Entity Field Creation Tool is a Windows application which can be used to create entities and fields on just a click of a button!

Steps to use:

Install the managed solution (available with the most latest release) in your Dynamics CRM instance.
Assign the user with either “System Administrator” Role or “EFCT App Access” Role (which is along with the managed solution).
Activate the product from the Configuration Page of the Solution.
Fill up the provided Excel Template – “Excel Template – EFCT” as per your requirement.
Note:
      i) Excel File Name can be altered as per user requirement.
      ii) Go through the hints available for some of the columns.
      iii) Do not alter the Headers and Sheet Names.
Now you are good to use the Entity Field Creation Tool.

Functionalities not supported:

Fields of type “Image” cannot be created.
You can only create Simple fields (No Calculated/Rollup fields).
Global Option Set can not be used for creating fields of “Option Set” type. (Planned for next Release)
User need to take care of the field limit in MS CRM for different types of field, especially for fields of type “Lookup”, “Option Set”.