Unlock the Benefits of Dashboards with Excel

Introduction

When you think of a dashboard, you likely immediately think of your car – but dashboards come in many forms. In the business world, a dashboard is a powerful visual way to display data in a comprehensive and organized way, giving users the ability to access insights quickly and easily. Dashboards versus traditional reporting give users far greater insights and provide easier methods to observe trends, compare & contrast, and identify outlier events.

A well designed Excel dashboard can be a great way for businesses to stay organized and view their data productively. In this guide, we’ll highlight 10 essential components that you should consider for your next Excel dashboard.

Benefits of Dashboards

Nowadays, dashboards are being used in all industries, from healthcare to finance, to represent complex datasets; it's no wonder that businesses in all walks of life are turning to them to understand and optimize their operations. Even those that are unfamiliar with data analytics can benefit from easy-to-understand, eye-catching dashboards.

Easily Digestible Visualizations

Dashboards offer more than a neat and tidy way to view business data; rather than plain spreadsheets which may be overwhelming, they offer simple ways to quickly comprehend the broader trends. They do so through a range of visual aids, such as charts, graphs, and maps, which present data in an organized and easily understandable format. You may also find features such as sparklines, that condense even broad datasets into smaller sizes.

Clarity on Data Trends

One of the major benefits that comes with dashboards is the capacity to quickly identify patterns and trends in data. Charts and graphs enable the user to quickly spot patterns and changes in their figures. Sometimes, these patterns can reveal important cues that allow you to form more informed business decisions.

More Efficient Reporting & Data Analytics

Besides making it easier to comprehend data, using dashboards can also save your business time and resources. Reports can be generated automatically, reducing the amount of manual effort that goes into regularly generating data. In addition, businesses are able to schedule automated updates rather than having to manually check data streams periodically.

• Dashboards provide easily digestible visualizations.
• Using dashboards can provide clarity on data trends.
• Dashboards can help to increase data analytics efficiency.

10 Essential Excel Dashboard Components

A. Charts

Incorporating charts in an Excel dashboard can provide a wealth of insight that would not be possible with mere numbers and text. Bar charts, line graphs, and pie charts are just a few tools that can highlight relationships between data sets and display different values with clarity. Visual representations of data also convey info with greater ease, helping users quickly pick out trends.

B. Data Tables

Data tables prove incredibly useful when dealing with complicated information. A data table is essentially a spreadsheet contained within the dashboard itself, allowing for various formats and calculations to be used. This makes it easy to sort through data, make calculations, and carry out comparisons.

C. Gauges

Gauges are often used to display quantitative data in its simplest form. A typical gauge will have a needle or marker indicating a certain position on an arc or circle. This type of visualization provides users with an immediate sense of the specified value, making it a suitable choice for presentations.

D. Scorecards

Scorecards are ideal for getting a quick visual representation of the performance of a company or department. By enacting a simple rating system, users can quickly get an overview of how various metrics are tracking. Scorecards make it easy to drill down the information when needed.

E. Slicers

Slicers allow for an easy way to filter through large data sets. By simply selecting the relevant features, users can narrow down the data that is being displayed. This makes it easy to only show the information that is pertinent to the current task and thus actively reduce the clutter of irrelevant info.

F. Tooltips

For users who may need extra information while they’re navigating a dashboard, tooltips can serve as useful auxiliary info containers. By hovering over a certain element, a tooltip can appear with additional information, helping users to make better sense of the data they’re looking at.

G. Timelines

Timelines are great for providing a bird’s-eye view of events that have occurred over a certain period. Such visual representations can not only be informative but can also save plenty of time and energy in giving an overview of a timeline of events.

H. Reference Lines

Reference lines are incredibly useful for comparing data. Simple lines can be drawn comparing multiple data sets with ease, making it easier to identify patterns. They are especially helpful for looking for outliers that may not jump off the page as easily when just looking at a chart.

I. Conditional Formatting

Conditional formatting helps in highlighting certain areas in a chart based on criteria. For example, certain regions of the chart can have varying colors according to the value they represent, making it easier to identify areas of significance. Conditional formatting can be a useful tool in displays that feature multiple elements.

J. Variance Indicators

Variance indicators provide a good way of comparing data sets by emphasizing which of the values are above or below a given baseline. This way, important changes in the data can be easily detected instead of looking through the entire set.

4. Benefits of Using Excel

The Excel spreadsheet software is a powerful tool that has revolutionized the way businesses analyze, report, and interpret their data. Excel is used by everyone from small business owners to large corporations, and it is the go-to application for those who need to present meaningful insights from numbers. But what makes Excel so attractive is its cost-effectiveness, familiarity, and flexibility. Let’s look at these three benefits in more detail.

A. Cost-effective

When compared to other solutions, Excel is incredibly cost-effective. Businesses can purchase a single license or get the Office Suite bundle for a low price. This enables them to use Excel for their data processing needs without breaking their budget. It even comes pre-loaded with some basic charts and tables, so businesses don’t have to invest in additional tools.

B. Familiarity

Excel is one of the most popular spreadsheet applications in use today and many people already have a working knowledge of how to use it. This familiarity makes it easier for businesses to embrace Excel as their go-to tool for data processing, analysis, and reporting. It also cuts down on training time since people don’t have to learn a new application to get up and running.

C. Flexibility

Finally, Excel is incredibly flexible. It can be used for both simple data entry and complex analysis. It supports a range of different functions that can be used to calculate and transform data. There are also hundreds of third-party solutions that can be used to extend Excel’s functionality even further.

These are just a few of the benefits of using Excel for dashboard development. Excel is an affordable, familiar, and flexible tool that makes it the perfect choice for businesses of all sizes.

5. How to Create an Excel Dashboard

Excel dashboards are great tools for any business. They can provide quick insight into key performance indicators (KPIs) for your business, when used properly. But how do you go about creating one? Here are some steps to follow to get started.

A. Assess the Relevant Data

The first step in creating an Excel dashboard is to assess the relevant data you have. Make sure that you accurately understand the data and how it applies to your business. Determine what data points you need to track and the format they need to be in to be useful.

B. Choose a Data Visualization

Once you know what data you need to illustrate, choose a type of data visualization. Popular options include:

• Charts
• Graphs
• Maps
• KPIs
• Dynamic images

Consider which type of visualization best fits the data you have to display.

C. Identify User Metrics

You will also need to identify the specific user metrics that you want to track on your Excel dashboard. User metrics are indicators of how effective your business is at achieving its goals. Consider metrics such as customer acquisition, revenue growth, and customer retention.

D. Set Up the Data Structure

Now it’s time to set up the data structure. This includes formatting the data into a structure that can easily be read by the dashboard. For example, if you are tracking sales data, you may need to include columns for product, sale date, sale location, and total revenue.

E. Create the Dashboard

Finally, use the data you have collected and the structure you created to create the Excel dashboard. This part of the process generally involves adding the data to the dashboard, creating visualizations for the data, and adding user metrics. Excel offers multiple tools that can help you build a visually appealing dashboard.

Tips for Using Excel Dashboards

Creating an effective Excel dashboard is key to getting the most out of the data and delivering meaningful insights. But how exactly do you go about creating an effective Excel dashboard? Here are some tips for creating and using Excel dashboards that can help you get the most out of your data.

Keep it Simple

When it comes to design, remember that less is more. An effective dashboard should rely on visuals to convey the most meaningful insights. Visual representations such as charts and graphs make information easier to understand. For example, a pie chart is more impactful in demonstrating the percentage splits of a data set than rows of numbers. Remember to keep the number of visuals to a minimum as an overly complex dashboard can overwhelm the user.

Double-Check Your Formulas

Another important tip is to double-check your formulas. Make sure the formulas in your spreadsheet are accurate and up to date. Be sure to back up your data to keep the dashboards reliable and up to date, as the data can change quickly.

Test the Dashboard Before Deploying

Before deploying the dashboard, it's important to test the dashboard for accuracy. Make sure the visuals and numbers match up. Focus on the accuracy and quality of the dashboard and make sure all errors have been rectified before deploying it to the end user.

Conclusion

Creating a dashboard in Excel enables you to display your company's data in a succinct and visual way. By using key Excel dashboard components, you can create customizable and interactive dashboards that enable you to make business decisions at a glance. This article has discussed the ten essential Excel dashboard components that every business should know to create the most effective dashboard for their specific requirements.

Summary of Excel Dashboard Components

The ten essential Excel dashboard components are: Table, Chart, Chart Title, Legend, Data Selector, Filter, Slicer, Advanced Analysis, Summary Report, and Drill Through. Each of these components has its own particular function and when used in conjunction with one another, they can improve the accuracy and power of your dashboard.

Benefits of Creating a Dashboard in Excel

A dashboard in Excel provides many benefits to businesses of all sizes. It enables you to quickly and easily view the data you need in order to make more informed decisions. It also helps you to make better use of your time by reducing the amount of time it takes to manually analyze data. Lastly, it can help to ensure that your company stays organized and up-to-date on the latest trends and developments in their industry.

Excel dashboards have become essential tools for businesses of all sizes as they are highly customizable, easy to use, and provide accurate and up-to-date information. By utilizing the ten essential components outlined in this article, businesses can quickly create an effective dashboard that can help to improve their decision-making process.