The Future of Excel in Business Intelligence 6


The Future of Excel in Business Intelligence

Do you use Microsoft Excel in your job/business to analyse and present data? If so, you are not alone. You are among the myriad of other businesses that use this software as their tool of choice to undertake business intelligence analysis and reporting.

With Excel 2016 just around the corner and Microsoft’s announcement that it will include built-in Business Intelligence features, ExcelSuperSite and a number of other leading Excel Experts were asked the question:

“Where do we see the future of MS Excel in Business Intelligence Workflows?”

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Our view:

For businesses to take full advantage and embrace and realize the power of their data, it needs to be accessible and up to date and available in Business Intelligence tools to allow decision makers to undertake analysis and make informed decisions.

These Business Analysis tools were once only available to large corporations (due to their cost and complexity). With Microsoft Excel being practically available on most computers within today’s modern businesses, its data analysis and data manipulation capabilities, combined with its relative ease of use, makes it a strong business intelligence tool that is now available to the masses.

With Excel being a low cost, but big capability tool, Business Intelligence solutions are now readily available to small and medium size enterprises (SME’s) allowing them to gain valuable insights that were once only undertaken by large corporations that could afford such workflows and processes.

A simple example of this, is the capability to build Business Intelligence dashboards in Excel to display data such as sales within a specific area during a set period, using graphs and tables. A dashboard such as this, allows SME’s to have a real-time, customisable solution that can source information from multiple locations and provide a consolidated page of key performance indicators, and business critical data and metrics on a single screen.

Turning large volumes of data into meaningful information that can be leveraged to the benefit of the SME.

We, at ExcelSuperSite, see this trend here to stay and continue to grow as more and more SME’s start to self-manage their business intelligence needs and take full advantage of the power of the data they have at their fingertips.

 

Continue the Discussion

Do you use Excel to undertake analysis and reporting in your job/business? If so, how do you use it? Do you think Excel is here to stay for undertaking such tasks? Continue the discussion and add your thoughts in the comments section at the bottom of this article.

 

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  • I use Excel at home for budget tracking and reporting, but in my corporate career, we used Excel every day for analysis and reporting. I don’t think it’s going anywhere.

    • We agree Monica. Especially for people/businesses with little to no budgets. Excel has a very low entry cost but has some VERY POWERFUL capabilities.

  • I’m a BIG fan of excel both for simple tracking and record keeping and for more complex reporting and analysis. So definitely one of the better products to come out of Microsoft and don’t really see anything else taking its place that includes Apple equivalent or some of the more complex business intelligence software packages. I always come back to excel.

    • That is true Ursula. For a tool that has such a relatively low cost, you would be hard pressed to find anything else out there that could even come remotely close to the power Excel has.

  • John @ OHFS

    I use excel every single day from budget tracking at work and home, product configuration tracking, etc.

    • Thanks for the comment John. Yes, Excel is a very versatile tool that quite literally has a “million and one” different uses.