Benchmarks
Journey Analytics The behavioural analytics tool. | Analytics User | Latest Version Latest version 23.04.0 cloud hosted.
Journey Analytics Benchmarks enable you to compare your application's performance with industry trends. Let's delve into how to utilize Benchmarks within Journey Analytics.
What are Benchmarks?
Generally, benchmarks are a potent tool for gauging performance against a standard point of reference. In Journey Analytics, benchmarks are derived from real applicant behaviors from a subset of carefully selected and trusted form solutions, or applications, that use Journey Analytics. Benchmarks help you to identify areas requiring improvement and provide a clear target for performance goals, enabling you to track progress.
Within Timeline View, you can compare your application's performance to the available benchmarks in each tab. Benchmarks are depicted as horizontal lines across the chart.
Using Benchmarks effectively
While Benchmarks are undoubtedly useful in assessing application performance against others in the industry, how can you leverage this information? Here are a few strategies to utilize Benchmarks effectively:
- Identify improvement areas: Pinpoint the specific applications and transaction types that underperform compared to benchmarks.
- Set performance goals: Use Benchmarks to establish clear performance targets. Communicate these goals to your team.
- Measure your impact: Monitor progress towards Benchmark goals as you modify your application.
Benchmark calculations
Annually, the Journey Analytics team reviews the previous year's applicant behavior from a broad range of applications that use Journey Analytics. The team identifies solutions which can be considered as best in class and ensures sufficient data is included to create reliable and meaningful benchmarks for comparison. The methodology for calculating benchmarks is also reviewed annually to ensure its continued relevance and reliability.
It's important to understand that form solutions targeted for Benchmark calculations so far are all Onboarding or Account Opening applications. Please consider this and the context of your own application when evaluating your performance against the Benchmarks.
Privacy and Anonymity
Benchmark data is anonymized and does not contain identifiable information about the underlying applications or applicants involved.
Next Steps...
Learn about Last Analysis and how Journey Analytics processes incoming raw data every hour.