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Stop wasting money and start analysing your security budget

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We don’t know about you, but we object to being sold stuff we don’t need and worse still, obsolete.

In the security industry, costs can soon add up. In Australia, maintaining a 24/7 security presence amounts to well over $300,000 a year – and a lot more for larger sites needing multiple guards.

It pays then to have properly evaluated, up-to-the-minute information at your fingertips when outlaying that sort of money.

Did you know:

  • When it comes to security, less really can be more
  • In contrast to public perception, CCTV is overrated as a crime fighting tool
  • Some security activities create more risk than originally existed?

The good news is that with recent technological advances, you can dramatically improve the benchmarking of your security spend. What’s more, modern data analysis allows you to predict security threats with a far greater degree of accuracy and avoid them instead of merely responding to them.

How artificial intelligence is revolutionising the security industry

Up until now much of the security industry’s concept of “risk analysis” has been rudimentary, over-relying on (often generalised) historical data to inform management decisions. When we say historical, we mean traditional risk assessments which only track changes every one to five years.

Indeed – surprisingly, many large businesses are still stuck in that mode.

Some retail groups have even told us in the past that they do not know how to allocate budgets for security because they can’t compare properties and prioritise spend.

Enter smart technology, enabling those very businesses to make decisions based on highly specific data for individual properties.

At Matryx we’re at the forefront with our own world-first software, helping to usher in a new era of information gathering and analysis.

Our trials of RiskDynamyx® – a personalised, 24/7 digital dashboard for security managers and exclusive to Matryx – alerts security managers in real time when an incident is likely to happen.

In essence, it records incidents and changes to a property and its surroundings minute by minute. Through the use of predictive technology, Google POI mapping, and automatic updates of local and global crime information and trends, the tool is already revolutionising risk assessment in the security industry.

Businesses can easily see when the risk rating of their properties changes from extreme, high, medium or low, and unlimited, online expert support is available to help them make the best security decisions.

The key benefits are:

  • It puts a scientific framework around predicting security risks
  • Switches the focus of security from reactive to proactive
  • Allows businesses large and small to spend their money where it matters most, with most clients reporting a 12 per cent reduction in security overheads along with a 30 per cent reduction in incidents and loss.

Who knew data could tell us so much?

When we started building RiskDynamyx®, we didn’t know exactly what we would learn. We only knew we would learn new things and from that should come benefits such as reduced risk and fewer incidents for our clients.

That has always been the aim.

Here are a few examples of data-driven decision making in the physical security space, where we’ve been able to:

  • Pinpoint seasonal crime patterns at specific properties. This has led to deploying security differently during the months of increased risk.
  • Explore relationships between incident types. By targeting one category, the other has also reduced.
  • Document where more security is not equating to fewer incidents or less risk, requiring an adjustment in strategy
  • Demonstrate that some security activities do more harm than good. Based on the data, we’ve been able to recommend specific amendments to Standard Operating Procedures, educating and re-training security personnel.
  • Closely evaluate capital expenditure on CCTV, which has been proven to have a negligible impact on preventing crime. In some cases, we’ve recommended diverting some of the budget to other security priorities.

With more data comes more insights, more knowledge and more opportunities to create safer and more secure spaces.

To find out more about RiskDynamyx® and evaluate security measures at your property, get in touch.  

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