Behind every event in Canary by Pagos is a trigger that defines when a particular metric warrants attention. In other words, you configure a trigger and when your data "trips" that trigger, Canary registers an event and notifies you of the change. You can create triggers that alert you of changes to your full data set or just specific segments of data; for example, a trigger can alert you when your aggregate approval rate decreases below a specific value, or when only your approval rate for French banks drops unexpectedly.
To configure a trigger in Canary:
- Open the Canary Service Panel, then click Triggers.
- Click + Add.
- Give your trigger a Title and Description.
- Select the Metric you want to monitor from the drop-down menu.
- Define the Frequency by which you want Canary to check the metric.
- Select the Threshold Type.
- (Optional) Narrow down your trigger threshold by setting Groups and Filters.
- Set a Direction for your trigger. This tells Canary if it should alert you when your metric crosses Above the threshold or Below it.
- Set the Threshold. This is the exact value of the threshold trigger for the chosen metric.
Canary has two types of thresholds:
- Simple – A completely customizable threshold value; you enter any value you want, and specify whether you want Canary to notify you if the your data falls above or below that exact value
- Relative – A threshold value that is created relative to your historical data; Canary will calculate a threshold value based on where 95% of your historical data sits and notify you when your data crosses that value
How you choose a threshold type—simple or relative—depends on how you and your organization think about your data. The simple threshold is a great option if you already know what good performance looks like and you've established specific KPIs for your business. Similarly, if you have a hypothesis about what data values are “normal” for your business, you can use simple thresholds to track and test that theory.
Relative thresholds are great if you don’t want a noisy trigger from Canary. With a relative threshold, you’ll only receive Canary notifications about 5% of the time.
Tip Regarding Relative Thresholds:
If there is a major change to operations or your payment stack that creates durable changes in your metrics, you'll likely need to create a new relative threshold.
You may need both types of thresholds—you're not limited to just one! For example, if you already have a well-established KPI for Approval Rate, set a simple threshold trigger for that metric. Then, if you're just starting to monitor your Average Order Value (AOV), create a relative threshold for AOV to identify trends in your data. The combinations and possibilities are near-endless and customizable to your business needs.
Updated 12 days ago