Costing Out an Excel Dashboard Solution

Introduction

Excel is a powerful tool for data organization and analysis and serves as a great platform for creating interactive data dashboards. A dashboard is a single page or set of pages that present a visual connection to the data and provide access to metrics, key performance indicators, and other metrics of success.

Dashboards draw from data sources, such as databases and spreadsheets, to generate charts and other visuals. A dashboard solution allows businesses to quickly capture, display, and communicate data in an easy to understand format. With such a solution, users can quickly navigate through their data to generate insights and make better-informed decisions.

In this post, we'll be discussing the cost factors associated with implementing an Excel dashboard solution. We'll go over different pricing models, discuss the pros and cons of each, and provide tips on how to keep costs low.

Calculating Your Costs

When creating an Excel dashboard solution, there are a variety of factors that must be taken into account in order to ensure successful implementation, as well as to assess the costs associated. Firstly, when considering costs, there are a number of areas that must be considered: from licensing and hardware to training, personnel, and software. Here, we will explore each of these areas in depth in order to ensure that a complete and accurate cost projection can be made for any Excel dashboard solution.

Licensing Costs

Licensing costs are typically the most expensive component of an Excel dashboard solution. Depending on the size of an organization, the number of users, and desired features, license pricing can vary significantly. To ensure accurate cost projections, potential license costs should be researched beforehand, as well as costs associated with any maintenance or renewal costs.

Hardware Costs

In addition to license costs, hardware must be taken into account when planning an Excel dashboard. This may include the cost of laptops, desktops, and server-based systems, as well as any additional storage needed in order to run the Excel dashboard solution. Additionally, any additional software needed to run the Excel dashboard will also need to be considered, such as database software or other analytics solutions. By taking into account all necessary hardware costs, a more accurate cost projection can be made.

Training & Additional Personnel Costs

In order to ensure that an Excel dashboard is properly implemented and used to its full potential, there must be sufficient training for those in charge of its operation and maintenance. This may include in-house personnel, as well as any contractors or consultants necessary to ensure successful implementation. Additionally, any additional personnel costs associated with the development and maintenance of the dashboard must also be taken into account.

Software Maintenance Costs

As with any software solution, there will be associated maintenance costs with an Excel dashboard solution. This may include ongoing updates and upgrades, as well as patching any security vulnerabilities. Additionally, any additional software licenses or features must also be factored into maintenance costs, as they may need to be renewed periodically.

Development Costs

Finally, any costs associated with the development of the Excel dashboard must also be taken into consideration. This may include both initial development costs as well as any additional development needed over time. Additionally, any costs associated with integrations and customizations should also be considered.

Building an Excel Dashboard

Building an Excel dashboard requires a combination of software, data inputs, and understanding of the end user in order to be successful. In this section, we will discuss the time requirements, challenges, software needs, and data inputs required to properly and effectively create an Excel dashboard.

Time Requirements

The time required to build a successful dashboard depends on the complexity of the dashboard itself, as well as the amount of data being used. Generally, it can take anywhere from a few hours to several days or even weeks to develop an effective dashboard. Additionally, regularly updating and ensuring performance are also necessary elements that require continual maintenance and effort.

Challenges

Creating a successful dashboard has many challenging aspects. Most notably, ensuring that all measures of success are accounted for and will be adequately portrayed in the dashboard. Additionally, managing the vast amount of data that is often necessary for an effective dashboard can be difficult. Finally, the overall look and design in terms of fonts and colors must be taken into consideration as well in order to create a product that is both aesthetically pleasing and useful.

Software Needed

The software needed to properly construct a dashboard depends on the desired end product. For example, a fully interactive dashboard will require software such as Microsoft Access, whereas a basic Excel dashboard will likely only require Microsoft Excel. Additionally, in order to ensure a properly functioning dashboard, the use of analytical tools is recommended.

Inputting Data Requirements

Finally, in order for the dashboard to actually function, data must be correctly inputted and organized in the software. Depending on the amount of data being used, this can be a time consuming process. Additionally, categorizing and organizing the data is of paramount importance in order to ensure the dashboard actually communicates the information necessary to stakeholders.

Storing & Accessing Data

Data is the lifeblood of any dashboard and must be managed, stored, and accessed properly. Knowing the right way to store your data can enhance the performance of your dashboard and make it easier to update.

Choosing a Database

The type of database you will use will depend on the project requirements, the anticipated use by end-users, and the expected level of performance. Most dashboard solutions will require a relational database, which provides better organization and reporting of data. Most Excel dashboard solutions use MS SQL server, Access, or Oracle as the backend database. Analysis Services models and databases can also be used for dashboard solutions.

Considerations for Security

When dealing with sensitive data, security is of the utmost importance. The security of the database should be set up according to the data that will be stored in it and the level of protection that is required. Depending on the security measures required, additional software may need to be installed to ensure the safety of the data.

Where to Host the Database

Depending on the size of the dashboard and anticipated usage, the database can be set up on a local server or hosted on a cloud solution. If hosting the database on a cloud platform, make sure that appropriate security measures are taken and that only authorized users are allowed access.

Connecting the Database to the Dashboard

Once the database is set up and secured, it is ready to be connected to the dashboard. Using the connection wizard, the database can be connected to the dashboard and its contents composed as tables and queries. This setup allows the dashboard to access the data and build reports based on the data stored in the database.

Forecasting & Modeling

Excel provides an excellent platform for forecasting and modeling data. With its built-in functions and impressive visualization capabilities, Excel dashboards can give even the most complex data sets a user-friendly interface. Examine just a few of the ways that Excel can be used for forecasting and modeling.

What Types of Analytics Work Best with Excel?

Excel can be used for a variety of analytics tasks, from tracking sales data to forecasting stock prices. Excel’s sophisticated calculations, such as linear regression and trend lines, are helpful for revealing trends in data and predicting future performance. Excel can also be used to create what-if scenarios to identify the most profitable outcome. With Excel’s conditional formatting options, it’s simple to color-code the data or highlight key values.

Understanding Your Data

Before you can effectively model your data, you’ll need to understand it. Excel spreadsheets are often organized into columns and rows with each column representing a different type of data. To quickly make sense of the data, take advantage of Excel’s Pivot Tables. These powerful tables allow you to re-organize the data and easily access specific values. You can also use formulas to quickly calculate counts, sums, and averages.

Valuable Modeling Techniques

Excel makes it easy to add powerful modeling techniques, such as time series analysis, to your dashboard. Time series analysis is a great way to forecast future performance based on historical data. Excel also offers a variety of statistical tools, such as constraining models, to help you make reliable forecasts. The Scenario Manager and Goal Seek can also be used to test different inputs and measure outcomes.

Finally, for a visual representation of your forecasted analysis, Excel’s impressive library of chart and graph options can be used to tell stories about your data. Use the trend line feature to identify the correlation between different data points and to convert the data into a visual representation.

Automating Your Dashboard

Creating an Excel dashboard solution can take a lot of time and energy. To make sure your dashboard works the way you want it to, consider automating it. Automating your dashboard can save you time, effort, and money in the long run.

Automation Techniques for Dashboards

Automating your dashboard begins with understanding the best methods for automation. Popular techniques include using scripts and macros, using continuous education to stay up to date on the latest automation tools, and creating automated dashboards with third party tools.

Understanding Automation Process

Before you start automating your dashboard, it's important to learn and understand the process. Automation requires the integration of data from multiple sources and creating the dashboards in a way that allows for frequent updates. It's also important to understand how databases are connected to the dashboard and how scripts can be used to make the process easier.

Automation Tools to Know About

There are several tools available to help you automate your dashboard. These include Excel macros, Visual Basic for Applications, Tableau, and QlikView. Familiarizing yourself with the features and capabilities of these tools will make the automation process more efficient.

• Excel macros allow users to write their own scripts to automate tasks such as formatting cells, adding images, and validating data.
• Visual Basic for Applications is a programming language used to create custom scripts and add features to existing applications.
• Tableau is a powerful data visualization tool used to create interactive dashboards from large sets of data.
• QlikView is a business intelligence platform used to create dashboards from multiple sources of data.

Conclusion

Excel dashboards are a powerful tool for managers and executives who need to quickly understand and assess the performance of their business. Dashboards allow users to customize their view of the data and quickly make decisions based on the information they are presented with. Dashboards also allow users to display data visually so they can quickly identify trends and spot important details.

Use of Excel Dashboards as a Tool

Using Microsoft Excel to create a dashboard makes the process of creating meaningful information easy. Excel provides a comprehensive tool kit that allows users to manipulate and analyze data. This means they can create a customized dashboard tailored to their needs. Excel dashboards are also cost-effective, as they can be created by users with a basic understanding of spreadsheets. Furthermore, since dashboards are interactive, they allow users to drill down into specific data to make well-informed decisions.

Benefits of an Excel Dashboard

An Excel dashboard has a number of distinct benefits. They allow users to tailor their own views of the data, which increases their understanding of the information and how it can be used. They also help provide a visual representation of the data so that users can quickly identify trends, concerns and opportunities. Excel dashboards are also incredibly powerful and customizable, allowing users to develop and adjust their view of the data to gain insights and make decisions.

Summary of Costing an Excel Dashboard

The cost of creating an Excel dashboard will depend on the complexity of the dashboard and the resources required to develop it. Generally, the largest cost associated with an Excel dashboard is the time and effort required to understand the data, identify meaningful insights, and create the necessary visualizations. Depending on the level of customization, the cost of transforming the data into a functioning dashboard may also be factored in. Additionally, for businesses that need enhanced data security measures, there may be an additional cost for integrating those measures into the dashboard.

• Using Excel to create a dashboard is easy to do and cost-effective.
• Excel Dashboards provide users with tailored views of data, allowing them to make informed decisions.
• The cost of creating an Excel Dashboard depends on the complexity and resources required to develop it.