Surveillance is a major part of commercial security companies, and comes with a bunch of hidden benefits for businesses to take advantage of. Apart from the ROI of protecting people, property and equipments, high-quality cameras serve a range of benefits that hard to quantify. Whether you are a retail store, a manufacturing plant or an office space, there are some things that cannot be measured, but are very crucial nevertheless.
For instance, consider the relation between surveillance systems and Worker’s Compensation claims. Though cameras are generally installed to prevent theft and keeping an eye on the whole system using traditional security measures, they can also help to get insights from incidents such as accidents or injuries, and use that to prevent future injuries. It can also be used as document to challenge invalid claims. When the average of comp claims amounting to $28,000 for medical costs, added with loss of productivity and other costs, the ROI of a security camera can help to save to lot of money in case of unfair claims.
Modern security systems also comes with analytics that can used to monitor customer behaviors and traits. Things such as measuring frequency of customer visits, what time of the day they come, how long do they stand in line, and where do they browse, can be used to enhance business performance, reduce cost, improve staffings and sales and more.
If you do the math, the formula of calculating ROI is known as Annualized Loss Expectancy (ALE). The cost of security is calculated in tangible forms, such as money and time, along with less tangible components like reputation and competitive advantage. Once you found the costs, multiply that with the probability of the risk. For instance, if the probability of your store being robbed is 10%, and on an average can cost you $15,000, you should not spend more than $1500 on security.
Along with all these, adding surveillance to a workplace or business place can play a vital role at shaping behaviors of customers and employees. When people know that they are being watched, they tend to be more attentive to their actions and make less mistakes. Not to mention, for employees to know that their workplace is under surveillance, also adds security and comfort to know that their possessions and belongs are being monitored. All of the benefits cannot be put into value, but they do help to keep the business more productive and safer, not to mention, even provide insights to improve productivity.
So before you think that surveillance cameras are not needed, take these factors into account and consider how they can help you come out some of these situations.