The Pros and Cons of Excel Dashboards

Introduction

An Excel dashboard is an interactive data visualization tool used to present and analyze up-to-date information. Dashboards transform a set of data into graphical metrics and tables, allowing users to quickly identify trends and relationships. They are popular because they give users an easy-to-read summary and provide insights that help in making informed decisions.

Dashboards have both pros and cons which you should consider before investing time and money in them. In this blog, we will take a look at the different advantages and disadvantages of using Excel dashboards.

Pros of Excel Dashboards

Excel dashboards have many pros that make them an appealing option for creating visuals of data. As a format, they are convenient, customizable, and can easily manage data. Consider some of the following advantages:

Visual Presentation of Data

One of the benefits of an Excel dashboard is that it provides an immediate visual presentation of the data. Instead of mathematically manipulating the data to work with a chart, you can easily display all of the information within the spreadsheet and create visuals from it. This visual representation allows users to quickly and effectively understand the underlying data.

Customizable Layout

An Excel dashboard also offers a customizable layout. Users can customize the look and feel of the dashboard to match their own brand. This includes setting the background color, font style, and font size. Additionally, users can make changes to the layout of the dashboard to better fit their presentation needs. This allows for maximum flexibility when creating a dashboard.

Easily Saves Data

Another great advantage of an Excel dashboard is that it allows you to save data easily. Simply create a new spreadsheet or enter the data into an existing one and the dashboard will save the data. This makes it possible to quickly and easily add additional data when needed. Furthermore, if you need to make changes to the data, it is just as simple to do so. A familiar visual representation of the data also makes it easier for users to quickly understand the content of their dashboards.

Cons

Excel dashboards come with several cons. As a user, it is important to understand their limitations to ensure that the dashboard is able to effectively convey the intended message.

Limited Range of Visuals

One limitation of Excel dashboards is the limited range of visuals. While Visual Basic for Applications (VBA) and a few other plugins may be used to create custom visuals, the number of visuals that can be created using these plugins are limited. In addition, Excel’s 2D charts have limited capabilities in comparison to the visuals available on other software dashboards.

Complex Data Requires Multiple Tables

As the complexity of the data increases, Excel dashboards often require multiple tables. This can make it difficult for data users to interpret and understand the big picture from the dashboards. Multiple tables also make it difficult to modify and update the dashboard in the future.

Incompatible with Mobile Devices

Due to size and resolution restrictions, Excel dashboards are not compatible with mobile devices. This means that mobile users will be unable to access and visualize the data in an Excel dashboard. For organizations where mobile access is required, Excel dashboards cannot be a viable solution.

Application

Excel dashboards can be used for various applications, across different industries and sectors. Let’s look at how this multifaceted tool can be applied in small businesses, data-driven NGOs and self-employed professionals.

Small businesses

Excel dashboards can be used by small businesses to monitor their performance. This tool allows entrepreneurs to quickly monitor their important organizational metrics over a period of time. Excel dashboards can be used to monitor sales performance, customer feedback, online presence and more. The ability to track and monitor performance in one simple graphical interface can help more efficient decision-making.

Data-driven NGOs

Excel dashboards provide invaluable insights into key performance metrics. Data-driven NGOs can benefit from using an Excel dashboard as it provides an efficient way to visualize and analyze their data. By using an Excel dashboard, NGOs can track the number of beneficiaries of the program, expenses detail and recruitment by location. Excel dashboards provide an effective way to track important program records and indicators.

Self-employed professionals

Self-employed professionals need to be able to stay on top of their finances and performance. Excel dashboards provide an efficient way for them to do so. They can use the dashboard to track and monitor their key performance metrics, such as number of clients, total income, and expenses. Excel dashboards provide self-employed professionals with insights into their performance over time, allowing them to make better-informed decisions.

Tips for Excel Dashboard Use

Creating an Excel dashboard can be a great way to quickly visualize important data in your organization. However, the use of a dashboard requires a certain level of proficiency with the MS Excel application. In this section, we'll cover some important tips to help you maximize the effectiveness of your Excel dashboard.

Limit the Data to Essential Information

When constructing a dashboard, it's important to ensure that you're only presenting the most essential information. Don't overload the dashboard with too many data sets or irrelevant metrics, as this could quickly lead to confusion. Too much data on the dashboard can also obscure key indicators, making it more difficult to quickly spot trends or issues.

Leverage Additional Plug-ins to Enhance the Look

Excel dashboards don’t have to look plain or boring. Utilizing additional plugins, such as Chart Toolbar, can help you create visually appealing dashboards with ease. An added benefit of leveraging such tools is that you can quickly apply changes to the dashboard when necessary.

Utilize Online Resources to Learn New Skills

MS Excel is an incredibly powerful tool and its dashboard feature can be utilized in a number of ways. If you want to take your dashboards to the next level, it’s important to take the time to learn new skills. Fortunately, there are plenty of free, online resources available to help you learn all about Excel dashboards, including tutorials, video guides and more.

Advances in Excel Dashboards

In web-based technology, Excel dashboards have come a long way. Developments in Excel dashboard technology allow users to automate several tasks while offering a range of benefits. From data analytics to easy set-up, businesses of all sizes are leveraging the power of Excel dashboards to map out their data in an easy to comprehend format. Here, we’ll take a look at the advances in Excel dashboard technology.

Automation

Dashboard technology has made it possible to automate certain data routines with relative ease. Excel dashboards allow users to input a few variables and have the dashboard assemble the data into graphs and tables instantly. This neither takes a lot of time nor needs manual input. Hence, users can spend more time analyzing the data rather than spending time on trying to organize it.

Data Analytics

Another benefit of the advancements in dashboard technology is the fact that users can analyze data at an unprecedented level of depth. For instance, with the help of a dashboard, users can view a variety of metrics simultaneously and also view correlations between metrics with ease. This allows them to comprehend larger trends at a glance while being able to easily identify any oddities.

Easy Set-Up

In the past, setting up a dashboard used to be a time-consuming and hassle-filled process but with the advancement in the technology, this process has become much easier. Now, all users have to do is input their data, define the metrics and select any other custom options of their choice. The customization options available allow users to tailor the dashboard according to their individual needs. With the help of these advancements, users can set-up their dashboard in no time which is great for businesses who have limited time and resources.

Conclusion

The use of Excel dashboards for data analysis can be a powerful tool for businesses. It allows for quick and easy analysis of a large amount of data, without sacrificing quality. However, Excel dashboards also come with considerations, such as the impact on data privacy. There is also a need for a high level of knowledge of Excel and data handling skills.

In summary, the pros of Excel dashboards include: the ability to quickly review and analyze large amounts of data; improved accuracy in data analysis; the ability to customize the dashboard to meet specific business needs. The cons of Excel dashboards include: potential impacts on data privacy; user needs a high level of Excel and data handling skills. Despite these potential challenges, Excel dashboards have the potential to become more powerful with automated learning. Advances in software are enabling more customized and tailored dashboards that better meet the needs of businesses.