a laptop with a screen showing financial data design

The Cost of Rushing: How One Flawed Report Roiled the Market

“Just put a chart into that report”. The word a financial data designer dreads … “Just”. What can look like “just” a simple request, in the business world, can lead to a single mistake which can have far-reaching consequences

In a fast-paced marketplace, businesses often feel pressured to move quickly, releasing reports and data with tight deadlines. However, speed at the expense of accuracy can have devastating consequences. A notable event involving a flawed chart from a Goldman Sachs report provides a cautionary tale for anyone dealing with business-critical information.

In late August 2024, an event involving a flawed chart from a Goldman Sachs report demonstrates just how devastating a rushed error can be. A seemingly minor mistake contributed to the loss of $110 billion from Nvidia’s market capitalisation in a single day, equivalent to 72% of Goldman Sachs’ own market cap (source).

Flawed financial data design – a costly oversight

The Goldman Sachs report in question included a chart that misrepresented data related to ChatGPT traffic. While not the sole cause of the stock drop, the misinformation added to market uncertainty, causing panic among investors. This error serves as a stark reminder of the critical importance of verifying business-critical data before it’s released to the public.

This chart below was published in a report. Where you can see the red arrows was where the data was flawed. The URL it was drawing data from had changed from chat.openai.com to chatgpt.com.

It implied a massive drop in visits to Chat, but the opposite was actually true. If you track where the URL changed, you’ll see the opposite in action, it had a rise in visitors.

financial data design example

This kind of high-profile mistake illustrates the risks of rushing through the research, design, and proofreading stages of any financial report. For companies operating in the financial sector, or for those relying on such information to make critical decisions, the stakes are extraordinarily high.

An inaccurate report can erode trust, damage a company’s reputation, and lead to massive financial losses in the market.

Why we don’t rush business-critical Information when producing financial data design

As business designers, we recognise the importance of accuracy and diligence in every project. Whether we are designing corporate communications or creating brand strategies for financial clients, we adhere to strict quality control processes. The Goldman Sachs incident is a clear example of why these processes are non-negotiable.

Here’s why we take the time to get financial data design right:

Investors, clients, and decision-makers rely on accurate data. The market loss tied to Nvidia’s share price after the release of the erroneous Goldman Sachs report is proof of the potential fallout from poor information .

Charts, graphs, and other visual representations of data can be powerful tools—when they are accurate.
Visual representation of data, like charts and graphs, needs to be clear and easy to interpret.
Rushing the design phase increases the risk of miscommunication, which can have severe implications.

Even a minor error, such as a misplaced decimal or misaligned chart axis, can mislead the audience. Before any document or report is published, it should undergo multiple rounds of proofreading, not only on by your design agency, but by members of your team also.

In the fast-paced business environment, there’s often a push to meet tight deadlines, especially in the financial sector where time-sensitive information can impact investments and markets. However, the Goldman Sachs report highlights why it’s more important to prioritize accuracy over speed. Rushed work not only puts credibility at risk but can also lead to costly mistakes .

Proactive instead of reactive

To avoid situations like the Goldman Sachs incident, businesses should adopt a proactive approach to managing business-critical information. This involves:

  • Build in extra time
    Tight deadlines often lead to mistakes. Give your team the time they need to not only gather the right data but also check it thoroughly. A stressed mind misses more things than someone who is relaxed enough that they can focus properly.
  • Investing in the right design team
    Good design goes beyond aesthetics. Finding a random designer who can use design software doesn’t ensure a quality output, so it’s key you find a design partner who has a proven track record of delivering accurate and well-designed financial data. It ensures that information is communicated clearly and accurately, especially in finance or business reporting where the stakes are high.
  • Collaborating across teams
    Strong communication between design and research teams can prevent errors from slipping through the cracks. Work as a team – be respectful and have each others backs.
  • Emphasising proofreading and quality control:
    Proofreading should be part of the culture, not an afterthought. Every piece of content should be checked thoroughly before it goes public. As we’ve seen, even a small mistake can have major repercussions.

Conclusion

The flawed Goldman Sachs report serves as a cautionary tale for all industries, but particularly for C-level communications and financial reporting. At Halo Media, we take these lessons to heart. We ensure that every project—whether it’s a corporate report or a brand identity—is carefully crafted, thoroughly reviewed, and designed to convey accurate information. The cost of rushing is simply too high.

When it comes to business-critical information, accuracy isn’t just important—it’s essential.