Top Benefits of Security Cameras and Surveillance Systems for Businesses

Businesses today lose billions of dollars each year due to vendor, customer and employee theft, fraud and vandalism. Businesses that have been using security cameras in the past have used them primarily to monitor and prevent customer theft and burglaries, but there are many more reasons to use security cameras and surveillance systems in today’s business world. Here are the top benefits for installing security cameras and surveillance systems in all types of businesses. Monitor and Improve Customer Service Businesses should be concerned with monitoring customer service, as it is the #1 reason customers will choose to be a repeat customer or not. Businesses lose $35.4 billion each year for lost customers who were not happy with the customer service they received. If businesses install security cameras and surveillance systems, they can monitor their customer service performance and make any necessary changes to improve customer service and reduce their monetary loss. In today’s world of social media and customer review sites, businesses cannot afford to have poor customer service. Just one dissatisfied customer can result in the loss of 10 customers after they share their negative experience with others. Monitor and Prevent Fraudulent Transactions Fraudulent transactions are growing in popularity due to today’s economy. It is more important than ever to monitor and prevent check, credit card and gift card fraud. With the use of security cameras and surveillance systems at checkout counters and proper training of employees, businesses can help reduce their fraudulent transaction loses substantially. It is estimated businesses lose $6.6 billion each year due to fraud and the numbers are growing. Monitor and Prevent Vendor Theft and Shortage Another big financial loss for businesses comes from vendor shortage and theft, which amounts to $107 billion in inventory shrinkage each year. This may because the vendor is not delivering the correct amount of inventory on the shopping list; small amount of inventory removed from boxes, fewer boxes delivered than listed on invoice and smaller sized inventory delivered than was ordered. These shortages, may or may not be intentional, but either way, the business losses. Also, shortages happen when the delivery person removes merchandise after the inventory has been counted and stocked, vendor overcharging and when a delivery person swaps out good merchandise for old merchandise. Monitor and Prevent Burglaries and Vandalism One of the most common reasons for businesses to install security cameras and surveillance systems is to monitor and prevent burglaries and vandalism during and after hours. Not only do these cause financial loss to a business due to property damage, but can also turn customers away if they perceive your business as unsafe. With losses totaling in the billions, workplace security is a major concern of companies who want to protect themselves, employees and their customers. Monitor and Prevent Theft and Shoplifting Another common and important reason for businesses to have security cameras and surveillance systems installed is to monitor and prevent theft and shoplifting; which is the 2nd largest source of inventory shortage according to the National Retail Security Survey. Theft and shop lifting account for 34% of annual inventory shrinkage and a $10.5 billion loss per year to retail businesses in the US. Most people will not steal when they know they are being watched, so it is very important to strategically place cameras and monitors to reduce the risk of theft and shoplifting. Monitor Workers’ Safety for Workman’s Compensation Security cameras and surveillance systems can help a business owner monitor their workers’ safety and help prove or disprove a workman’s compensation claim. Security is not just for the employer, but for the safety of their employees as well. The effect of workman’s compensation claims on a business can be very large. Last year 5.2 million private industry workplace injuries were reported, costing the US economy $110 billion. Through the use of security cameras and surveillance systems business owners can monitor safety policies to avoid injuries and claims. Monitor and Improve Employee Productivity and Prevent Wasted Time at Work Surveillance for employee productivity is crucial in today’s business world; especially with employees having access to the internet, email, Facebook and more. Employees admit to wasting over 2 hours per day, when businesses assume their employees are only wasting about an hour. Not only do employees waste time online, but also by socializing with co-workers, conducting personal business and arriving on-time or leaving early. As a business owner, you know it is impossible to monitor each employee every minute of the work day, so that is where security cameras and surveillance systems come in. Monitor and Prevent Employee Theft Employee theft accounts for 47% of business annual shrinkage or $14.6 billion in annual loss; which is why businesses should be utilizing security camera and surveillance technology. Employee theft comes in many forms including taking home office supplies for personal use, stealing retail products, and retail theft at the cash register. The highest risk of theft is when employees have a need and opportunity. Businesses have the right to be concerned about losing money due to employee, vendor or customer theft, fraud, and vandalism. They also have the right to monitor their business with security cameras and surveillance systems to help prevent and reduce annual losses due to such incidents.