5 Tips for Building an Effective Executive Dashboard in Excel

Introduction

An executive dashboard is a specialized reporting tool which makes it easy for business executives to quickly analyze their organization’s performance through visualized data. This type of dashboard compiles multiple data points from disparate sources and gives an overview of the business in a single screen. Building an executive dashboard in Excel is a great way to keep track of KPI and trends in your company.

In this post, we will provide five tactics for crafting an effective executive dashboard in Excel. With these tips, you can easily create your own dashboard that’s both intuitive and valuable.

Preparing the Data

An executive dashboard should be informative and engaging to enable quick decisions. To ensure an effective dashboard, it is important to prepare data correctly before using it in Excel. Here are some tips on how to clean and structure your data before building an executive dashboard in Excel.

Clean the Existing Data

Removing errors and inconsistencies from the data is the first step for an effective executive dashboard. Check the data for invalid entries and remove rows or columns that are not required, ensuring that only relevant information is used. Also, re-arrange the data columns in a logical order to make sure that chart axes are placed in order.

Correct the Structure

For a clean and neat dashboard, it is important to format the data in the correct structure. This ensures that data labels are applied properly and all dates are in their correct order. To do this, you can use text-to-columns, date formatting, and other features for clean data, which will improve the look and feel of your executive dashboard.

Choose the Right Kind of Chart

Once the data is prepared, it’s time to decide on the type of chart to be used in the dashboard. Select the most appropriate chart type to efficiently communicate the data. The chart type should be able to represent the meaning of the data and should effectively communicate the executive’s insights. Additionally, use a mix of types of charts to present data and trends in different ways, making it more engaging.

Constructing the Controls

When it comes to constructing the executive dashboard, the controls are one of the most important elements that need to be taken into consideration. This section will provide you with some important tips for building the controls for your dashboard in Microsoft Excel.

Formulas

To effectively utilize your dashboard, you will need to be knowledgeable when it comes to formulas within Excel. While basic formulas are fairly straightforward, there are more advanced formulas that you may find useful when creating your dashboard. It is best to familiarize yourself with all the formulas that Excel has to offer in order to maximize the efficiency of your dashboard.

Keyboard Shortcuts

Utilizing keyboard shortcuts can save tons of time when constructing an executive dashboard. Not only will it be quicker to navigate through the dashboard, but it will also help to ensure accuracy. Working with keyboard shortcuts instead of manually clicking through your dashboard can benefit you greatly in the long run.

Macros

Macros are a great way to automate certain processes in Excel that would be tedious to do manually. Once a macro is written and tested, it can be run with the press of a button. This is a great tool for those who have to navigate time-sensitive data within an executive dashboard.

Designing the Layout

Design plays a key factor in the overall effectiveness of an executive dashboard. A well-thought-out layout can reduce clutter, be more presentable, and improve readability. Here are a few tips to design the layout of an effective executive dashboard.

Spice it Up with Colors

Color choices can greatly affect the overall readability of an executive dashboard. You should select colors that contrast well and allow for easier decipherment of data. In addition, colors may be used to draw attention to important aspects of the dashboard. Additionally, selecting colors that are in accordance with your company branding can enhance the presentation of the dashboard.

Fit the Properties

The design of an executive dashboard should allow for data to be presentable without using too much space. You should aim to fit the data in a space-efficient manner by using charts and visuals. Additionally, you should make sure each chart or graph can be interpreted quickly and easily, while conveying the ideas accurately.

Place the Elements in Arrangement

An effective executive dashboard should be organized with elements that are presented in a logical manner. In order to further strengthen the readability of the dashboard, it is important to place the elements where they are the most visible and accessible. Additionally, having elements grouped by similar data can help to allow for better understanding of the data.

• Ensure that colors contrast well and convey desired meaning
• Optimize the space by using visuals and charts
• Arrange elements in a logical and visible manner
• Group elements with similar data together

Exploring the Possible Options

An effective executive dashboard in Excel can provide stakeholders with the necessary data to make informed decisions. Through the built-in tools of Excel, users are able to create an efficient dashboard with drill-down features, conditional formatting, and feedback capabilities.

Conditional Formatting

Conditional formatting allows users to set data-driven rules where cells are automatically formatted prior to user interaction. For instance, when certain performance metrics are beyond, below, or within the desired thresholds, the cells can be automatically colored, making the data more visually appealing. This reduces time, as users no longer need to navigate the data to find relevant information.

Drill-Down Features

Drill-down features provide an additional level of interactivity to the dashboard. It enables users to click through a hierarchy of data, allowing them to understand how the performance metrics were calculated. With additional context, users can develop an understanding of why the data looks the way it does and how to appropriately manipulate the dashboard.

Dashboard Feedback

Dashboard feedback is an optional feature, but it can help to elevate the effectiveness of the dashboard. Through the feedback feature, users can provide relevant points that help to explain the discrepancies or other relevant information within the dashboard. As users often have a different perspective and knowledge on the data, feedback can help to contextualize the data and provide further clarity.

Interpreting Data on Dashboard

In addition to presenting the data on your executive dashboard, it's also important to analyze it to obtain meaningful insights. By learning how to interpret data, you can make informed decisions, understand relationships between data, spot trends, and make predictions. Here are a few tips for analyzing the data you capture in your executive dashboard.

Analyzing the Patterns

One technique for data analysis is to look for patterns. Look at the data points you’ve collected and determine if there is a pattern behind them. Identify what that pattern may mean and how you or your organization can benefit from the knowledge those patterns provide.

Generating Insights

Once the initial patterns have been identified, you can start interpreting the data. That often reveals insights that can help you make decisions, take action, and make predictions. Ask yourself questions such as, “What can this tell us?” and “Are there any underlying assumptions we can make here?” Generate insights that can help you improve the process and provide a positive outcome.

Answering Questions

Asking questions is a key piece of data analysis. The types of questions you ask often depend on your business objectives. For example, if you’re working on increasing customer satisfaction, you can ask questions such as, “What do customers need?” and “What types of improvements could increase satisfaction?” Answering these questions can help you create a strategy that successfully meets your goals.

Conclusion

Creating an efficient executive dashboard to track the performance objectives of an organization can help executives manage business effectively. An Excel-based dashboard can provide an efficient and effective way to track progress towards those objectives. It is a versatile tool that can be adapted to fit businesses of all sizes. This article discussed five key tips to build an effective Excel dashboard, such as defining objectives, tracking performance metrics, organizing data, displaying data effectively and reviewing the dashboard regularly. By following these five tips, business executives can build an effective and efficient dashboard to track their performance.

Advantages of Using Excel Dashboard

• Cost-Effectiveness – Excel is a free software, meaning it is much more cost-effective than the purchase of a third-party dashboard.
• Flexibility – Excel dashboards allow for easy customization and easy integration with other applications.
• Data Visualization – Excel allows for powerful data visualization techniques to be used on the dashboard.
• Accessibility - Excel dashboards are easily accessible, allowing executives the ability to track the performance metrics of their organization anytime, anywhere.