training, you will learn how to manipulate data quickly. Then you can create dynamic charts and develop complex formulas for calculations. This allows you to achieve a lot.
Having the skills to analyze large amounts of data efficiently lets you make quick decisions or track trends over time.
With automated features such as pivot tables and macros, you can turn raw data into actionable insights with just a few clicks of the mouse.
The possibilities are endless when it comes to mastering this powerful tool. And when you boost your business productivity tenfold, you’ll become a key asset to your company.
Benefit #6: Easily Manage & Interpret Data
When it comes to managing and interpreting data, Excel is an invaluable tool. It is a pretty logical program and fairly user-friendly.
Excel makes it easy to organize and analyze large amounts of data quickly and accurately. You can use its features for creating dynamic reports that help to make informed business decisions.
Sure, some of the formulas can be complex but it’s getting easier to use as Microsoft makes constant updates to functionality. And you can learn things like keyboard shortcuts to speed up your use of Excel.
With the right training and templates, you can easily visualize complex data sets in a way that is both useful and visually appealing.
Additionally, you can use formulas to complete calculations or automate the forecasting of trends.
Learning how to use all of Excel’s key features will give you an edge in any field where data analysis is important.
Benefit #7: Get a Competitive Edge in the Job Market
Learning Excel can be an invaluable tool for gaining a competitive edge in the job market.
When you have advanced Excel skills you prove your competence in digital data analysis and problem-solving. And you stand out among other applicants.
Furthermore, many employers look for candidates who have a strong understanding of Excel. After all, it is one of the most used applications in the business world.
Want to impress employers? Create a portfolio of reports and visualizations in Excel. Show that you can quickly and accurately manage large data sets and create insightful charts.
Having this expertise makes you more attractive to employers who need someone with these skills on their team.
Lastly, gaining these abilities will allow you to perform better in your current role. Or take on extra duties that need expert knowledge of spreadsheets.
This could potentially lead to promotions or increased salary depending on how much value you add using your Excel skillset.
Pssst…. Recommended Excel Courses
Want to enhance your skill set with advanced Microsoft Excel training? Get a competitive advantage over other candidates? And give yourself an edge when applying for jobs or negotiating pay raises within your current position?
Check out my pick of the top Online Excel Courses on the market.
Benefit #8: Visualize Your Data with Charts & Graphs
Visualizing data with charts and graphs is one of the many benefits of mastering Excel.
You can transform complex datasets into visuals that bring clarity to your analysis. Using charts and graphs you can identify patterns and trends in your data with accuracy and speed. And they help you communicate your findings more easily to others.
Visualizations make it easier to compare different sets of data, track changes over time, or even forecast future activity.
This makes them invaluable for businesses or individuals who need to make quick decisions based on their data. Whether this is in finance, engineering, sales, or science.
With Excel, you can create a variety of charts such as line, bar, pie, and scatter plots which you can then customize according to your needs.
You can also add titles, labels, and other annotations to further explain your insights.
Benefit #9: Improve Accuracy & Reduce Errors
One of the most important benefits to learning Excel is the ability to improve accuracy and reduce errors. Whether this is for dealing with large amounts of engineering data or creating financial models.
A study found that 88% of all spreadsheets contain one or more serious errors. Here are some headline-grabbing Excel errors:
- In 2003 Canadian power company TransAlta lost $24 million when an employee misaligned the rows in an Excel spreadsheet. This led to bids being aligned with the wrong contracts, wiping out 10% of the company’s profit for the year.
- In 2010 a formatting error on British intelligence agency MI5’s list of phones to be tapped resulted in tapping 134 people entirely unrelated to investigations. The formatting error changed the last three digits of these phone numbers to 000 within the spreadsheet. The result? Random members of the public had their phones tapped by their government while the actual suspects went unobserved.
- In 2012, JP Morgan suffered a $6 billion trading loss due to an Excel copy-and-paste error. The company used spreadsheets to create value-at-risk (VaR) models. Reports say that an employee copied the wrong information from one spreadsheet and pasted it into another. The result severely understated the company’s risk and was a major factor in its $6 billion trading loss.
While you might not have the chance to make such big screw-ups, it’s still better to learn how to reduce errors in your Excel spreadsheets.
When you know how, Excel makes it easy to add checks to your sums, averages, and other calculations. These help to ensure your spreadsheets contain fewer errors.
In addition, Excel can be used for automated functions such as sorting and filtering data, which can help users identify problems or catch errors that might have otherwise been missed.
Overall, mastering Excel can help improve accuracy while reducing errors and saving time (and money!) in the long run. Find the best online course to help you master Excel and prevent big-time mistakes that could cost you dearly.
Benefit #10: Save Time by Customizing Excel Settings and Using Templates
One of the biggest benefits of learning Excel is the ability to customize it to your specific needs. Customizing Excel settings allows users to save time and increase efficiency.
Whether you’re using it for data analysis or financial reporting, customizing Excel can help you complete tasks quickly and accurately.
Customizing Excel settings involves changing options like font size, color, background color, menu items, and other preferences.
When you customize your settings you can make adjustments more quickly. This means you can complete tasks faster. And make it easier to read and understand data.
Another great benefit of customizing Excel is the ability to create templates that can be used for different purposes.
Templates allow you to easily replicate certain reports or charts with just a few clicks – saving time and effort in the process!
You can even share templates with others so they too can benefit from your work. Check out the amazing templates at Simple Sheets, used by Excel users at Microsoft, Shopify, and NASA.
Overall, learning how to customize Excel settings and create templates will save you time and improve your productivity when working with spreadsheets and data sets.
Benefit #11: Analyze Financial Statements and Modeling
Excel is essential for financial analysts and accountants to analyze financial statements and create models.
Excel makes calculating and analyzing numbers easier, allowing analysts to identify trends and make decisions quickly.
Analyzing financial statements with Excel can help you find potential areas of growth or risk, as well as answer questions like “What are the cash flows?” or “How can we improve our performance?”.
With Excel, you can also create models that forecast future performance based on past data, helping you make informed decisions about the future direction of your organization.
Learning to use Excel for financial analysis is a great way to gain an advantage in your career and ensure that you are making the most out of the available data.
Benefit #12: Build Interactive Dashboards for Business Intelligence
Mastering Excel can be an invaluable tool for business intelligence and data analysis. With the right skills, you can create interactive dashboards to analyze and visualize data quickly.
You can use interactive dashboards to track the progress of a business strategy or business operations. They allow management to quickly identify patterns and trends in data, then drill into details.
Many companies are looking to create user-friendly and visually attractive dashboards. They act as helpful front-end interfaces to the back-end data sets.
Excel is a handy and powerful tool for creating interactive dashboards. It allows users to manipulate large datasets and create complex visualizations in a single widely-used platform.
You can create unique interactive dashboards by learning how to use Excel effectively. Add dropdown options, button controls, dynamic charts, slicers, and timelines.
Excel also offers numerous features that make it easier to share your work with others. You’ll be able to build dynamic dashboards that help teams stay organized and informed about their data.
You can learn all the skills you need to create interactive Excel dashboards in My Online Training Hub’s Excel Dashboard Course.
Benefit #13: Learn How to Use Power Query for Transforming Data
Learning how to use Power Query is a must-have skill for anyone who wants to become a master of data transformation and analysis.
Power Query is an Excel add-on that lets users quickly and easily connect, combine, and shape data from multiple sources like text files, databases, or other workbooks.
Power Query makes it possible to quickly transform raw data into ready-to-analyze information in tables, charts, and visuals.
It also allows users to apply custom calculations on the data, split columns, clean up rows, filter values, and more.
With Power Query, it’s easy to create dynamic views of your data so you can analyze trends over time or drill into specific details. It’s a great way to get the most out of your data by transforming it into meaningful insights.
Learn how to take advantage by learning from My Online Training Hub’s Power Query course.
Benefit #14: You will become highly desired in the office!
Knowing Excel can make you highly sought after in the office!
With Excel, you can improve your analytical skills and become an invaluable asset to your team.
You’ll be able to analyze data quickly, create reports and track performance more effectively.
Plus, managers will be impressed by your ninja skills. Learn how to use PivotTables, Filters, and other features that are essential in the workplace.
And once people realize how amazing you are, they will come to you to help them with their work. On second thoughts, this may not be one of the best reasons to learn Excel. Just kidding!
Benefit #15: Turn Yourself into a More Valuable Member of the Company
Learning Excel makes you a more valuable member of the company! By training yourself to analyze data and present it, you’ll learn how to make better business decisions.
Excel allows you to create high-quality charts and explore possible outcomes by building scenarios. You can make sure your decisions are based on an accurate analysis of the data.
Whether you are a financial analyst, consultant, HR professional, or CPA, you will be much more effective with strong Excel skills. Plus, you’ll be able to build a resume that stands out to potential employers when you feature advanced Excel.
Finally, mastering the interface makes it easier to discover patterns in data and convey their meaning with clarity and insight. These are skills that are becoming increasingly crucial in today’s data-driven world.
Here is a list of the Top Careers that Need Excel (with Salary Data).
Summary: Why learn Excel?
Excel is an incredibly powerful and versatile tool that can help you work smarter, not harder. It can be used to create complex calculations and models that help you analyze data quickly and accurately. From creating simple spreadsheets to creating complex dashboards, Excel has a wide range of uses that can make so many tasks easier.
If you’re looking to improve your productivity or become more efficient in the workplace, mastering Excel is a great place to start. By getting better at Excel you can improve your efficiency, increase productivity, and become an invaluable asset to your organization.
So don’t wait any longer – start mastering Excel today!
Top Online Courses for Learning Excel
Check out my top picks for the best online courses to learn Excel.