KPI With Excel

It would be fair to assume that Excel is currently the most accessible tool to build KPIs for any company due to its presence in the widely present Microsoft office pack.

As itself Excel is an excellent toolbox which provides many options for building business dashboards or KPI templates and has a lot of hidden depth for letting its users create key indicators as long as they are not afraid of going deep in formulas, numbers crunching and a lot of set up work.

That is the strength as well as one of the weakness of doing KPI with Excel, becoming proficient enough at it requires extensive knowledge on how to deal with formulas and a lot of numbers, but once you are an expert at it, a lot can be achieved.

KPI template
for Excel

What would be the best way to design your KPI template for Excel?
First of all you want to get the right data for your indicators. Make sure that you have somebody responsible for gathering your data and that they update it at a frequent rate. However this task could prove to be tedious and it is probably a good plan to find a way to automate it from the very beginning.
You will then need to arrange the data, transform and refine it using formulas in tables.

Once your data is finally set up, it is time to create your layout, start by asking yourself “what do I want to know? How relevant is that information regarding to my goals?” Do not clutter your dashboard with information you are not going to use. Each KPI you create on excel will require some work using formulas and it is better not to waste your time on useless indicators.
Adjust and trim to make sure you only keep the information you need.

KPI Dashboard with Excel

Building a Dashboard for Excel could prove to be a little more challenging that using one of the new generation BI tools available on the market.
But do not worry! They are many tutorials around to help you get started and help you avoid the most common problems you will run into when creating a dashboard.For example, with many KPIs to show and often using table to display your metrics, you will quickly run into a scrolling problem. You simply cannot fit all those information in one computer screen, and some important information will be only accessible through scrolling. Make sure your viewers are aware of that.

Another very important feature would the addition of charts to add visualization elements to your KPI dashboard. Excel offer a lot of different options such as Pie, Column, Line, Bar, Area or even the Scatter chart. Each of those having a specific use and can be customized regarding colors, size etc. Excel even have some more advanced charts available such as Doughnut, Surface, Bubble or the Radar Chart.

Discover more about KPI templates with our other guides :

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