The COVID-19 pandemic has fundamentally altered employees’ perceptions of workplace safety. Research by the Yale Center for Customer Insights suggests that CEOs are grappling with twin challenges: not only must they ensure a safe work environment, but they must also effectively communicate this to their staff.
But the threats employees face at work aren’t limited to health risks. Personal security also matters greatly, and a solid visitor management system (VMS) can go a long way in fostering trust and assurance.
If you’re considering a visitor management system for your company, gauging the return on investment (ROI) is a vital preliminary step. Let’s delve into how to accurately calculate the ROI of a VMS.
The Importance of Visitor Management Systems
For many firms, visitor management is often unstructured and fragmented.
Old-fashioned methods such as manual logbooks are still prevalent in some companies. These require visitors to write down their personal information, leaving them vulnerable to digital theft from a quick photo snapped by an unethical party.
This antiquated system is not sustainable in our modern era. It not only makes everyone involved uneasy but can also expose you to potential legal issues.
Furthermore, this system provides no real-time data about visitors, eliminating the opportunity for preliminary visitor screening. The lack of a cohesive VMS makes it impossible to provide a secure environment for your staff and assets.
Understanding Security Budget Allocations
In a typical business setting, a mere 2% of the total budget is allocated to security. With increasing cybersecurity threats, it’s understandable that a significant portion of this is directed towards digital protection. Still, the risk of physical breaches and theft at work is a genuine concern.
The typical budget distribution within the 2% allocated to security includes:
- 20% on access control
- 15% on notification systems
- 10% on visitor management systems
- 5% on integrated solutions/AI
Integrated visitor management systems bring together these different elements, enhancing security while potentially reducing your security budget through efficient utilization of resources.
Determining the Value of a Visitor Management System
To persuade upper management to invest in a VMS, a quantifiable measure of the investment is crucial. Here are some recommended steps:
Align on Organizational Needs with Leadership: Before scouting for vendors, make sure to align with C-suite executives on the organization’s needs. This creates a detailed checklist to present to potential vendors, enabling a side-by-side comparison.
Clear Vendor Communication: By providing vendors with a comprehensive list of requirements, they can offer precise cost estimates for each component. This includes services like SMS alerts, geographical data storage, and implementation services.
Hardware Costs: Essential hardware components of a VMS, such as tablets, label printers, and stands, can cost around $800 per station on average. Coordinate with providers to receive a precise quote based on your requirements.
System Maintenance: Each vendor should provide an in-depth breakdown of the initial and annual costs of system maintenance.
Calculating the ROI for a Visitor Management System
A VMS can lead to a significant reduction in administrative costs.
With a VMS in place, visitors can self-check-in, digitally sign disclosures/documents, and receive visitor badges. The system remembers the details of returning visitors, further expediting their check-in process.
Here’s a simple formula to calculate the ROI:
(Number of monthly visitors x time for manual check-in procedures x work days x hourly pay rate x number of locations) = monthly savings.
Strategic Advantages
Having a centralized VMS in place standardizes procedures and cuts down on training costs. With no need to maintain multiple applications, the same VMS can be adapted to various departments, storing all data centrally and digitally. This grants executives instant access to visitor logs and legal documents.
Risk-Based Savings
Compliance with local, national, and international data protection laws is crucial to maintain an organization’s reputation and avoid potential fines.
A strong VMS that meets these requirements shields your business from penalties arising from data protection law violations.
Intangible Benefits
A well-functioning VMS safeguards your intangible assets, such as:
- Bolstering client trust in your handling of personal data
- Enhancing employee security, thus improving focus and productivity
- Elevating business reputation
The Cost of Inaction
Continuing with non-integrated systems that prevent instant reporting puts the security of your employees and visitors at risk and exposes you to potential data breaches and substantial fines.
Moreover, when employees perceive that there’s no control over who enters and exits, it can compound anxieties about returning to the office. In contrast, secure employees are happier, more productive, and less likely to consider changing jobs.
Your Visitor Management Needs
OCR’s visitor management system enables pre-authorization of visitors and streamlines the sign-in process. This not only helps control who enters your premises but also ensures compliance with relevant laws.
Reach out to OCR today to discuss customizing visitor management systems tailored to your business.
