Learning analytics dashboards (LADs) are very important tools for contemporary education. Not only researchers, but also schools at different levels of education and students are evaluating in this way today. A large number of studies have addressed the issue, but there are few studies that have explored the possibilities of transferring the semaphore method of formative assessment and self-assessment to the digital form of LADs. This study responds to the given absence and illuminates the built environment of the panel and its various functionalities using a prototype LAD. The paper contains a block diagram and a use case that can be used to create an application. This study includes evidence based on guided interviews with 8 teacher-academics from an international university setting on the usefulness of LAD features, the suitability of the semaphore method, and the optimal frequency of teacher assessment and student self-assessment. The study revealed that the most useful elements were considered to be the simplicity of the dashboard, a user-friendly environment, the semaphore method allowing scaling of scores, and also colour, and the comparison of teacher evaluation and student self-assessment. The semaphore method is attractive because of its simplicity, clarity in assessment and transparency in tracking progress. The proposed LAD allows the same competency to be assessed several times in succession as part of progress monitoring. It is optimal to assess three times per semester in university settings. A practical implication of the study is the use of the LAD for the purpose of analyzing the causes in success rates at the level of degree programs, faculties or universities.