AALI_AACOM
The issue with Qualtrics not accepting in excel format is you cannot control how a user will enter data in the spreadsheet and how it gets mapped within Qualtrics. This could be a big mess as you cannot control each user's excel file. Hence, you can use either of these suggestions or if someone has something better.
Not sure what Qualtrics has on its plate for this in the future. But just a thought here, if all of your users have the data in an excel spreadsheet why don't you just create a common google spreadsheet where everyone enters the data, and once done, you can use Imported Data projects to visualize on dashboard.
OR
You can create the survey get the exported file and use that as a google spreadsheet for collecting responses and then import data once manually or you can even use import data automation.
Hope it helps!

Thank you for your response, Deepak. I appreciate it greatly. The survey I administer is an extensive survey of our member colleges, which captures data on students and enrollment, admissions, graduates, curriculum, financial aid, revenues and expenditures, contracts and grants, faculty and administrator staff, etc. This survey collects data from over 40+ colleges and therefore, is too extensive to load into a Google spreadsheet.
Since I have created an Excel workbook version of my survey for survey coordinators to collect data from all departments at our member colleges prior to coordinators completing the survey, I thought it would be easier for survey coordinators to upload the collected survey responses instead of manually entering them. I hope Qualtrics creates this as an option in the future because it would be helpful.

AALI_AACOM
If you already have the data collected try moving it to your exported survey excel spreadsheet and then import it which is my second solution mentioned before .
Hope it helps!