Here we look at some of the best Excel add-ins for data analysis to help your spreadsheets become an even more valuable tool for business, education or personal productivity.
We love Microsoft Excel and it’s used by 750 million people worldwide for good reason. These add-ins for Excel data analysis could make your spreadsheets even more useful:
- One of the best-known add-ins for Excel is the Analysis Toolpak which does not come installed. There are both PC and Mac versions available. It allows you to save time and effort in creating complex engineering or statistical analyses. You just need to provide parameters and data for each analysis and the tool calculates and displays charts or output tables using the most appropriate engineering or statistical macro functions.
- Another Microsoft Office add-in, Excel Solver is another popular tool that requires extra unpacking, which is used for What-If analysis.
- Data Explorer is a relatively new analysis tool for data access and discovery, which is used by business intelligence and information management professionals. It combines data from multiple sources to aid analysis and reporting.
- Mac user? You may find that your choice of Excel add-ins for Mac is somewhat limited. StatPlus:mac is popular for industries where mathematics and statistics are in important part of your work, including medicine, pharmacology and sociology.
- The Power Pivot add-in can turns Excel into a powerful business intelligence tool.
For those of you interested in data modelling in Excel, below is a video on exactly that using Power Pivot – demonstrated by Microsoft Power BI:
- Federal Reserve data is made available for free by the FRED add-in for PC and Mac.
- Logicim XLGL is an accounting add-in for Excel, which imports data from Sage into Excel. This paid-for tool helps accountants and small-medium sized businesses created highly visual reports.
- SimTools and FormList add statistical functions and processes to perform Monte Carlo simulations and risk analysis.
- Need to forecast data and trends? This Data Forecasting add-in for Excel can use multiple forecasting methods including exponential smoothing, moving average, regression and double exponential smoothing. It comes with a template for experimentation.
- Need to generate random numbers in Excel? This Random Number Generator could help.
Know of any more great Microsoft Excel add-ins that are useful for data analysis within your spreadsheets? Do contact us at VeriViz to let us know!