By . Tracking Spreadsheet. At Tuesday, May 04th 2021, 07:50:55 AM.
In todays economy, competitive landscape, and accountability standards you must have the data. Managers are getting blindsided because they do not know what is coming and what is going on. This is where the right project management software tool shines and spreadsheets fade. A good project management tool will be database-oriented and should allow for different types of ad hoc reporting across multiple projects. This enables the mining of all kinds of data. You simply cannot do this in a spreadsheet at the same level. If you really, really know what you are doing it is possible to tie spreadsheets together and generate some integrated data. But that is not the same thing. You simply cannot, on a whim, mine into the data represented in your multiple spreadsheets. And in todays environment, this is critically important. Gone are the days when not having the right data is acceptable.
Microsoft Excel and other spreadsheet programs have become indispensable business tools. Not only are spreadsheets useful for keeping track of data and making calculations, they contain a number of business intelligence features and data visualizations. However, as vital as spreadsheets have become, they are relatively complicated to understand and use. While you can connect to external sources, the more data and sources you have, the more cumbersome spreadsheets become. Plus, theres a new kid on the block: business intelligence platforms. What is a business intelligence platform? Though business intelligence isnt necessarily new, the technologies used to deliver it to business professionals are relative newcomers. The term business intelligence, or BI as its commonly called today, dates back to the late 1950s when IBMs Hans Peter Luhn first used the term to describe the ability to understand the interrelationships of data "in such a way as to guide action towards a desired goal." A BI platform is a set of integrated tools that work together to deliver information for analysis.
For easier comparison purposes, budget spreadsheets should be arranged in columns and rows with the rows detailing the specific niches such as sales, supplies and distribution. The columns can have such headings as Expenditure or Income pages followed by the actual figureheads. In this way it would be easier to make a comparison of such aspects as supplies against sales to identify the area that is performing well and one that undergoes losses. Then one can use the same excel table at the end of the year to come up with the annual returns or losses for each category. The margin of losses, if any, can pinpoint the way for budgeting in the coming year. Returns on the other hand can be great in scaling the market dynamics that prove favorable and that ought to be followed in the coming business semester.