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Requirement

Formula builder or assistant in the product allows the user to easily access pre-built functions that can be applied on demand much like Excel

Functional Area

Administration

Industries
All
Tags
Formulas
Calculations
DETAILS

Description

Formula builder or assistant feature that allows the user to build complex formulas by accessing functions, operators, data intersections, variables and more in order to produce a calculation.

Example Use Case

Scenario: A rapidly growing software company uses CPM software to plan revenue and expenses. Due to the complexity of its data, the company frequently needs to generate sophisticated calculations involving different data sets.

Solution: Through the formula builder or assistant component in their CPM software, they can easily use pre-built functions to quickly create useful calculations. For example, the software company uses a basic SUM function for a rolling 12 months (time variable), focused on a specific upsell SKU, to better predict future revenue.

Considerations

The formula builder or assistant feature should be user-friendly and intuitive to cater to users with varying levels of technical skills. Most of the formula builders on the market look like Excel with the addition of time variables, versions, dimensions, and so on.

In general, look for the following in a formula builder:

Functionality Description
User Interface A dialog box or wizard-like interface that simplifies formula creation, often with autocomplete suggestions and syntax prompts.
Function Selection Allows browsing or searching through a library of functions (e.g., mathematical, statistical) and includes descriptions and required arguments for each.
Argument Specification Provides fields for inputting or selecting the necessary arguments for functions, including cell ranges or specific values.
Syntax Assistance Offers real-time assistance with formula syntax, including error highlighting, correction suggestions, and proper use of parentheses.
Contextual Help May include explanations or examples for each function, aiding in understanding how to use it and what results to expect.
Preview and Testing Some builders allow previewing the formula result based on current data, useful for verifying correctness before finalizing.

Questions to Ask a Vendor

  • Range of Functions: What types of pre-built functions does your formula builder or assistant offer? Is there a list in the documentation showing suggested uses, arguments, and so on?
  • Customizability: How easily can we define custom formulas if the pre-built functions do not cater to our specific needs?
  • Formula Syntax: Is the syntax familiar, or is this something completely proprietary?