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Why Excel is Important for Data Analysis

Data Analysis

In this digital era, data is everything. It’s like fuel for businesses to run and sustain in this competitive world, and why not? Having well-researched and thoroughly structured data can help you make vital decisions like your business projections, financial forecasting, sales, and whatnot.
It’s nothing new to say that Excel is a widely used spreadsheet by professionals. Having excel is like a boon as it helps you with your daily activities making your life a little easy. Need some quick calculations? Go to excel. Have to submit an urgent report? Go Excel. Need to fetch live data from the internet? Excel can do it for you.
With such impeccable benefits, knowing tits and bits of Microsoft Excel is a thing now. New career opportunities like the demand for a data analyst is increasing each day, opening new doors to the professional realm.
Let’s first understand what data analysis actually is and how one can use excel for the same.

What is data analysis?

In simple words, data analysis is all about cleansing, converting, and scrutinizing raw data to get functional, suitable details that can aid businesses in making sound decisions. The process of data analysis is not just about studying and filtering the data. It’s also into gathering, organizing, storing, and understandably presenting the information.
Microsoft Excel is one of the best tools for data analysis. It allows you to understand the data with the help of natural queries, and you can also ask questions without indulging in super complicated formulas.
With the right excel training and advanced excel courses, you can be an expert data analyst using simple excel hacks.

Phases of a data analytics project:

Data analytics is categorized into 3 phases:

  • Data Cleaning: Setting up the problem statement and structuring the data for other processes.
  • Data Analysis: Playing around with clean data to churn out meaningful information.
  • Data Visualization: Visual representation of data for clear understanding.
    With functions like sorting, filtering, pivot tables, charts, and mathematical functions like SUMIF, COUNTIF, etc., one can easily clean the data and get meaningful information from it.
    Let’s take a simple example to get you started:
  • Data Cleaning Stage: How to remove duplicate entries from your sheet to clean your data:
    (1) Open the sheet.
    (2) Go to the top (aka ribbons) and click on Data.
    (3) Click on Remove Duplicates.
    (4) You’ll see a popup now. Select each option (if it’s not selected) and click on Ok.
    (5) All the duplicate data has been removed by excel now.
  • Data presentation stage: How to make a visual representation of data:
    Charts and graphs are one of the most crucial tools of excel. With compelling charts, any business can communicate its data smoothly with its internal and external stakeholders. Let’s understand how to add charts in excel for data analysis:
    (1) Select the range in your sheet that you’re willing to mention in your chart.
    (2) Go to insert and insert a chart of your choice.
    (3)Edit as per your requirement, and your chart is ready.

Conclusion:

Excel is the one-stop solution that can provide commands, functions, and tools that eases your data analysis process. It is one of the most reliable and affordable tools for analytics. Strong Excel knowledge can refine your understanding and is timesaving.

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