This is an archive related to a previous version of ArcGIS Maps for Office. If you need the current version go to http://doc.arcgis.com/en/maps-for-office/.
Find Nearby allows you to perform a spatial search around a location (or locations) on your map. Find Nearby can be accessed through the Find Nearby button on the map ribbon or from the Find Nearby icon in popups. You can search for locations within a ring or drive time around your selected location(s).
The results of the search will be selected on the map. The side panel menu will update to show how many locations were found and allow you to select the Excel rows for the found locations.