What is the ROI of a Visitor Management System?
Visitor management systems are becoming increasingly popular in businesses of all sizes and the intangible benefits are clear. But, in an increasingly price-sensitive economy, being able to quantify the ROI could be the difference between getting it across the line or not.
Installing a Visitor Management system has a broad range of both tangible and intangible benefits.
These benefits differ between business types and operational processes. But across the board, they provide a secure and efficient way for you to manage visitors, track their movements, and ensure that they are properly identified and authorized to be on your premises.
Did you know, SwipedOn has been voted as best estimated ROI by G2?
But what is the return on investment (ROI) of a visitor management system?
To evaluate the ROI of implementing a Visitor Management system in your business, let's look at three core categories: reduced administrative costs, improved operational efficiencies, and reduction of risk.
Reduced Administrative Costs
Registering visitors and contractors into your office can be a time consuming task. The average time it takes to manually process a visitor upon arrival is 3 minutes - not to mention the time it takes to track down hosts who may be away from their desk. For busy reception desks, those 2-3 minutes per visitor can have a profound effect on administrative costs pulling your reception team away from business-critical activities.
The cost savings associated with a visitor management system are significant. By automating the process of registering visitors, you can save time and money for your business. For example, a visitor management system can eliminate the need for manual registration, which can be time-consuming and costly. Additionally, you can save money on printing visitor badges, as the system can generate them electronically.
The following calculations have been based on a business with 10, 50, or 100 locations:
- 8 visitors per day average
- 21 working days per month
- 3 minutes per check in
- US $23 - $18 per hour receptionists salary, $5 establishment overheads
((8 x 21) x 0.05hrs x $23 x 10 locations) x 12 = US $23,184 per year across all locations
((8 x 21) x 0.05hrs x $23 x 50 locations) x 12 = US $115,920 per year across all locations
((8 x 21) x 0.05hrs x $23 x 100 locations) x 12 = US $231,840 per year across all locations
# of monthly visitors x manual check-in & data entry time in hours x hourly pay rate x # of locations x months in a year = savings in a year across all locations
Improved Operational Efficiencies
In addition to streamlining operations at the reception desk, SwipedOn improves the pre-registration and induction process, eliminating duplication of data entry through improvements in process automation. Features like instant host notification, automated badge printing, automated screening approvals, disclosure and agreement signing and improved visibility all contribute to greater efficiencies for your workplace.
- 76% of users experience an increase in efficiency when signing visitors in.
- 84% of companies see an increase in operational efficiency with the use of a VMS.
Reduction of Risk
The security benefits of a visitor management system are also significant. By having a system in place, you can ensure that only authorized visitors are allowed on your business' premises. This can help to reduce the risk of theft, vandalism, and other security threats. Additionally, the system can provide detailed records of who has visited the premises, when they arrived, and when they left. This can help you to quickly identify any suspicious activity.
A changing regulatory landscape surrounding data protection and processing has increased the risk of non-compliance for large organisations. Failure to comply may result in significant fines and have a detrimental impact on brand perception.
SwipedOn’s SOC 2 and ISO 27001 certifications mean you can be confident our technology and processes are robust and follow internationally recognized standards, measured and audited by third-party professionals. The general risks of non compliance are detailed below.
- General Data Protection Regulation (GDPR) has fines of up to €4 million or 20% of annual turnover, whichever is higher.
- The newest California Consumer Privacy Act (CCPA) incurs fines of $2,500 per infraction of unauthorized use of customers’ confidential information.
- ITAR - $1 million/10 years in prison.
- FSMA – Court actions, seizures, suspension of facility’s food registration.
- Occupational Safety and Health Administration (OSHA) a maximum penalty for repeated and willful violations rules at $136,532 with a minimum penalty of $9,753.
- Cyber Risk - The average data breach costs $4.24 million (2021).
- Emergency evacuation. Knowing who is on site at all times and having accurate record keeping.
- Data integrity. No risk of lost data, paper based visitors books and systems are prone to loss of data.
- Data availability. Easily search global databases for individuals and movements at an instant.
- Brand perception. Reduce queues, wait times and compliance with a best in class tool.
The protection and security of your data is our most important responsibility.
Our SOC 2 and ISO 27001 certifications mean you can be confident our technology and processes are robust and follow internationally-recognized standards, measured and audited by third-party professionals to ensure we’re following best practices.
Our product security
Our Cloud-based platform is engineered for redundancy and availability, allowing it to be used in offline mode. User accounts and passwords are securely managed by AWS Cognito.
Our network and application security
As a Cloud service, we don't host any servers ourselves, this is outsourced to AWS. Our web application is only accessed via HTTPS, the framework of which is protected with SSL certification.
Overall, the ROI of a visitor management system is clear. By automating the process of registering visitors, you can save time and money, while also increasing security on your business' premises. This makes it an invaluable tool if you are looking to improve security and efficiency in your business.