5 Advanced Excel Formulas You Probably Didn't Know!

Summary

This video tutorial covers five advanced Excel formulas designed to elevate users' skills. It begins with the `TEXTSPLIT` function for separating names, followed by a dynamic profit calculation using `SUM` and `OFFSET`. The `XLOOKUP` function is demonstrated with wildcards for flexible searches. An `INDEX` and `MATCH` combo is explained for retrieving data based on multiple criteria, and finally, the `FILTER` function is employed to sum values conditionally. Each example illustrates practical applications, enhancing understanding and efficiency in Excel.

Takeaways

• 😀 The TEXTSPLIT function is a new feature in Excel that allows users to separate text into multiple cells based on specified delimiters.
• 😀 Adding multiple delimiters in the TEXTSPLIT function enhances its effectiveness, allowing users to filter out unwanted titles like 'Dr.' and 'Ms.'.
• 😀 The SUM and OFFSET functions can be combined to create dynamic calculations that adjust based on user-defined criteria, such as workdays.
• 😀 XLOOKUP with wildcards enables users to search for values even when the exact name is not known, accommodating variations like 'Apple' or 'Tesla'.
• 😀 The INDEX-MATCH combination can be extended to handle multiple criteria (like country, year, and month) for more complex lookups.
• 😀 Using the FILTER function with SUM allows users to aggregate data based on multiple conditions, like filtering revenue by manager and year.
• 😀 The OFFSET function is useful for creating dynamic ranges that adapt to user inputs in Excel calculations.
• 😀 Wildcard characters in XLOOKUP can significantly enhance search capabilities within data sets, allowing for more flexible data retrieval.
• 😀 The combination of INDEX-MATCH with array multiplication allows for powerful searches that require matching against multiple criteria.
• 😀 Practical applications of these advanced formulas can improve data analysis in financial modeling and reporting.

Q & A

What is the purpose of the TEXTSPLIT function in Excel?

The TEXTSPLIT function is used to split text strings into separate cells based on specified delimiters, allowing for easier data organization and analysis.

How can multiple delimiters be added to the TEXTSPLIT function?

Multiple delimiters can be included by using parentheses to group them and separating each with a comma within the function, such as using titles like 'Doctor' and 'Ms' in addition to spaces.

What is the OFFSET function, and how is it used in the context of calculating profit?

The OFFSET function allows dynamic referencing of a range in Excel. It is used in profit calculations to sum values based on a variable number of workdays, allowing the user to see different totals based on input.

How does the XLOOKUP function enhance searching capabilities in Excel?

XLOOKUP allows for flexible searching by using wildcards, enabling users to find partial matches for entries, which is especially useful when the exact name or format of data may vary.

What is the significance of using wildcards in the XLOOKUP function?

Wildcards, like the asterisk (*), signify that there can be additional characters in the lookup value, allowing for broader searches that accommodate variations in data entries.

What is the difference between the traditional INDEX-MATCH method and the combination used for multiple criteria?

The traditional INDEX-MATCH method typically matches one criterion for rows and one for columns. However, the advanced method discussed combines multiple criteria using the AND function to filter results based on two or more conditions.

How does the FILTER function work in conjunction with the SUM function?

The FILTER function retrieves specific data that meets defined criteria, and when combined with the SUM function, it aggregates those results, allowing for total calculations based on filtered datasets.

In the example provided, how can the revenue for a specific manager be calculated for a particular year?

By using the FILTER function to isolate the manager's revenue data and then applying the SUM function, you can calculate the total revenue for that manager for the specified year.

What is the process of ignoring empty cells in the TEXTSPLIT function?

The TEXTSPLIT function includes an option to ignore empty cells by specifying 'ignore empty' within the function, which cleans up the output by not displaying blank results.

Why is it important to use dynamic formulas like OFFSET in Excel?

Dynamic formulas like OFFSET allow users to create flexible models that automatically adjust to changes in data inputs, enhancing the usability and adaptability of spreadsheets for various scenarios.