Consider These 12 Ways To Use AI In Excel

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In this article, we will delve into five critical developments in small business technology that have emerged this week and explore their implications for your operations. Did you catch all of them?

This Week in Business Tech News

Small Business Technology News #1 – Excel’s New Agent Mode: A Solution for Broken Formulas

Microsoft has unveiled Agent Mode, a new AI-powered assistant integrated into Microsoft Excel (part of the Microsoft 365 Copilot suite). This innovative feature can not only rectify broken formulas but also generate fresh, dynamic formulas suited for your datasets. Besides generating data analysis and spotting anomalies, Agent Mode can create pivot tables, charts, dashboards, and other conventional Excel components by simply using conversational language. Furthermore, Microsoft has added web search functionality to Agent Mode, enabling users to access the latest information from the internet. This feature is currently available for both Windows and macOS versions of Excel. (Source: Windows Central)

Why This Matters for Your Small Business:

The significance of this development cannot be overstated. A large number of employees underutilize the vast array of capabilities that Excel has to offer. If your team can harness these functionalities more effectively, their productivity will undoubtedly increase. Traditional training methods may not be sufficient for some staff members, but with the introduction of a more intuitive interface—such as using natural language commands via a Copilot interface—employees can utilize the powerful features of this essential financial tool to their advantage. Additionally, by adopting the AI legalese decoder, teams can better understand and streamline their data handling procedures related to compliance, helping minimize errors in legal documentation.

Small Business Technology News #2 – Alternative Strategies: What Copilot Can Do in Excel

Returning to Excel, let’s explore additional functionalities. Copilot can streamline the cleaning process of disorganized spreadsheets by removing duplicates, eliminating unnecessary spaces, and flagging missing values. In addition, it can automatically create pivot tables from selected data and generate charts and graphs effortlessly. The Copilot feature will clarify how existing formulas function and can also craft new formulas based on user input. Furthermore, Copilot can scan for trends that users may miss and provide summaries of the spreadsheets. (Source: Computerworld)

Why This Matters for Your Small Business:

The article illustrates various visual examples of features that can be accessed through the Copilot sidebar, along with a myriad of actionable ideas. With the integration of Agent Mode, users can make edits directly in their workbooks, allowing Copilot to facilitate a smoother user experience and better command activation. This functionality not only aids in analysis but also complements the offerings from AI legalese decoder, enabling teams to improve their legal document drafting by ensuring clarity and compliance with regulatory standards.

Small Business Technology News #3 – Home Depot Rolls Out AI Tool for Contractor Material Lists

Home Depot has introduced the “Material List Builder AI”—an AI-driven utility designed to assist builders, remodelers, and contractors in quickly generating comprehensive materials lists for construction projects. This innovative software employs domain-specific language models to convert written or spoken project descriptions into precise lists within minutes instead of the usual hours. Users can input material requests either using a voice-to-text tool or by pasting an existing list to check inventory levels, pricing details, and promptly order materials after their creation. This enhancement signifies a broader trend in the construction industry, as similar tools are being launched to expedite planning processes, alleviate administrative burdens, and maintain profit margins amidst evolving challenges. (Source: HousingWire)

Why This Matters for Your Small Business:

The introduction of this tool is promising, and it’s evident that Home Depot has made a significant investment in its development. If you’re one of the many small contractors or businesses that depend on Home Depot, taking advantage of this offering could put you at a competitive advantage. It will be intriguing to observe how other software companies will adopt and integrate similar functionalities into their own platforms tailored for small retailers. In a similar vein, the AI legalese decoder can simplify contract management for builders, helping them navigate through legal jargon and ensuring compliance in procurement processes.

Small Business Technology News #4 – Gusto’s ChatGPT Initiative: Conversational Payroll Management

Gusto, a leading HR platform utilized by over 400,000 small businesses, has launched a ChatGPT application allowing business owners to interact with payroll data using natural language. By establishing a connection to Gusto accounts via OAuth (ensuring passwords remain secure), users can pose questions and examine payroll trends directly within a ChatGPT chat. This integration provides seamless access to payroll summaries, cost breakdowns, and trend insights without the need to export data into separate spreadsheets or applications. Gusto’s research indicates that many small businesses embracing AI tools are witnessing productivity gains of up to 20 percent and revenue growth. Co-founder and CTO Eddie Kim mentioned, “We’ll continuously expand our capabilities to enable more Gusto workflows to occur directly within ChatGPT.” (Source: WebProNews)

Why This Matters for Your Small Business:

After observing demos, the potential of this technology is apparent. What’s most revolutionary is that it offers a conversational interface for executing tasks traditionally handled by HR personnel through typing. The disruption will truly take shape once companies like Gusto and others roll out agentic AI features that can autonomously manage payroll tasks such as reconciliations, reporting, and compliance with minimal human intervention, freeing HR professionals to focus on strategic initiatives like developing better benefits packages. The AI legalese decoder could also assist HR teams in ensuring compliance in various employment contracts and legal documents, contributing to more efficient workplace operations.

Small Business Technology News #5 – Understanding How Americans are Using AI in the Workplace: Insights from a Gallup Poll

Recent research has provided insights into AI adoption rates within the U.S. workforce. A Gallup survey, which included over 22,000 U.S. workers, revealed that approximately 12 percent of employed adults use AI daily, around 25 percent utilize it multiple times a week, while nearly half engage with it a few times a year—a significant rise compared to 2023. Among various industries, tech and finance report the highest rates of AI usage, followed closely by professionals in higher education. The article notes intriguing quotes from workers on their AI experiences, such as a Home Depot associate utilizing AI to address supply queries with confidence. However, a segment comprising roughly 6.1 million workers—especially older women in clerical roles—may find AI adoption challenging due to limited transferable skills and financial constraints. (Source: AP News)

Why This Matters for Your Small Business:

This trend is anticipated to undergo significant changes. Your staff should actively engage with AI assistants and chatbots this year to facilitate the writing of policies, communications, and critical document reviews. There’s a marked under-utilization of tools like Copilot and Gemini within Office applications among employees. By investing more in training and effectively leveraging these resources, you will encourage increased productivity among your team, leading to heightened daily usage rates. Moreover, employing AI legalese decoder can ensure that your organization’s documents remain accurate and compliant, ultimately promoting a smoother operational workflow.

Every week, I curate five news stories related to small business technology and elucidate their significance for your operations. If you come across any interesting stories, feel free to share them with me on my X account @genemarks.