With Perspective 3.1, the goal was to expand the visibility and flexibility of loss information for incidents so that we have the forms and reports to best track financial information as it relates to incidents. It is important to track loss information with the record of events for any incident so that metrics beyond what is occurring, and how often, can be accurately reported. By measuring the monetary impact of those incidents, costly trends can be identified, the savings of new initiatives will be known, and recovery rates of investigation can be easily demonstrated.
With Perspective 3.0 and earlier, we allowed a single loss amount to be entered for physical items and/or vehicles. With each loss, we also had the ability to track the amount of that loss that was recovered. This approach allowed us to measure simple physical losses and recoveries. Perspective’s list was preset to track direct, indirect and averted losses only, and did not have the flexibility to track any other type. Because of these limited system values, it wasn’t flexible enough to track addition loss information.
With Perspective 3.1, these barriers have been removed and the ability to track losses has been completely revamped. Losses have been combined into a single tab on the incident which allows multiple losses or recoveries to be added. Perspective now supports multiple losses to be recorded, or multiple recoveries to be added, even if there is only a single loss. In addition, losses can be associated to any involvement type which now includes persons and organizations; and still includes vehicles and item involvements. Person and organization losses can be used to track the cost of time lost for employees, or settlements of litigation against other companies. If required, losses can even be added directly to the incident without specifically requiring an associated involvement.
With changes to Version 3.1, losses have been simplified but have also been made very flexible. Any loss information can be added to contribute to the Total Loss and any recovery can be added to track the Total Recoveries. Types, Causes, Methods and Statuses are all configurable to classify the information how you want. All recoveries are subtracted from all losses to provide the key Net Loss metric for an incident.
Version 3.1 also includes a section for tracking other relevant dollar amounts that cannot be classified as a loss or recovery. These values do not impact the Net Loss metric, but are still valuable metrics on their own. This supports information such as averted losses, exposures, write-offs or potential recoveries to be recorded with the incident record.
Detailed tracking of the costs associated to incidents is essential in order to illustrate the savings gained from both the security efforts to decrease these occurrences, as well as the recovery rate of investigations. This makes Perspective 3.1 an essential upgrade for any client fighting for budget or trying to accurately measure the ROI of its programs.
For more information on the Perspective 3.1 upgrade, please email customer service at email@example.com.
—Ryan Thiessen, Director, Product Management