Register now or log in to join your professional community.
Data is the basic raw values and numbers available in companies' databases, while information is the data after preprocessing, cleaning, organizing, and after performing multiple analysis to make it more understandable and representable.
Information has more value than data because it is the way for extracting knowledge about companies' performance. Transforming data into information provides a tool to identify areas for improvement and specifying starting points to initiate Lean Six Sigma projects.
Excel is one of the most powerful and simple tools for performing data analysis to extract information and knowledge. It can be used in business management for collecting and organizing data that includes performance measures (e.g. time spent on specific tasks by different employees, waiting time of customers, number of orders, etc.). Excel Data analysis tools can also be applied to data records using like excel solver and data analysis tools. Also, Excel provides many data visualization tools that simplify and translate resulted information to knowledge, these tools help in presenting and explaining results to all employees.
Finally, Excel is also used in business for creating dashboards that helps the business management to monitor and control the quality and performance of the company, it allows to make comparisons, measurements, and evaluations of current state in addition to predicting future information using Excel forecasting tools.
