There are many obvious benefits of having a professional security and surveillance system installed in your building or business, but are you aware of the more hidden ones? There can actually be quite a significant return on investment, or ROI, that is associated with the installation of an updated security system and security cameras to protect both people and property.
ROI on security can seem complex and somewhat difficult to truly quantify, but the hidden benefits certainly exist and may be easy to overlook. For example, consider the connection that can be made between security camera footage and claims for Workers’ Compensation. The normal cause for the installation of security cameras is to deter shoplifting, which then causes inventory shortages and loss of income. However, cameras can also provide documented proof should an accident or injury occur. This recorded evidence can help business owners find out if a Workers’ Compensation claim is indeed justified and will also show how future injuries can be prevented. With the average comp claim amounting to over $28,000 in medical costs (not even including lost productivity and other costs), it is easy to see how the cost of a security system can be justified.
In addition to these claims, many modern systems are able to give business owners unique insights and analytics into their businesses. Some systems are actually able to determine how many customers enter the store, how long they stay in a certain area, and which aisle or areas they browse in. This data can then be used to boost sales and productivity levels while reducing overall costs.
Business owners can also use the Annualized Loss Expectancy formula (the product of the annual rate of occurrence and the single loss expectancy) to measure security ROI. This can help calculate the cost of an incident in more tangible means, such as time and money, while also accounting for things such as reputation and competitive advantage.
Surveillance cameras and security systems offer business owners many benefits. If you would like to learn more about how they can improve your company, contact the security experts at A Total Solution, Inc. for your free consultation today.