Data Analysis with Excel : Tips and Tricks

You’ve probably laughed at memes that described the complexities of working with Microsoft excel. Either as an analyst, a business owner, or just a professional. The truth is, no matter how much we complain and whine, Microsoft Excel is here to stay. So the best we can do for ourselves is learn how best to use it. Below are 20 tips and tricks every analyst using excel needs to know

Data Preparation

1. Clean your data with Power Query: Use Power Query to import, transform, and cleanse your data.
2. Remove duplicates with Remove Duplicates tool: Quickly remove duplicate values from your data.
3. Use Data Validation for data entry: Restrict data entry using Data Validation.
4. Use Flash Fill for data formatting: Automatically format data using Flash Fill.
5. Highlight outliers with Conditional Formatting: Use Conditional Formatting to highlight outliers in your data.

Data Analysis

1. Use PivotTables for data summarization: Create a PivotTable by selecting a cell range and going to Insert > PivotTable.
2. Use SUMIFS and COUNTIFS for conditional calculations: Calculate sums and counts based on multiple conditions.
3. Use VLOOKUP and INDEX-MATCH for data lookup: Retrieve data from other tables using VLOOKUP and INDEX-MATCH.
4. Use Excel's built-in data analysis tools: Use Excel's built-in data analysis tools, such as Regression and Correlation.
5. Use Analysis ToolPak for advanced statistical analysis: Perform advanced statistical analysis using Analysis ToolPak.

Data Visualization

1. Create dynamic charts with PivotCharts: Use PivotCharts to create interactive and dynamic charts.
2. Create interactive charts with Sparklines: Create interactive charts using Sparklines.
3. Highlight trends with Conditional Formatting: Use color scales, data bars, and custom formatting rules to visualize your data.
4. Use Power BI for data visualization: Create interactive and dynamic dashboards using Power BI.
5. Create custom dashboards with slicers and filters: Create interactive dashboards using slicers and filters.

Productivity and Automation

1. Automate tasks with Macros: Record or create custom macros to automate repetitive tasks.
2. Use Solver for optimization and forecasting: Optimize and forecast data using Solver.
3. Create custom formulas with User-Defined Functions (UDFs): Create custom formulas using UDFs.
4. Use Excel's data modeling features: Create custom data models using Excel's data modeling features.
5. Stay up-to-date with Excel's latest features: Stay current with Excel's latest features and updates.

This order makes sense because you first prepare your data, then analyze it, visualize the results, and finally automate tasks and stay up-to-date with the latest features.
Let me know what you think in the comment section below.