Dashboards are all about having interactive data visualisations, that provide businesses with the latest insights at the tip of their fingers – accessible instantly, and always updated with the latest data. They transform raw data into something meaningful.
While the concept is great in practice, the reality is that it doesn’t always work so well. Common problems include an overload of information (making the user have to spend time interpreting what it all means), lack clear insights leading to misinterpretation, and misunderstanding between the analyst and the user (delivered solution doesn’t solve the business problem).
Today’s dashboard is all about showing how easy it can be to solve business problems using dashboarding.
We start with a simple business problem – financial lenders want to know which Auckland regions have a high amount of fluctuation between the CV (Capital Value) and sale price, so they can understand where CV may not be an accurate reflection of the market.
To solve this – we provide a dashboard that takes the customer through a 3-step story:
What is the average difference between CV and sales price by region?
Which regions have a high fluctuation between CV and sales price?
How is this fluctuation changing over the last 6 months?
With this, the end-user of the dashboard can now see the value difference in CV and sales price, which regions they should be cautious of, and whether the trend is changing over time. These 3 areas give the customer exactly what they need – no more, no less.
We could have included information on the number of bedrooms, property size, suburb, whether there is a swimming pool or garage, the list goes on. When adding components to a dashboard, always ask – does this help the customer to solve their problem? Am I trying to cover too much in one page? Are the key insights clear to the end-user without needing interpretation?
At the heart of good dashboarding is simplicity – keep it simple, remove scope creep, and make sure the end-users can get what they came to the dashboard for – insights, and solutions.