Hi Jeffrey,
It depends on where you get the Excel file from. If you get it from someone who uploads it, then no as the data in the app is only updated if someone is re-uploading a file with new data.
If you get it from a URL or from a FTP server then you could run a scheduled event and process the file and see if there is any new data on it.
Maybe a question to think about is, why do you still need an Excel file, couldn't you use a Mendix frontend so that the users enter their data directly in the app itself instead of in an excel file and do manual work?
Good luck,
Jurre