What is a Pivot Table?
One of the most powerful features of Excel VBA is the Pivot Table. A pivot table is a VBA tool that is used to create summary reports from datasets irrespective of their sizes with just a click of a button. We can easily automate pivot tables through VBA coding.
Apart from creating summary reports (counting, summing observations for a variable like a salary or gross consumption at a store, etc..), it can be used to analyse data – by selecting various combinations of different variables, and you can see how your data changes thus making strategies accordingly.
It allows extracting the significance from an extensive and detailed data set. You can not only make and analyze data in the worksheet but can also create an informative summary, which can help you to make better business decisions. Any data you can turn into a summarize report within one minute without using any function or formula with the help of the Pivot Table.
For example: In fraudulent cases, we may have millions of customers leading to millions of data, but the fraudsters maybe a few hundred. Using Pivot tables, we can identify the common attributes of cheats, thus can target only them without impacting the genuine customers.
Advantage of Pivot Table
A pivot table is an Excel feature that will change the traditional way of how an organization or business leaders and/or employees’ sort and analyze data. The benefits and advantages of Pivot Tables are as follows:
- User- Friendly: Pivot Tables are very easy to implement. It can be created by just dragging the columns to different sections of the table. These columns can also be re-arranged and moved from places as per the user’s needs and requirements with just the click of a button.
- Create Instant Data: One of the benefits of the Pivot Table is to channelize instant data. Whether a user is programming any equation into the pivot table or working with formulas, instant or immediate data can be formulated with Pivot.
- Makes Data Analysis Easier: Pivot Tables are used to Analyze the data in a much easier way. The users will have the ease of handling a large amount of data and analyzing them at a faster pace. Pivot tables allow the users to work with a bulk amount of data and work on it in such a manner that you can view a small number of data fields.
- Summarizes Data easily: Pivot Tables are a great help in summarizing data more quickly and easily.
- Helps in making decisions faster: A pivot table can be a great tool in analyzing the data, creating a very valuable reporting instrument and helps in quickly taking a decision without any difficulty.
- Group By: Another important use of this feature is when we want to group by dates. Suppose we have 18 months of daily expenditure data and we want to summarize it across months and years, rather than calculating these fields in our worksheet, we can use ‘Group By’ feature.