You can create Cycle Time reports to know exactly how much time your Opportunities needed in order to be closed.
To create the report, first, it is necessary to create a 'Duration' field, that keeps track of the amount of time it took for the Opportunity to be closed.
Navigate to 'Form Fields' for the Opportunities App, located in the Admin Settings. There click the 'Add New Field' button and use the following information to create your field:
|Name||Deal Cycle Time|
Once you are done, save it.
Thanks to the formula above, you will be able to know how much time (in Days) it took each of your opportunities to be closed. Please note that in order for the formula to work, the 'Created' and 'Close Date' fields need to be enabled in your Opportunities app.
Now all you have to do is create either Dashlets or a Dashboard to keep track of the cycle time.
View + Dashlet Sample
Let's create a View in order to identify the average cycle time by month of the Opportunities.
First, go to the 'All Opportunities' view. Make sure you are under the 'List View'. You are going to start off by creating some filters and other configurations to get our view ready for the Dashlet.
You will need to apply at least the following 2 filters:
|Close Date||Between||Select the desired date range. Ie. 01/01/2021 - 12/31/2021|
If you would like to see the information of a specific Opportunity type, or by Owner, you can apply additional filters.
Now let's create some groups. For this particular example, you will need to select 'Closed Date Monthly' as the first group, followed by 'Sales Stage'.
NOTE: The order of the groups is important.
This step is optional. It will provide additional information of sum, max, min, or averages in your information. If you want to see this information, you will need to select a numeric field and then specify the type of statistics you would like to get for that field.
Once you are done 'Save' the view as a new View. At this time, you will have the option to share it with your team. You can always share it later.
Now let's add the Dashlet. Click the 3 dots icon available at the top right corner of the List View and click the 'Show Dashlet' option. Then click the plus sign to create a new Widget and use the following configuration:
|Widget||Column Chart, Bar Chart,|
|Title||Average Cycle Time|
Once you are done, 'Save' your widget, and immediately after, 'Save Changes' for your View, to include the widget. You can add more Widgets to your Dashlet if desired.