Incident Management KPIs You Should Be Aware Of
A sound, well-thought-out incident management system could be the difference between a thriving firm and lost revenue. This is especially applicable in a world where digital experiences are a significant focus in many sectors.
Delta Airlines, for instance, famously lost $150 million in 2017 due to a five-hour computer failure. Similarly, system disruptions cost businesses an average of $300,000 per hour in revenues, staff productivity, and maintenance expenses.
Significant disruptions can far outweigh such costs. Moreover, customers who are unable to pay their bills, engage in a video chat, or buy a flight ticket are willing to transfer to a competitor for various reasons.
Furthermore, such occurrences can interrupt an organization’s procedures, making them extremely important to its future. As a result, incident management is critical for ensuring efficient business operations and avoiding similar problems.
What Is Incident Management and KPI?
To boost efficiency, businesses use a variety of technical solutions in the form of software and hardware. However, just like other systems, these IT systems are susceptible to failures and stutters, which can malfunction at any time.
One incident could be all it takes to derail your business operations, causing your entire organization to be thrown into disarray. This is primarily because the incidence occurs out of nowhere, and no one is expecting it, therefore least preparations to avert it.
Incident management is a set of IT processes and procedures that your team or company would use to track KPIs (Key Performance Indicators), detect and resolve problems, or an “incident” in the business.
KPIs are a collection of data points used by teams to track the success of their system and personnel. Businesses follow these various indicators to see if they meet their SLAs, targets, and deadlines.
With the complexity and scale of today’s technology systems and infrastructure, it’s practically impossible for any single person to comprehend everything. Highlighting specific KPIs for your team might help you better understand what’s going on internally.
Incident KPIs and Metrics That Are Widely Used
These are some critical KPIs that your business could use for a robust incident management strategy:
1. Incidents Over Time
What does it signify: The average number of events during a specific period (e.g., weekly, monthly, quarterly, annually).
What it can demonstrate: Tracking the number of occurrences over time can identify any high or low incidence frequency patterns. If this number rises or remains more elevated than usual, teams might launch an investigation to see why this is happening.
2. Mean Time to Acknowledge (MTTA)
What does it signify: the average time it takes for a system alert to be acknowledged by a team member.
What it can demonstrate: MTTA can reveal how rapidly and successfully your team responds to new system warnings.
3. Mean Time to Resolution (MTTR)
What does it signify: the time it takes to respond to or settle an incident on average.
What it can demonstrate: MTTR can illustrate how fast your team can react to and solve issues.
4. On-Call Time
What does it signify: The amount of time an employee or contractor is on call at any one time.
What it can demonstrate: The on-call metric can assist you in making some adjustments to your on-call rotations to avoid burnout or overburdening your personnel.
5. Service Legal Agreement (SLA)
What does it signify: A service level agreement (SLA) is a contract between a provider and a client that specifies measurable parameters such as uptime, responsiveness, and obligations.
What it can demonstrate: One of the reasons incident management teams need to measure this data is the commitments made in SLAs (regarding uptime, mean time to recovery, and so on). Contracts must be updated, and repairs must be implemented as soon as possible if and when factors such as average response time or mean time between failures change.
What does it signify: The proportion of time that your systems are working properly.
What it can demonstrate: This measure is very self-explanatory; it shows how dependable your service is.
The BARE-IFY Audit App is an advanced safety compliance and auditing tool allows you to construct digital checklists and perform critical tasks that help your company run smoothly and efficiently.
Pulse provides companies with KPIs (Key Performance Indicators) for incident management to recognize and diagnose problems with systems and processes, set a benchmark and reasonable goals for the team to work toward, and function as a platform for more in-depth inquiries.
Pulse is a simple-to-use application that is useful. Rise to the top of your industry by revolutionizing your business operations and adhering to industry standards. Pulse’s free 30-day trial is now available to sign up for.