How to Break Down the ROI of Key & Asset Management in 4 Steps Discover the Potential Savings of Management Solutions with Traka When you think of key and asset management, you think mostly in terms of operations, not ROI. Yet if you look a little closer, you’ll start to see savings leaking from your bottom line thanks to poor key and asset management. Where do these costs come from, and how can you calculate how many you’re potentially facing each year? We break it down for you below in four quick steps. Cost #1: Staff Labor How many of your staff members have to access keys or assets every day? Do they have to travel to a central location to manually sign out keys, and potentially wait for a manager? The more employees you have, the longer this process can take, and the more time you lose to inefficient processes. If your keys and assets change hands often, it also invites more opportunity for mismanagement. When pooled assets are misplaced, it takes time to locate them, whether those assets are vehicles, scanners, or another device your organization frequently uses. This can easily become a recurring burden that hinders the productivity of your employees. In the same way, you can lose time to keys changing hands throughout the day. Trying to find where other employees have placed a key can be frustrating and eat up minutes throughout the day. If you want to use your resources effectively, you don’t want to misuse your staff’s time and labor to daily inefficiencies. Cost #2: Management Labor Do you have a manager that assigns keys or assets to your staff every day? If so, think for a moment about how much time your managers spend on this task every day. Is it the best use of their abilities? How long do your other employees have to wait to get keys and assets from your manager, and how much are you paying each of them for their time? This inefficient way of distributing keys and assets is often the first response to poor key and asset management, but it invites a different set of problems. Tracking keys and assets manually invites room for human error thanks to its long, drawn-out processes and wait times. When people get impatient, they tend to skip processes and look the other way for the sake of convenience. The result? Time is still lost, and keys and assets still become misplaced. Cost #3: Re-key Incidents When you lose a key, you’re stuck rekeying anything from a front door to a whole building. If we estimate that rekeying costs $250 per incident, then losing even just five keys a year hits a four-digit blow to your bottom line. The more buildings you oversee, the more likely it is that you’re rekeying frequently thanks to poor key management. It’s a hassle that doesn’t just cost you time by slowing down your processes, but also slowly eats its way through your wallet each year. Cost #4: Asset Replacement How expensive are your assets? If it’s a police vehicle, for example, you could be looking at a five-digit cost per asset. Even something that seems small, however, can become a big cost if you have to replace it enough over time. Think carefully about the costs of your assets and how frequently you lose them over a yearly period. If you do the math, you might be surprised at how much you’re spending each year. Ready to calculate your ROI with Traka? Traka has designed a free and easy-to-use ROI calculator that goes through all the costs listed above and spells out the potential savings you’re missing from key and asset management. Want to give it a try? Just visit the link below and fill out the information required, and we’ll give you the yearly and monthly savings breakdown for the four costs we list above for free. Calculate your ROI with Traka: Get Your FREE Results!