Today, we'll be delving into the remarkable strength of Excel and its pivotal role in the Analytics Chain for businesses. This journey is divided into three key steps: Data Processing, Business Data, and Creating Value for Business.

This is the slide explaining "Analytics Chain" from my course.

Step 1: Data Processing

Think of this step as the backstage preparations before a grand performance. It involves the use of databases and data warehouses to consolidate data from various sources within your company. The data is structured and cleansed, getting it all ready for the main stage—analysis. But here's the catch: Excel isn't the star at this stage; it plays the crucial role of ensuring that everything is prepared behind the scenes.

Step 2: Business Data

Now, it's time for Excel to shine. You can finally start working with your data, but don't break out the confetti just yet!

Remember that the data cleansing and structuring from Step 1 might not be flawless. You might need to roll up your sleeves and make further refinements to meet your specific needs. It's like adding the finishing touches to a masterpiece—breaking down CSV files into proper columns, adding flags to classify items, or even creating new calculated items for your analysis.

This is where mastering Excel's lookup, text, and logical functions becomes critical. We'll dive deeper into this in our upcoming newsletter.

Keep in mind that the quality and flexibility of your raw data are the building blocks of your analysis. The cleaner and more adaptable your data, the more doors it opens to valuable insights.

Step 3: Creating Value for Business

In a previous newsletter, we explored the three main levels of Excel proficiency: Low, Medium, and High value mastery. You can revisit it here.

Now, in Step 3, Excel takes center stage, unlocking its potential to create significant business value through data analysis.

Picture Excel as your spotlight, illuminating key insights and findings for informed business actions.

To excel at this stage, master mathematical and statistical functions, date and text functions, lookup formulas, conditional formatting, and chart creation.

From a business perspective, you needn't necessarily become an Excel wizard in Step 1, dealing with tools like PowerQuery or VBA. While these tools can save time in Steps 1 and 2, they won't necessarily enhance the quality or performance of your analysis.

Instead, invest your time in mastering the functions and features we've discussed to ensure a high return on your investment.

In conclusion

Remember that clarity of purpose and objectives is where it all begins. Don't learn Excel just because it's a trend or for certification. Focus on the 20% that delivers 80% of the results.

You have the potential to become the No.1 in your sub-niche, where your value and competitiveness lie.

That's all for this week.

See you next week.

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Whenever you're ready, this is the way I can help you:

• Theme-based digital course: Excel Analytics OS  →  A New way to master Excel for data analysis (for business professionals and beginners)