INDEX-MATCH: The Dynamic Duo for Powerful Data Retrieval in Excel
In the vast landscape of Excel functions, few partnerships are as formidable as the
dynamic duo – INDEX and MATCH. Together, they form a powerful alliance for precise
data retrieval, offering flexibility and accuracy beyond the capabilities of traditional
VLOOKUP. In this guide, we’ll explore the intricacies of INDEX-MATCH and provide a
step-by-step process with a real-life example to showcase their prowess.
Understanding the Need for Dynamic Data Retrieval Consider a scenario where you
have a product catalog with details like product names, IDs, prices, and quantities. You
want to retrieve the price of a specific product, but your dataset might expand or
contract over time. Here’s where the static nature of VLOOKUP falls short, and the
dynamic INDEX-MATCH duo shines.
Step-by-Step Guide to Using INDEX-MATCH
Step 1: Identify the Lookup Value and Table Array
Let’s say you want to find the price of a product with the Product ID “P123.” In your
dataset, this information resides in columns A to D.
Step 2: Use the MATCH Function to Find the Row Number
In a spare cell, use the MATCH function to find the row number of the specified Product
ID. For instance:
USE EXCEL FOR CHATGPT FOR SUM FUNCTION
You can use ChatGPT to help find the function you’re looking for. In this case, you will be trying to find a
function to add together the revenue across all markets- the Excel SUM function.
1-Open an Excel workbook to follow along and open tab 1: Sum
2-Open ChatGPT.
3- Type an Excel question “Write an Excel formula to add up values in cells B2 to B10” and click Go.
Step 3: Utilize INDEX to Fetch the Data
Now, use the INDEX function to fetch the corresponding data based on the row number
obtained from MATCH. Assuming your data starts from row 2, the formula would be:
Real-Life Example: Retrieving Product Price Dynamically
Imagine you have an Excel sheet with a product catalog:
In cell E2, you want to dynamically fetch the price of the product with the ID “P123.” Applying
the INDEX-MATCH duo:
The result would be $15, as it correctly identifies and retrieves the price associated with
Product ID “P123.”
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