Here's a real life example, based on an Excel project I was working on this morning.
Project overview: This project involves updating a 290 row, 10 column spreadsheet. Just for grins and giggles, I decided to try updating the sheet manually, and then using Excel formulas to get the job done - just to see how much time and money I would save.
The old (expensive) way: It took 1 hour and 57 minutes to update 63 rows, at a typing speed of 80+ words per minute. At this rate, it would have taken another 7.02 hours to complete this project. (I started at 8:36 am and finished 63 rows at 10:33 am).
The smarter way: Through modifying and combining a couple of Excel formulas, I was able to finish the remaining 157 rows in 13 minutes!
This included the time spent:
- modifying the formula,
- copying and pasting it throughout the spreadsheet,
- creating a formula to test my results, and
- correcting 4 errors.
Note: I made the errors while updating the report the slow and expensive way. Without formulas, I wouldn't have been able to test my results and catch errors.
The bottom line: Let's assume this report is generated once a month. By properly using Excel, I will save $4,908 of my time each year. If this is a weekly report, the annual savings are a whopping $21,268.
My point: Properly using technology not only saves time and money, it may also save your reputation (by enabling you to check results).
For additional information, see Learn Excel Formulas from A to Z - Atlanta Excel Training Class.
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