Microsoft Excel has long been and still is the go-to tool for data analysis and reporting. Excel reporting in the corporate world is appreciated for its ability to visually summarize and present all the simplest and most complex data in a very understandable and actionable way. Looking ahead to a future of Microsoft Excel and AI, being able to handle all the reporting that Excel allows us to is key, but it may still be even more critical for different professionals in different industries.
Improved data visualization and dashboards interactively
The future of Excel dashboards lies in their power of interactivity and sophistication in terms of how data is viewed. Every user can expect a very dynamic experience with the different dashboards that not only display static charts, but also allow real-time interaction with all the data. This allows anyone who uses it to drill down into details, customize all kinds of data, use formulas, and discover all kinds of deeper insights and analysis.
Machine learning
Advanced chart types are a great help, with new visualization options such as heatmaps and treemaps or waterfall charts. Real-time data feeds linked to the data that is updated at that very moment are also a great source of visualization.
As businesses large and small become data-driven, the future of data and report creation in Excel will continue to grow. According to leading market reports, the total global market size for this type of task is expected to continue to grow and double to nearly $20 billion by 2030. This signifies the importance of data visualization tools like Excel.
The future integration of artificial intelligence
Another point to consider for the future of Excel reports or dashboards is the integration with Artificial Intelligence (AI) and how machine learning models can help with all of this. AI-based analysis can predict all kinds of trends or actions based on the data in a developed report. All machine learning algorithms could identify these patterns and anomalies or errors that humans may miss.
These include automated data based on algorithms that automatically locate and interpret key metrics, and machine learning model analysis that can analyze and forecast data within the same dashboards, or also find inconsistencies.
All of these AI development elements can dramatically increase reporting capabilities, and streamline all tasks for those doing it. According to a study by the consulting firm KPMG, AI can contribute a whopping $16 trillion to the global economy by 2032, making productivity values grow exponentially as well.
Customizing reports or dashboards
The ability to customize Excel reports is becoming more and more important to adapt to more specific measures and more personalized tools. This includes everything from the design to all kinds of more specific metrics. This will allow large corporations to implement reports that can help the different needs of their departments, while the overall strategy remains unique and tied to these departments.
The future of Microsoft Excel and AI
These include custom KPIs that allow users to create more defined metrics, or different types of views based on the roles of different departments. Personalization not only improves the user experience, but decision making is greatly enhanced using relevant data. A recent survey by The Economist found that 59% of executives believe that tailoring data and analysis to individual roles is very important for operational and strategic results.
Cloud access and collaboration power
The trend towards the cloud has greatly impacted collaborative work on Excel reports, as it allows several online collaborators to update and work on the same report at the same time, thus increasing productivity and saving much less time to create the report.
All kinds of live annotations can be made by different users, who will be able to read these comments and make changes as necessary. This is also the future of Excel and teamwork for many companies, which also allows compatibility with all programs in the Microsoft range. You can visit our page to learn about our Excel Courses .
Conclusions
The current future of Excel is very good, being one of the most important programs when it comes to creating data reports and analysis of the same, but the future that is approaching makes it even more important with the integration of learning models and Artificial Intelligence, which will make it possible to process data in a much faster and more efficient way, possibly leading to the creation of very complex and personalized dashboards, which are what large companies need to make day-to-day decisions both at the management and executive levels.
Finally, the cloud option will make daily work much more dynamic and team-based, since all its components can work simultaneously on said reports, drastically reducing the time to complete the work. The future of new technologies, together with efficiency and reduction in work time, will make many positions extremely dynamic, but also necessary in day-to-day life, growing to levels that we have explained above.