AI Features in Excel: The Best to Use
Microsoft Excel is a powerhouse tool millions use for data visualization, budgeting, project management, and more. However, as the needs of businesses and professionals evolve, so does Excel. With the advent of artificial intelligence (AI), Excel has integrated cutting-edge AI features and advanced Excel functions that enhance its capabilities for tasks such as error management, automating processes, making forecasts, and analyzing data.
Whether you are a business professional, data analyst, or Excel enthusiast just starting out, this guide will walk you through the best AI features to use in Excel
You’ll learn…
- Top AI-powered features in Excel and how they simplify your workflows
- Real-life applications for business functions, from forecasting to text analysis
- How to get started using AI features in Excel and tips for maximizing their benefits
Understanding the Power of AI in Data Analysis
AI in Excel doesn’t imply creating complex machine-learning models. Instead, Microsoft has embedded user-friendly AI tools that make everyday tasks easier and help automate tasks. From generating insights to automating tedious processes, these features transform how businesses work with data.
No matter your industry, if you work with Excel regularly, these AI features can save hours, reduce errors, and help you make informed, data-backed decisions.
Why You Should Care
- Efficiency: Automate repetitive tasks with advanced Excel skills and spend your time solving meaningful problems.
- Accuracy: Reduce human errors and eliminate guesswork.
- Insightful Decisions: Use AI to uncover patterns and trends hidden in your data.
1. Analyze Data
The Analyze Data tool (formerly called Ideas) is one of Excel’s best data analysis tools for generating insights. Found in the “Home” tab, this feature lets you ask questions about your data in plain English. For example, “Which month had the highest sales?” The tool analyzes datasets and delivers summaries, visuals, and trends instantly.
How to Use It:
- Click on your dataset, then click Analyze Data under the “Home” tab.
- Type your question in natural language (e.g., “Show me total sales by category”).
- Excel will provide insights and recommendations with suggested charts or pivots.
Why It’s Useful
This feature is perfect for generating quick insights without spending hours creating charts or running formulas manually.
2. Forecast Sheet
Forecasting future trends often requires complex data analysis and modeling. Enter Excel’s Forecast Sheet tool! This tool uses time series forecasting via AI to predict trends based on historical data—whether it’s sales growth, website visits, or inventory needs.
How to Use It:
- Select your dataset, go to the “Data” tab, and select Forecast Sheet.
- Excel will auto-generate a chart plotting projections alongside historical data.
Why It’s Useful
This feature is perfect for businesses that need to make future predictions based on historical data quickly. It saves time and ensures accurate forecasts with built-in AI algorithms.
3. Text Translations
Excel’s Text Translations tool eliminates the need to copy-paste text into translation software every time you work with multilingual data. This feature uses AI technology to translate text from over 60 languages within the Excel interface, streamlining data entry tasks by ensuring accurate and organized translations directly in your spreadsheets, making it easier to work across language barriers.
How to Use It:
- Select a cell or range of cells with text needing translation, go to the “Review” tab, and select Translate.
- Choose your desired language from the drop-down menu.
- Excel will auto-translate the text, keeping the original formatting intact.
Why It’s Useful
This feature saves time and eliminates potential errors when working with multilingual data. Additionally, it can be helpful for businesses that have a global presence or work with international clients.
4. Add Data Types
Excel’s Data Types feature uses AI to transform regular data into interactive entities, enhancing data management by efficiently organizing and presenting information about your dataset on the fly. For example, if you enter a company name, Excel can display additional details like stock prices, employee count, and revenue without having to manually search for this information online.
This feature is powered by Microsoft Graph and currently supports over 100 data types, including stocks, geography, and people.
How to Use It:
- Enter a cell with the desired data type (e.g., company name), click on it, and select Data Type from the “Data” tab.
- Hover over the arrow next to the cell and select Add Data to get more information about that entity.
Why It’s Useful
This feature saves time on research and allows for quicker access to relevant information within Excel itself. It also helps with data consistency by pulling information from trusted sources like Microsoft Graph.
5. Power Query
For many professionals, data manipulation, especially cleaning data, is one of the biggest time sinks. Power Query, Excel’s AI-driven data transformation and cleaning tool, simplifies that process. It allows you to extract, transform, and load (ETL) data seamlessly from multiple sources. With AI, the tool also auto-generates steps to clean datasets and identifies patterns that can help streamline workflows.
How to Use It:
- Go to the “Data” tab and click on Get Data.
- Select your data source, then use the Power Query Editor to transform and clean data using built-in AI algorithms.
Why It’s Useful
Power Query saves time by automating data cleaning processes that would otherwise take hours manually. Its smart algorithms also make it easier to identify patterns in large datasets, leading to more efficient analysis.
6. Copilot
Excel now assists users by suggesting advanced formulas based on their data, thanks to the AI tool called Copilot. Whether you’re trying to calculate sums, averages, or even more advanced functions like INDEX and MATCH, this feature recognizes patterns in your dataset and recommends the right formulas.
How to Use It:
- Begin typing a formula in an empty cell, and Excel will suggest relevant formulas based on your data.
- Select the desired formula from the drop-down menu, and it will automatically fill into the cell.
Why It’s Useful
This feature saves time and reduces errors by suggesting appropriate formulas for your specific dataset. It also helps users with less experience in Excel’s formulas to find the right function quickly.
Real-Life Applications for Business Functions
Financial Analysis
AI-powered features in Excel, such as Forecasting and Data Types, are incredibly useful for financial analysis. By transforming and restructuring raw data, these tools help businesses make more accurate predictions about their financial performance, identify trends in their revenue or expenses, and assist with budget planning.
In addition, the Ideas feature can provide valuable insights on cost-saving opportunities or potential areas for investment based on your financial data.
Market Research
Market research involves collecting and analyzing data to understand consumer behavior, market trends, and competition. Using Excel templates, this process becomes more organized and efficient, especially with AI features in Excel.
For example, the Ideas feature can quickly analyze large amounts of survey data to identify common themes or patterns.
Project Management
Excel’s AI capabilities are also beneficial for project management tasks such as creating timelines, tracking progress, and identifying potential roadblocks, all of which require intermediate Excel skills.
The Ideas feature can help project managers identify critical milestones or areas of concern based on project data. The Data Types feature allows for easy integration with external sources like project management software or team collaboration tools, creating a seamless workflow for project updates and data analysis.
Getting Started with AI Features in Excel
To start using AI features in Excel, make sure you have the latest version of Microsoft 365. Then, simply open up your spreadsheet and click on the “Insert” tab to access the AI features available.
It’s important to keep in mind that these AI features are not meant to replace human analysis entirely. They should be used as tools to complement your own expertise and provide additional insights for more informed decision-making.
Here are some tips for maximizing the benefits of AI features in Excel:
- Take the time to understand the different AI features and how they can be applied to your specific tasks or projects.
- Don’t be afraid to experiment with different parameters or settings in order to get the most accurate results.
- Regularly update your data sources for more reliable predictions and insights.
- Continue learning and keeping up with new updates and improvements to Excel’s AI capabilities.
Unlocking AI’s Potential with Advanced Excel Skills
Excel’s AI features are designed to be intuitive, but truly unlocking their full potential requires hands-on expertise. That’s where training with ONLC comes in.
Why ONLC?
- Comprehensive Training for All Levels: Whether you’re a beginner getting started with Excel or an advanced user exploring VBA and Power BI, ONLC offers specialized courses for everyone.
- Expert-Led Classes: Learn directly from industry professionals who focus on real-world use cases.
- Flexible Learning Options: Gain valuable skills through interactive, live instructor-led classes or self-paced studies.
- Career Advancement: Acquire certifications that stand out to employers and build the confidence to enhance your job security.
For a full list of courses, visit ONLC Excel Training Classes.
Conclusion
In conclusion, Excel’s integration of AI features has revolutionized the way businesses analyze data and make decisions. From simplifying complex formulas to providing valuable insights, these AI-powered tools have become invaluable assets for professionals in various industries. By understanding and utilizing these features effectively, you can unlock new levels of efficiency.
Looking for an easy and efficient way to learn? Check out our online and in-classroom courses suited for all knowledge levels!