MS Excel is a Microsoft spreadsheet program useful for creating spreadsheets and tables. It is used by every business analyst or consultant nowadays. Whether it is for designing a weekly worksheet schedule which can be updated, charts and tables to analyze your company profits or for designing a database with all the details of your potential customers, MS Excel plays an important role in this capitalistic world. So, the question is how is MS Excel used for business? Well here are some functionalities in MS Excel that might answer that question:
1) PIVOT table
It comes in handy when you need to quickly sort the data provided for your reports. It basically allows you to sort and sum up data from another spreadsheet into MS Excel. It filters out the essential information for you from the table. All you need to do is select the whole table and click on Pivot data table. Once you do that, a secondary table appears which gives you options- Column labels, row labels, report filter and values- to filter through the dataset and hence helps in saving a lot of time and patience.
2) VLOOKUP and HLOOKUP
Here ‘H’ in HLOOKUP stands for horizontal and ‘V’ in VLOOKUP stands for vertical. They are basically used for searching required data in a substantial database with one function for searching through the rows and the other through the column respectively in Excel. All you need to know is the value you need to search, table in which you need to search and row or column index number. HLOOKUP and VLOOKUP can also be used for merging data from two different sets.
IFERROR is a logical function used in Excel for testing an expression. If the expression turns out to be true, then the resultant value is returned, otherwise a value described by the user is returned. The basic use of this functionality is to identify errors and correcting them by simply replacing them with the correct value.
4) SUMIFS and COUNTIFS
With SUMIFS, you given the opportunity of using more than one criterion for adding arguments. For example, you can add the number of your sales made by your employees by day and by zip code or area. On the other hand, with COUTIFS, you are able to count cells that replicate with more than one criterion.