24 May What’s the Difference Between Metrics, Analytics and KPIs?
Lions, Tigers, Metrics, and KPIs! Oh, my! The world of big data, metrics, analytics, and KPIs can be scary, and more than a little confusing. Just like Dorothy’s sidekicks helped her navigate the Yellow Brick Road, however, SecureVizual will help find your way on the Big Data Highway.
“People often use the terms ‘metrics’ and ‘KPI’ interchangeably. While colloquially they have become synonymous, using their denotation is helpful when framing what you are trying to measure and improve. A metric refers to a standard measurement. The difference between the two is that KPIs are geared toward end state measurement. It is important to note that KPIs are a subset of metrics. KPIs should reflect the actual performance of a company, meaning it should be actionable data” (Forbes).
That clears things right up, doesn’t it? Don’t worry by the time you finish reading this post, you’ll understand the differences between metrics, analytics, and Key Performance Indicators (KPIs) and why they matter in today’s security industry. Knowing the difference between these terms and being able to articulate how each impacts the services you offer can distinguish your business from an increasingly sophisticated and crowded field.
Marketing teams and business leaders have long relied on metrics, analytics, and KPIs to quantify success, drive decisions, and evaluate performance. As physical security needs change and the demand for data-driven solutions permeates the industry, understanding how these three indicators all work together is increasingly important.
Here at SecureVizual, we care about analytics. It’s what we do. Earlier this year, we took a close look at KPIs in our post, How Important are Key Performance Indicators to the Security Pro? But today we’re going to take a step back and look at the bigger picture.
What’s are Metrics?
A metric is a quantifiable measure that helps gauge performance or progress. Put another way, a metric is a recorded measurement that tracks an aspect of your business activity. Metrics can be used to measure the success or failure of the performance of a specific activity.
In the world of online marketing, for example, a metric can be the number of times your eBook was downloaded or the number of visitors to your website. In the security world, a metric can be the number of unauthorized entries or the number of cars parked in a monitored garage at any given point in time.
Metrics are the data points that inform analytics and KPIs.
What is Analytics?
According to Wikipedia, Analytics is the discovery, interpretation, and communication of meaningful patterns in data; and the process of applying those patterns towards effective decision making.
In our world, the C-suite uses data sets and metrics to answer specific, industry-related questions. Analytics can answer business questions like:
● How can we improve employee safety?
● How can we eliminate employee theft?
● How can we streamline our security operations?
● Which areas need more cameras?
Analytics are future-facing and are used to determine what could or should happen. Want to dig even deeper into the world of Analytics? Take a look at 6 Ways Security Dashboards Harness the Power of Actionable Data.
What are KPIs?
If metrics inform analytics and support KPIs then KPIs shape your overall business strategies and decisions. KPIs are designed to measure success and develop organically from your company’s goals and objectives. KPIs are time-limited mile markers you should encounter along the way to tell you whether or not you’re on track to meet your goals.
In the security world, KPIs help teams understand their ongoing performance and chart a path toward achieving long-range objectives. KPIs frequently support decision-making in the following areas:
● Resource allocation
Don’t let analytics, metrics, and KPIs frighten you. Once you understand the simple distinctions between them, there’s nothing to fear. SecureVizual’s easy-to-read dashboard reporting and analytics make it easy for end-users to identify metrics and assess KPIs. Contact SecureVizual today to improve your security operations.
SecureVizual offers security resource optimization tools that are visual, simple-to-use and actionable. Created by professional physical security integrators — with IT skills — our dashboards will take you from speculation to verification. For the latest news and information about SecureVizual, contact us or follow us on Twitter, Facebook, and LinkedIn.