The analysis of large data volume demands the use of modern tools in order that the analysis is done in a very effective way. People from the Statistics, IT, Risk Management and Control Departments as well as Financial Controllers and Analysts need to gain new skills in order to be able to respond to the new demands for controlling, monitoring and assessment of risks in Cyprus.
PowerPivot is a new ADD-IN in Microsoft Excel 2010 & 2013. PowerPivot allows the user to connect to a database and use its related tables to analyze the data. The user may also create new fields in the tables in order to calculate new data based on existing data in the tables. It uses a new programming language (DAX) which is quite easy to use especially for experienced users of Excel Formulae and Functions.
The PowerPivot Add in is a revolution in data analysis since (compared with “traditional” Pivot Tables) it allows the use of many related tables for data analysis and it also provides fast processing due to the use of In-Memory-storage which is much faster.