Get Quick And Easy Forecasting And, I’M Not Talking Gary Lezak, Folks!
One-Click Forecasting, the new Microsoft Excel Tool
Our need for data is growing exponentially. We want any and all information we can get our hands on to analyze our health, our spending and especially our business. The question is, what do we do with this telling data once we have it and how do we use it to our benefit? Microsoft knows that this can be a struggle and released a new Forecast Sheet button in Excel 2016. This new button allows you to use historical time-based data to easily create a forecast visualization that predicts things like future sales, inventory requirements and consumer trends.
Here’s how you do it:
- In an Excel worksheet, enter two data series that correspond to each other.
- A series with date and time entries for the timeline
- A series with corresponding values
- It is important for the time to have consistent intervals between its data points. i.e. monthly intervals with values on the 1st of every month, yearly intervals or numerical intervals
- Select both data series.
- On the Data tab, in the Forecast group, Click Forecast Sheet (Top screenshot of Excel Ribbon)
- In the Create Forecast Worksheet box: (Bottom two screenshots: worksheet and chart)
- Pick either a line chart or a column chart for the visual representation of the forecast
- In the Forecast End box, pick an end date and then click Create
- Then, Excel creates a new worksheet that contains both a table of the historical and predicted values and a chart that expresses this data
- The new worksheet tab will be just to the left (in front of) the sheet where you entered the data series
- To customize your Forecast, click Options (at the bottom of the Create Forecast Worksheet box)
Hopefully, this quick tutorial will get you started Forecasting all that is important in your life and business. If you have any additional questions about this tool or how to best obtain your data, contact the Royal Court of Data, aka the business technology experts at Pendello Solutions. These Kings, Queens, Knights and most importantly Jokers will help you find the best solutions to locate your data and get your business on the path to utilizing it for the better good of all.
At Pendello Solutions, we turn technology hurdles into powerful assets. Our technology solutions fuel growth, productivity, and efficiency, through continuous innovation and strategic solutions, empowering your business beyond the imaginable. Contact us today to discover the Pendello Method.