What is the best way to use Microsoft Excel in the workplace? The list of corporate uses for MS Excel is long. But we’ve broken it down into a list of top 10 uses.
At a basic level, MS Excel is used to store information, analyze and sort, and build reports. It is extremely popular in businesses because the spreadsheets are very visual and fairly easy to use.
Some of the most common business uses of MS Excel include business analysis, human resource management, performance reporting, and operations management. We know this for sure after analyzing data from a job (using MS Excel).
1. Business Analysis
The number one use of MS Excel in the workplace is business analysis.
Business analysis is essentially using the data collected to inform decision making. Businesses naturally collect data as part of their day-to-day operations, whether it’s data on product sales, website traffic, supply spending, claims, etc.
Business analytics is the activity of converting the data into something useful for the people running the business. For example, you can build a profitability report based on the day of the week. If the company is still losing money on Sundays, that’s information that management can use to decide (like closing on Sundays).
Example jobs: business analyst, business planning analyst, business solutions analyst, claims analyst, collections analyst, credit officer, data analyst, data and audience analyst, financial analyst, investment operations portfolio analyst, junior data analyst, regional financial analyst, senior data analyst, senior financial analyst, senior portfolio analyst.
2. Personnel Management
One of the primary uses of Excel in business is personnel management.
MS Excel is a powerful way to organize information about people, whether they are employees, customers, supporters or training participants.
With Excel, personal information can be stored and retrieved efficiently. We can use a row or column of the spreadsheet for an individual record can include information such as name, email address, employee start date, items purchased, subscription status and last contact.
Examples of jobs: customer growth coordinator, customer management and administration, customer relationship manager, customer service manager, customer service specialist, employer service consultant, HR administrator, human resources administrative assistant, human resources administrator, human resources consultant, human resources officer, junior HR analyst, reconciliation and payment officer, relationship manager.
3. Operations Management
Excel is widely used to manage the day-to-day operations of many businesses.
Business operations can often involve quite complex logistics. Inventory flows must be controlled to keep operations running smoothly and without overstocking certain items. This means tracking transactions with vendors and customers, listing critical dates, and managing time and schedules.
While Amazon uses sophisticated custom software for operations management, MS Excel is an important tool for many small businesses (or parts of large businesses). One advantage of Excel is that it is relatively unsophisticated software, allowing it to be used by many people without the risk of programming bugs.
Examples of jobs: business operations analyst, data operations manager, graduate program - supply chain and operations, market supply chain analyst, business operations analyst, operational enablement associate, operational knowledge management specialist, supply chain associate, supply chain specialist.
4. Performance Reporting
Performance tracking and reporting is a specialized type of business analysis that can be done effectively using MS Excel. For example, many accountants still use Excel (in part because it is compatible with online accounting software).
A common way to convert data into a performance report in Excel is to create a pivot table. By inserting a pivot table and linking it to data, you can quickly extract useful information from the data set. Pivot tables have many built-in functions that allow you to perform tasks, such as counting and adding certain types of data to the dataset.
Example jobs: financial accountant, forecasting/sales support analyst, performance analyst, performance analyst - supply, professional services operations analyst, reporting analyst, report development analyst, sales coordinator, sales operations analyst.
5. Office Administration
Office administrators use Excel to enter and store much of the data that is then used for accounting and financial reporting, as well as business analysis and performance reporting.
Besides record keeping, Excel is useful in office administration to support day-to-day tasks such as invoicing, bill payment, and contact with vendors and customers. It is a versatile tool for tracking and managing office activities.
Example jobs: administrative assistant, administrative officer, administrative supervisor, administrative assistant, business and office operations manager, junior office and administrative officer, office administration manager, office support - maintenance/general duties.
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6. Strategic Analysis
For Excel uses, strategic analysis is when business decisions are closely tied to spreadsheet data and formulas. You apply Excel to guide actions such as investments and asset allocation.
For example, based on an Excel model, you may decide to buy foreign exchange insurance. Spreadsheet analysis informs business decisions specifically.
Example jobs: asset manager - property management division, merger and acquisition valuations - analyst, membership and campaign strategist, portfolio administration associate, portfolio analyst, portfolio management associate - wealth management, portfolio management officer - asset finance.
7. Project Management
While project managers have access to specially designed project management (PM) software, an Excel workbook is often an effective alternative.
Projects are business activities that typically have a budget and start and end dates. We can place project plans in a workbook, which can then track progress and keep the project on schedule.
The advantage of using Excel is that you can easily share the project workbook with others, including people who are unfamiliar or do not have access to custom project management software.
Example jobs: project analyst, project assistant/agent (IT), project business analyst.
8. Program Management
Excel is an excellent platform for program management. We can adapt it to manage the specific characteristics of a program. And, because MS Excel is widely known, program files can easily be managed by several people and, when the time comes, passed on to a new manager.
A program is like a project, but it can be ongoing and dependent on user participation. MS Excel helps managers allocate resources, track progress, and maintain participant records.
Example jobs: event coordinator, learning and development manager, learning and development coordinator, internship manager, program and office coordinator, records and outcomes coordinator, training administrator.
9. Contract Administration
Contract administrators like to use MS Excel because it provides a simple way to record contract details, including dates, milestones, deliverables, and payments.
There are many contract management templates available, which can be customized based on the type of contract or stage in the contract life cycle.
Examples of positions include: construction contract administrator, contract administrator, estimator/contract administrator, graduate contract administrator, lease administrator, quote and bid administrator.
10. Account Management
Account Managers must be proficient users of MS Excel, as they receive and must maintain client records.
An account manager’s job is to maintain relationships with the company’s existing customers. The fundamental goals are to build customer loyalty and repeat sales. This is a marketing type role and a popular career for MBA graduates.
They commonly used Excel in account management, as it provides an easy way to share and maintain customer records.
Example positions: account coordinator, advertising manager, design studio account manager, digital account manager, junior account manager.
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Why you need Excel skills in the business world
If this list hasn’t convinced you yet, MS Excel skills are very useful in the workplace.
Not all jobs use Excel, and those that do are often considered “medium skill” jobs. However, Excel is widely used. So having good spreadsheet skills allows you to work on many tasks. And you can more easily take advantage of the information shared in workbooks.
Once you know how to use Excel, you will use it more and more. It is an accessible platform that can perform both simple and very sophisticated business tasks.
