Iron Comps November Updates11/25/2020
New Equipment Report is a Result of Client Collaboration
The most impressive aspect of Iron Comps new reporting may not be the report at all, (although it does look pretty cool) but rather the collaborative way our partners have worked alongside our development team. Together they created an outcome that was agile (created in just a matter of weeks!), and effective. It began with listening to our partners in the form of regular check-ins. We heard that you wanted a faster and easier way to distill the information into an actionable snapshot, with the option to scroll down into the details if necessary. Plus, the visual experience is such a plus with Iron Comps, they did not want to lose that benefit in a mundane report.
Our team used a design thinking approach, in close communication with our clients. Then, prior to launch our team reached out to the broader Iron Comps community for feedback on a beta version. Thank you if you were one of the many that responded with great feedback!
The team was able to take that final feedback for minor adjustments. From opportunity discovery to launch, it was just under a few weeks! So in this time of year when we do take extra time to be thankful, here at Iron Comps, we want to extend a special thanks to you, our Iron Comps community, for helping to make this solution an even better experience for everyone.
New Report Features
Now for the actual report. Across the top you will see the high-level summary that is needed most often when referencing a report. This includes:
- The date of the report in the upper right.
- The make / model in question, followed by the number of auction results backing up your data.
- The comp average is likely the number you are after, so that is highlighted in the green oval.
- The statistical summary shows the distribution range of comparable values.
- The dark blue range contains the middle 50% of all comparables.
- Blue indicates 90% of all comparables. A wider range here indicates more variability in the market.
- Finally, the light blue is total comparable distribution. This shows extreme values, which usually will include a long tail to the left low side for items sold for liquidation purposes.
Within the report, all of the depth detail is still included, along with an image of the specific machine. In addition to the distribution graph described above, you also will find a yellow line indicating where this particular machine falls among the total distribution.
If you have any questions, or would like to see a full report, please reach out to us. We are always happy, and thankful, to help. Have a great and safe Thanksgiving holiday!