Information is a valuable asset, but gaining insight from information is a competitive advantage. Modelling data in Excel is a powerful way to improve one’s understanding of the information on hand and assist decision makers in the formation of informed, wise business decisions.
Data management is the essence of Excel, and data modeling is a natural application of Excel. Using Excel to model different types of data, and then taking that data to generate useful reports and graphs, is crucial for businesses. Having the right tools at one’s disposal to effectively manage that data is indispensable, and a pre-requisite to constructing spreadsheets that work for you, not the other way around.
There are a variety of methods available within Excel to effectively organize and analyze data. Merging and separating rows and columns, constructing and manipulating pivot tables, are all the sort of tools needed for effective data manipulation that can enable wise business decisions.
Modeling in Excel is only one half of the total equation, however. Updating and sharing information with the necessary people in an efficient manner is the other half and a whole other ball game. A common problem encountered when working with others on a common Excel file is the difficulty one faces adding, subtracting, or editing data and making sure everybody is continuing to work on the same file once the model has changed. Experienced Excel users also know that swapping file versions with others can get messy very fast, in terms of knowing who made what edits.
Excel Modelling Add-in
Finally, a good solution to these and other problems has been presented in XLhub. XLhub frees you from management minutiae so you can examine your models’ outputs rather than spending all your time micro-managing spreadsheets. Time is a finite resource; XLhub makes it so your time can be spent where it is best utilized best, analyzing data, rather than managing it.