Data Analytics You Need for a Succesful Multi-Vendor Security Reporting
It’s no secret that collecting and monitoring accurate metrics across multiple vendors in your security program is challenging, and some may say impossible. However, managing multiple vendors without comprehensive data can create a fragmented environment that reduces your ability to fully understand the success (and vulnerabilities) of your security program.
Data deficiencies lead to impaired decision-making, resource allocation challenges, and unaddressed vulnerabilities. As a result, your organization may find itself reactive when it comes to addressing important issues within your security program.
To successfully run your multi-vendor security program and avoid common issues caused by inaccurate, or missing, data reporting, we’ll discuss the data analytics your organization should capture and utilize, as well as tips on how to collect it using Securitime, the industry’s preferred security program optimization platform.
Data Analytics You Should Track in Your Multi-Vendor Security Reporting
Access to robust data analytics in your multi-vendor security program makes it easier to address vulnerabilities and enables you to make better decisions to strengthen your security operations.
Below are the important data analytics:
- Individual KPI Reporting
- Vendor Comparison Reporting
- Accurate Time and Attendance Reporting
- Incident Reporting
As mentioned above, it can be challenging to gather the necessary data from multiple vendors or to do so in a way that provides a clear picture of your entire security program. That’s where Securitime comes in. Securitime is a performance management platform that makes it easy to collect valuable and accurate data across all vendors so you can gain control and visibility of your entire security program performance. In this article, we’ll share what data analytics you should monitor, and how Securitime is an ideal solution for tracking and housing the data.
Individual KPI Reporting
By monitoring individual vendor KPIs, your organization can gain detailed insights into the performance of each security vendor, location, and security officer. This level of visibility allows for a thorough assessment of whether your vendor is meeting contractual obligations or not. Tracking individual vendor KPIs empowers your organization to drill down and identify trends, address issues promptly, and foster a culture of accountability with each vendor.
Let’s take a look at the data analytics you should be capturing to contribute to robust vendor KPI reporting:
1. Projected Hours
Analyzing projected hours is crucial for estimating the overall cost of the security program for each vendor, and allocating resources accordingly. This data metric also serves as a baseline for assessing whether vendors are delivering the agreed-upon services within the agreed-upon timeframe or not.
2. Actual Hours Worked
Analyzing actual hours worked gives insight into the alignment between projected and recorded time for each security officer. This metric enables organizations to identify discrepancies, ensuring that the allotted time matches the actual recorded hours worked by security officers. Not only does this data foster transparency in meeting contractual obligations with vendors and maintaining operational efficiency, but it should also be the metric used to determine actual billing costs.
3. Tardies and Open Posts
Monitoring open posts, or unattended posts, helps identify gaps in security coverage that could lead to potential security breaches. By tracking these metrics, security managers can take proactive measures to address staffing issues, optimize deployment strategies, and maintain a consistent and robust security presence. This will enhance the program’s ability to prevent and respond to security threats effectively.
Bonus: With Securitime, when a security officer isn’t at their designated post, alerts are sent every 15 minutes to key vendor personnel until the vacancy is filled. This not only ensures prompt action but also promotes accurate time reporting, strengthening accountability within the security operation.
4. Missed Clock-Outs
Accurate data reporting on officers who missed clocking out is vital for efficient resource allocation and budgeting. This information not only ensures that resources are appropriately assigned but also plays a crucial role in billing accountability, guaranteeing that your organization is billed accurately for the actual hours worked by security officers.
5. Incidents
Tracking the number of incidents enables your organization to focus resources on locations more vulnerable to risks efficiently. This data-driven approach facilitates the identification of underperforming locations, guiding targeted risk mitigation strategies and optimizing overall security resource deployment.
Utilizing Securitime for Successful Multi-Vendor KPI Reporting
As the first business intelligence platform specifically designed for optimizing security program management, Securitime is revolutionizing the security industry. Through its robust client and vendor portal dashboards, Securitime offers features and solutions that aid in the success of your multi-vendor security program.
Securitime simplifies the interpretation of data analytics by consolidating various vendor data points and providing a clear percentage breakdown of expected versus actual performance metrics. This functionality proves invaluable in assessing the vendors’ effectiveness, as a flawless record would yield a perfect 100% score.
By meticulously keeping track of vendor performance through these quantifiable metrics, your organization gains a precise understanding of how well each vendor aligns with your expectations. This transparency ensures that your security program maintains optimal efficiency and that vendors consistently meet established performance benchmarks.
Vendor Comparison Reporting
Having a vendor comparison report that measures the performance of the vendor against expectations, and then displays the vendors’ performance side by side is essential for making informed decisions and optimizing the efficiency of a multi-vendor setup. These reports should provide a clear visual representation of which vendors are meeting or exceeding expectations and which may be falling short.
Let’s take a look at the data analytics you should be capturing to help create robust vendor comparison reports:
1. Performance Benchmark
As mentioned above, a single performance benchmark, like a percentage, is a great way to make sense of how your vendor is performing against multiple vendor KPI data points. That way, it’s easier to understand where your vendor stands as a whole in comparison to the KPI benchmarks, and makes it easy to quickly compare the overall performance and effectiveness of one vendor to others.
Assessing vendors based on industry performance benchmarks aids in strategic decision-making and contract negotiations and fosters accountability that encourages vendors to consistently deliver high-quality services in line with the organization’s objectives.
Utilizing Securitime for Successful Multi-Vendor Comparison Reporting
Securitime’s vendor comparison charts offer a clear visual representation of each vendor’s overall performance (using the data analytics shared under Vendor KPIs above) in a unified view. This chart streamlines the evaluation process, breaking down vendor performance into one clear percentage compared to expected benchmarks. This allows your organization to easily compare vendors’ effectiveness in one comprehensive glance, identifying top performers and which vendors have room for improvement.
Accurate Time and Attendance Reporting
Accurate time and attendance reporting plays a pivotal role in upholding trust, transparency, and financial integrity within your security operations. Whether it is missed clock-outs or discrepancies between the hours scheduled and actual hours worked, inaccurate time and attendance reporting can hinder the overall efficiency of your multi-vendor security program.
Let’s take a look at the data analytics that you should be capturing to create accurate time and attendance reports:
1. Hours Scheduled
As mentioned earlier, Hours Scheduled is an important metric to track and contribute to vendor KPI reporting, but it is also crucial for maintaining accurate time and attendance records. It is important for your business, your vendors, and your security officers to have what hours the security officers are expected to be on and off post clearly defined. This metric provides a real-time understanding of workforce availability, aiding in the prevention of discrepancies and fostering precise management of labor resources.
2. Hours Worked
The ability to track actual hours worked for each security officer is essential for accuracy and transparency in your security program. It is imperative that all your security officers clock in and out using the same reporting system to maintain consistency in your data. Leveraging real-time, unaltered time and attendance data should be used to validate and determine hours billed, promote vendor accountability, and eliminate rogue spending and overbilling.
3. Hours Difference
The Hours Difference metric compares actual hours worked to scheduled hours. This metric makes it very clear where gaps occurred across all vendors, locations, and security officers, which can help identify security vulnerabilities.
Plus, access to this metric makes it very clear where major billing discrepancies occurred. For example, if one security officer, who gets paid $25 an hour, only worked 20 hours a week instead of the 22 scheduled hours, that means your business is paying $50 (2 hours) for an unattended post a week. That number might not seem significant, but if you multiply it by 100 locations and assume at least one officer at every location misses 2 hours of work every week over the course of the year, your security company is paying $260,000 a year for unattended posts. That’s a major dollar amount that would have gone unnoticed without accurate time and attendance data.
Utilizing Securitime for Successful Time and Attendance Reporting
Securitime’s time and attendance platform revolutionizes vendor accountability and elevates visibility in security operations. Offering features like a web app that makes it easy for officers to clock in and out, where data is then synced to the Securitime client and vendor portals. The web app also offers Geofencing to ensure your officers are only able to clock in and out when on post.
This comprehensive solution provides visibility to accurate time and attendance data so you only pay for the services you receive.
Incident Reporting
Real-time, comprehensive incident reporting offers your organization a profound understanding of security threats, empowering you to enhance the efficacy of your security program.
Let’s take a look at the data points you should be collecting in your incident reports:
1. Location
Tracking the location of an incident is a crucial data analytic to report as it provides valuable spatial context, enabling organizations to identify patterns, assess vulnerability trends, and allocate resources quickly to the right locations to enhance overall security and response effectiveness.
2. Officer and Post
Tracking the specific officer and post where an incident occurred helps to optimize security resources for more targeted and effective incident response strategies
3. Time of Incident
Reporting the specific time an incident occurred enables precise trend analysis, facilitates timely response protocols, and enhances overall situational awareness in your security program.
4. Incident Type
Reporting the type of incident provides essential insights into the nature and patterns of security threats, allowing your organization to tailor preventive measures, allocate resources effectively, and enhance overall security preparedness, such as the type of officer on site, or special training required in that location.
5. Cost of Incident
Understanding the cost of the incident enables organizations to assess the financial impact and strategically invest in preventive measures to mitigate future risks.
6. Description
Having a place on your incident reports for the description of the incident makes it easy to fully understand the events that took place.
Utilizing Securitime for Successful Incident Reporting
With GPS enablement and reporting templates, Securitime offers a simplified way for all security officers to log incident details in a timely and efficient manner – all from their phones. The incident reports are then sent to one centralized location across your entire security program. This consolidation provides your organization with unparalleled control and oversight, allowing for more efficient incident monitoring and management.
Key Takeaways
Utilizing key data analytics in your multi-vendor security reporting is essential to obtain a successful and efficient security operation. Using a system like Securitime allows you to collect essential data metrics across all vendors, meaning you can finally create reports that provide you with the visibility and control you need to create a successful security program, such as individual vendor KPI reports, vendor comparison reports, time and attendance reports, and streamlined incident reports.
Securitime fosters a data-driven approach that enables you to monitor real-time data that ensures billing accuracy, vendor performance, and visibility into the performance of your multi-vendor security program. Interested in using Securitime to collect robust and accurate data points to achieve successful multi-vendor security reporting? Request a demo today to utilize the power of Securitime.
