Why use Excel Add-ins?

Answer:

Extend the analytic capability of spreadsheets

The primary benefit of using additional functions is easy to access to a powerful set of analytics. Each library function performs a calculation within a single worksheet cell, which can be used as part of a bigger calculation, e.g., Time series analysis. In this way, each function can serve as a powerful building block, or subroutine, for assembling sophisticated spreadsheet models.

Save valuable time

Deriving formulas and constructing macros from scratch are error-prone processes. For complex calculations, they can demand a good deal of debugging and testing time. And even after the formula or macro has been assembled correctly, copying it to another spreadsheet location or to another spreadsheet can introduce errors. Calling a function within a spreadsheet cell is inherently simpler than solving equations and typing in long, often cryptic, formulas.

Improve spreadsheet accuracy

Library functions guarantee consistent calculation across different spreadsheet locations and different spreadsheets. Each function is carefully designed and tested. The same calculation procedure is invoked each time the function is called, regardless of where it is called from.

Improve spreadsheet performance

Because each function is implemented as a set of machine instructions, it executes much faster than a corresponding formula or macro.