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Is Surveillance a Good Fit for Your Business?

Posted by Nathan Rohleder on Apr 19, 2017 3:08:21 PM

Surveillance.jpgSurveillance in the business place is beginning to be the new norm and a requirement in some cases. Cameras in today’s society are everywhere, you just may not have noticed.  Once a topic of discussion regarding privacy concerns, surveillance has become a necessity for many businesses for a number of different reasons ranging from physical to financial loss. There are many considerations when determining whether surveillance should be implemented in your place of business. Here are a few:

Profitability and Efficiency

Surveillance can help a business from both internal threats, as well as external threats.  As a business owner or a manager have you ever thought, If only I knew what my staff was doing after I left the workplace or needed to address an issue but didn’t have sufficient evidence to support your theory?  Studies have shown according to Blumberg Business that surveillance in the restaurant industry have reduced theft by nearly 22% and increased profits nearly 7%.  That’s a potential boost to the bottom line of 29%, now that’s a return on investment! 

Inventory shrinkage is a big problem in many different industries; retail, medical, industrial or manufacturing.  It is estimated that businesses experience an average of 2-4% in inventory shrinkage annually, with some businesses experiencing much higher rates.  Let’s say a business with $200,000 in inventory has a 2% shrinkage loss, that’s $4,000 a year or $333/month.  But where is all that inventory going year after year?  A surveillance system might be what is needed to determine if you have an external or internal loss issue. 

Keeping a watchful eye on your business can be much easier with video surveillance.  Systems allowing remote viewing from a computer or mobile device allows owners or managers to check in on staff to ensure maximum efficiency in the workspace.  Is your business under or over staffed during shifts or loosing productivity due to extended employee breaks and employee smartphone use on your dime?

Business Operations

Property damage of building structures, equipment, inventory, fences and gates can all come with big replacement costs.  Identifying the culprit of those damages can again be made easier with video surveillance or better yet, acts as a deterrent from those activities taking place on your property.  Verification of shipments and deliveries of goods and services can be resolved with video surveillance.  We have all made the mistake of being over confident in our multi-tasking abilities resulting in oversights.  An employee on the phone assisting a customer while replying to 10 emails forgets to enter in parts farmer Joe stopped in to charge to his account. Now farmer Joe has some shiny new parts for his tractor and the business is writing off goods that never got billed.  

Liability Purposes

Despite having laws and regulations in the workplace for sexual harassment and workplace violence that have been in place for decades, the cases still exist.  In 2012, the Equal Opportunity Employment received 7,500 complaints resulting in $43 million paid out in monetary benefits for sexual harassment alone.  Injuries on the jobsite also result in claims being filed for Workers’ Compensation with the average out of pocket claim ranging $4,000-8,000 in Workers’ Compensation, medical bills and rehabilitation.  This does not include the losses in productivity of injured employees and backend paperwork for the insurance company.  Video surveillance can provide verification for accident claims and make quick work of the insurance investigation stages. 

Clearly there are many considerations that come into play when choosing if video surveillance is the right fit for your business.  There can be a strong business case in most scenarios that the Return on Investment implementing video surveillance not only pays for itself, it adds profit to your bottom line.  Additionally, showing a general concern for safety to your employees and customers can provide a positive peace of mind.

 

 

Topics: Business Technology Watch