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4 Critical Excel Skills All Managers and Executives Must Have

Knowing every function and formula in Excel does not make an expert Excel user. As is often seen, many Excel users who claim to know everything about Excel still spend a lot of time on their spreadsheets. And unfortunately, they don’t even realize that the time spent on their Excel tasks can actually be cut down significantly. If you want to truly master Excel and save time on Excel spreadsheets, you need to have the following four critical skills in Excel.

  1. Data Processing
  2. Data Integration
  3. Reporting
  4. Research

Here’s why:-

Data Processing

Learning how to process data is a critical skill that all managers and executives should have. Implementing an Enterprise Resource Planning (ERP) system takes at least two years. When it goes live, the business environment will change. Data from the ERP system would have been helpful but required additional processing by the manager or administrator. Without knowing how to process the data efficiently, your manager or executive will have to spend hours manually changing the formula to get the desired result, wasting valuable time and resources in the process.

Consider the example below where your manager or administrator should remove part of the description from column B. Without data processing skills, your manager or executive will have to spend hours manually modifying the formula below to generate industry grade descriptions of varying lengths.

But if he has mastered the data processing skills, he will only need to copy down the formula and get the results in seconds.

Data Integration

In an ideal business environment, companies should use only one ERP system across all business functions. Unfortunately, this never happened. Each business function will purchase a system that is best for them. As a result, managers and executives have to integrate multiple data sources (ERP systems). Microsoft® Excel, which is a versatile tool, is often used for consolidation. However, without the ability to aggregate data, administrators and managers have to copy and paste data from one spreadsheet to another for thousands of rows of data. Unless he is properly trained in data collection, he will not be able to make quick and accurate connections.

Reporting

With the advancement of technology, more and more data is captured and made available for decision making. As a result, managers and executives work more in line than ever before. If the manager or administrator is not skilled in data collection with Excel, he or she will have to spend hours manually working through data rows to tabulate numbers for reporting. Learning the secret to summarizing data with Excel will save those precious extra hours and produce a more accurate report for submission.

Data Analysis

In today’s ever-changing business environment, managers and executives are expected to provide new knowledge to the business on a regular basis. Current reports are unlikely to help managers and executives identify new trends as they appear. Knowing the formulas and functions in Excel is not enough to get the job done. Managers and executives must know how to analyze data to help them identify patterns and trends. This can only be achieved if they have the last critical skills of Excel – Data Analysis.

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