Question

Explain two reasons why knowledge of basic Excel functions is crucial for success in your workplace or businesses within your field of study (Business management). Justify your reasons by providing two examples of how this knowledge could be applied in your chosen career field. In replies to peers, discuss commonalities and differences you see in how this knowledge is applied across career fields and explain how lack of working knowledge in this basic software program could negatively impact the business.

Response in 200 words

Answer 1

The world is growing with enormous amount of data to comprehend. Categorizing the data into a format that makes the comprehension of figures and other contents in the data, appear more logical for analysis and to draw conclusions thereupon, Excel could be of great help. Excel can offer wide range of data categorization solutions starting from the basic arithmetical functions to the complex data categorization formulae. I would like to make my career in the field of Banking and Finance. Accounting shall play an important part in my profile. Excel could facilitate me in this regard. For example, I could create graphs about the business that my Branch gets in for the Bank in terms of customer acquisition, loans and advances volumes, Float interest earned on savings and term deposits, etc. These graphs, when plotted through excel data and functions, can offer a clearer picture of our Branch-level activities through a pictorial representation, without having one to go through the enormous data crunching process. Moreover, for Budgetary allocations as well, I can seek the help of various forms of Excel functions. In addition, for the regular sorting and storing of data of the businesses or activities that should be concerned with at the Branch level, Excel could bring in ease in operations. The Macros in the Excel can help to execute series of such instructions which are to be otherwise performed step-by-step manually. In this case, a considerable amount of work gets automatized when Macros are used in the database. In this way, Excel can help me not only store fundamental data of our customers and businesses but also help in revenue allocations, budgetary controls and plotting of graphs for various Banking purposes, for easy calculations and interpretations of data.