{"id":347,"date":"2011-01-03T16:34:20","date_gmt":"2011-01-03T21:34:20","guid":{"rendered":"https:\/\/www.m2sys.com\/blog\/?p=347"},"modified":"2022-11-16T04:04:47","modified_gmt":"2022-11-16T09:04:47","slug":"the-top-15-reasons-to-use-biometric-technology-in-workforce-management-and-retail-point-of-service-reason-7-achieve-higher-return-on-investment","status":"publish","type":"post","link":"https:\/\/www.m2sys.com\/blog\/workforce-management\/the-top-15-reasons-to-use-biometric-technology-in-workforce-management-and-retail-point-of-service-reason-7-achieve-higher-return-on-investment\/","title":{"rendered":"The Top 15 Reasons To Use Biometric Technology In Workforce Management And Retail Point Of Sale \u2013 Reason #7 \u2013 Achieve Higher Return On Investment"},"content":{"rendered":"<p>Blog Series \u2013 \u201cThe Top 15 Reasons To Use Biometric Technology In Workforce Management And Retail Point Of Sale\u201d<\/p>\n<p><em>Leading up to our participation in the <\/em><strong><em>National Retail Federation\u2019s 2011 \u201cRetail\u2019s Big Show\u201d<\/em><\/strong> <em>from January 9 \u2013 12 in New York city, <\/em><a title=\"M2SYS Technology\" href=\"https:\/\/www.m2sys.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong><em>M2SYS Technology<\/em><\/strong><\/a> <em>is publishing a blog series on the top 15 reasons that biometrics is a smart choice for retail organizations to consider as an authentication technology in <\/em><a title=\"workforce management\" href=\"https:\/\/m2sys.com\/biometric_time_clock.htm\" target=\"_blank\" rel=\"noopener noreferrer\"><strong><em>workforce management<\/em><\/strong><\/a> <em>and <\/em><a title=\"retail point of sale\" href=\"https:\/\/m2sys.com\/biometric_time_clock.htm\" target=\"_blank\" rel=\"noopener noreferrer\"><strong><em>retail point of sale<\/em><\/strong><\/a> <em>applications.<\/em><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-16249\" src=\"https:\/\/www.m2sys.com\/blog\/wp-content\/uploads\/2011\/01\/Achieve-higher-return-on-investment.jpg\" alt=\"Achieve-higher-return-on-investment\" width=\"800\" height=\"507\" srcset=\"https:\/\/www.m2sys.com\/blog\/wp-content\/uploads\/2011\/01\/Achieve-higher-return-on-investment.jpg 800w, https:\/\/www.m2sys.com\/blog\/wp-content\/uploads\/2011\/01\/Achieve-higher-return-on-investment-600x380.jpg 600w, https:\/\/www.m2sys.com\/blog\/wp-content\/uploads\/2011\/01\/Achieve-higher-return-on-investment-768x487.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p>In case you missed it, here are the links to our prior posts in the series:<\/p>\n<p>Reason #1 \u2013 <a title=\"Stop Buddy Punching\" href=\"https:\/\/www.m2sys.com\/blog\/?p=273\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Stop Buddy Punching<\/strong><\/a><strong><br \/>\n<\/strong>Reason #2 \u2013 <a title=\"Increase Productivity\" href=\"https:\/\/www.m2sys.com\/blog\/?p=290\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Increase Productivity<\/strong><\/a><strong><br \/>\n<\/strong>Reason #3 \u2013 <a title=\"Enhance Loss Prevention\" href=\"https:\/\/www.m2sys.com\/blog\/?p=314\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Enhance Loss Prevention<\/strong><\/a><br \/>\nReason #4 \u2013 <a title=\"Establish Accountability\" href=\"https:\/\/www.m2sys.com\/blog\/?p=324\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Establish Accountability<\/strong><\/a><br \/>\nReason #5 \u2013 <a title=\"Going Green\" href=\"https:\/\/www.m2sys.com\/blog\/?p=328\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Going Green<\/strong><\/a><br \/>\nReason #6 \u2013 <strong><a title=\"Build Customer Loyalty\" href=\"https:\/\/www.m2sys.com\/blog\/?p=338\" target=\"_blank\" rel=\"noopener noreferrer\">Build Customer Loyalty<\/a><\/strong><\/p>\n<p>And now on to our next post\u2026<\/p>\n<p>Reason #7 \u2013 Achieve Higher Return On Investment<\/p>\n<style type=\"text\/css\">\r\n.ad-area1 { border-radius: 8px; overflow: hidden; padding: 20px 10px; box-shadow: 0 0px 15px #ddd; margin: 15px 8px; border-top: 5px solid #a81010; }\r\n.left-area, .right-area { width: 50%; float: left; }\r\n.left-area { padding-top: 12px; }\r\n.left-area img { max-width: 95%; }\r\n.right-area h2 { text-align: center; padding-bottom: 0; font-size: 26px; font-weight: 900; margin-top: 0; }\r\n.right-area h2 span { color: #a81010; }\r\n.right-area h3 { text-align: center; font-size: 16px; text-transform: capitalize; font-weight: 700; padding-top: 10px; padding-bottom: 10px; line-height: normal; }\r\n.ad-area-head { text-align: center; font-weight: 900; font-size: 14px; border-bottom: 1px dotted #ddd; width: 70%; margin: 0 auto; }\r\n.ad-area-desc { padding: 5px 0; }\r\n.right-area p { text-align: center; font-size: 12px; padding-bottom: 0; margin: 0; line-height: 2; }\r\n.ad-area-desc b { font-weight: 700; display: block; }\r\n.ad-area1-learn { display: table; margin: 0 auto; background: #a81010; color: #fff; padding: 6px 20px; border-radius: 50px; font-size: 14px; }\r\n.ad-area1-learn:hover { color: #fff; }\r\n\r\n@media (max-width:320px), (max-width:360px), (max-width:375px), (max-width:400px), (max-width:480px) {\r\n.left-area, .right-area { width: 100%; float: none; }\r\n}\r\n<\/style>\r\n<div class=\"ad-area1\">\r\n\t<div style=\"overflow: hidden;\">\r\n\t\t<div class=\"left-area\">\r\n\t\t\t<img decoding=\"async\" src=\"https:\/\/www.m2sys.com\/blog\/wp-content\/uploads\/2018\/12\/RightPunch-Biometric-Time-Clock-Software-kronos-adp-m2sys.png\" alt=\"Bio-plugin-SDK\" width=\"\">\r\n\t\t<\/div>\r\n\t\t<div class=\"right-area\">\r\n\t\t\t<h2><span>RightPunch\u2122<\/span><\/h2>\r\n\t\t\t<h3>Affordable Biometric Time Clock Software for Kronos and ADP<\/h3>\r\n\t\t\t<div class=\"ad-area-head\">Key Features: <\/div>\r\n\t\t\t<div class=\"ad-area-desc\">\r\n\t\t\t\t<p>\u00b7 Increase Accountability and Boost Productivity<\/p>\r\n\t\t\t\t<p>\u00b7 Eliminate Time Theft | Reduce Payroll Expenses <\/p>\r\n\t\t\t\t<p>\u00b7 Prevent buddy punching<\/p>\r\n\t\t\t\t<p><\/p>\r\n\t\t\t<\/div>\r\n\t\t\t<a class=\"ad-area1-learn\" href=\"https:\/\/www.m2sys.com\/rightpunch-biometric-time-clock\/?utm_source=The+Top+15+Reasons+To+Use+Biometric+Technology+In+Workforce+Management+And+Retail+Point+Of+Sale+%E2%80%93+Reason+%237+%E2%80%93+Achieve+Higher+Return+On+Investment&amp;utm_medium=RightPunch%E2%84%A2&amp;utm_campaign=Blog+DisplayAds\">Learn More<\/a>\r\n\t\t<\/div>\r\n\t<\/div>\t\r\n<\/div>\n<p><strong><span style=\"text-decoration: underline;\">Why A High Return On Investment (ROI) Is So Important<\/span><\/strong><\/p>\n<p>So far in our mini blog series, we have discussed tangible ways that biometric technology can be a benefit to any business who takes advantage of its unique characteristics.\u00a0 We have demonstrated that biometrics helps to increase profits, boost productivity, enhance loss prevention, help the environment, create employee accountability and augment customer loyalty.<\/p>\n<p>The next topic we would like to address is how biometrics can help maximize your return on investment as a safe and secure authentication technology.\u00a0 Earlier this year, we <strong><a title=\"briefly touched on this topic in a previous blog post\" href=\"https:\/\/www.m2sys.com\/blog\/?p=175\" target=\"_blank\" rel=\"noopener noreferrer\">briefly touched on this topic in a previous blog post<\/a><\/strong> and explained that many businesses are already using biometric technology and experiencing high returns on investment.\u00a0 We also <strong><a title=\"California University Campus Reports 300% Return On Investment After First Year Of Using Biometric Technology\" href=\"https:\/\/www.m2sys.com\/california-university-campus-reports-300-return-on-investment-after-first-year-of-using-biometric-technology-pr11082010.htm\" target=\"_blank\" rel=\"noopener noreferrer\">issued a Press Release<\/a><\/strong> in November that highlighted biometric technology utilization for time and attendance at Cal Poly Pomona University where they have realized a 300% ROI in the first year of deployment.<\/p>\n<p>It\u2019s important to ascertain the long term ROI in a workforce management or retail point of service technology for your business before investing in it.\u00a0 While it may be tempting to be drawn towards technologies that have an initial lower cost (such as bar code scanning or personal identification number technologies), most often these technologies actually end up costing you more in the long run due to the cost of ongoing maintenance or replacement cards and scanners.\u00a0 As we have already illustrated, <strong><a title=\"biometric technology reduces paper and plastic waste\" href=\"https:\/\/www.m2sys.com\/blog\/?p=328\" target=\"_blank\" rel=\"noopener noreferrer\">biometric technology reduces paper and plastic waste<\/a><\/strong> and<strong><a title=\"is a key component in an airtight loss prevention strategy\" href=\"https:\/\/www.m2sys.com\/blog\/?p=314\" target=\"_blank\" rel=\"noopener noreferrer\"> is a key component in an airtight loss prevention strategy<\/a><\/strong> by removing the possibility of employees sharing PIN\u2019s and swapping bar code cards.<\/p>\n<p>Wouldn\u2019t you want to have the peace of mind that goes along with knowing that by using biometric technology, you are effectively removing the possibility that someone may be illegally manipulating the system?<\/p>\n<p><strong><span style=\"text-decoration: underline;\">How Do You Calculate ROI?<\/span><\/strong><\/p>\n<p>You may be wondering exactly how it is possible to perform an assessment on different potential workforce management or retail point of service technologies in order to determine which has the potential for the highest ROI.\u00a0 Let\u2019s use an example to illustrate, using a business which perceives that it\u2019s employees are engaging in the practice of \u201cbuddy punching\u201d:<\/p>\n<p><strong>Scenario<\/strong>:\u00a0 Workforce Management<\/p>\n<p><strong>Deployment:<\/strong> Time and Attendance<\/p>\n<p><strong>Technologies to evaluate:<\/strong> Bar coding, personal identification numbers (PIN) and biometric technology<\/p>\n<p><strong>Hypothetical variable:<\/strong> Buddy punching is a problem<\/p>\n<p>The first technology to evaluate is bar code scanning.\u00a0 The cost of the scanner is $300, software $300 and plastic bar code cards are $100 for the first batch and then $5 for each card purchased thereafter (employee turnover, misplaced, lost or stolen cards, etc.) which averages approximately 3 per month for a cost of $15 per month.<\/p>\n<p>The second technology to evaluate is PINs.\u00a0 The cost of a PIN reader is $500, software $300 and since employees frequently forget their PIN, you need a technical support person to reset PIN\u2019s which costs $5 for each instance averaging 3 per month or $15 per month.<\/p>\n<p>The third technology to be evaluated is biometric technology.\u00a0 The cost of the <strong><a title=\"biometric reader\" href=\"https:\/\/m2sys.com\/biometric-fingerprint-readers.htm\" target=\"_blank\" rel=\"noopener noreferrer\">biometric reader<\/a><\/strong> is $500, software $700 and maintenance and support is $50 per year.<\/p>\n<p><em>Review:<\/em><\/p>\n<p>Bar code scanning:\u00a0 $780 investment for Year 1<br \/>\nPIN:\u00a0 $980 investment for Year 1<br \/>\nBiometrics:\u00a0 $1,250 investment for Year 1<\/p>\n<p>Clearly, biometrics is the more expensive time and attendance technology to remove the possibility of buddy punching compared to the other two options.\u00a0 However, let\u2019s now factor in <strong><a title=\"what you estimate that buddy punching is costing you\" href=\"https:\/\/m2sys.com\/biometric-time-clock-roi.htm\" target=\"_blank\" rel=\"noopener noreferrer\">what you estimate that buddy punching is costing you<\/a><\/strong> in payroll losses per year which you calculate to be approximately $2,000.\u00a0 Since bar code scanning and PIN pad entry technologies do not eliminate the possibility of buddy punching whereas biometric technology does eliminate it, you must factor in the $2,000 loss per year for the first two technologies and a $2,000 gain for biometrics.\u00a0 Here is what the ROI calculations in year 1 look like for each of the technologies:<\/p>\n<p><em>ROI:<\/em><\/p>\n<p>Bar code scanning:\u00a0 -356%<br \/>\nPIN:\u00a0 -304%<br \/>\nBiometrics:\u00a0 +60%<\/p>\n<p>You can plainly see that to eliminate the root problem of buddy punching which is causing your business a significant amount of loss per year, only biometric technology can deliver a positive ROI.\u00a0 While we simplified this example in order to illustrate a solution to a specific problem (buddy punching) that your business is experiencing, you can extrapolate this information to a number of potential alternate negative scenarios such as return fraud and\/or lost productivity which may be causing you to unnecessarily lose money each year.<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Biometric Technology Is The Only Way To Be Certain<\/span><\/strong><\/p>\n<p>There are many workforce management and retail point of service technologies on the market.\u00a0 Most make the claim to be secure, inexpensive and reliable.\u00a0 However, as we just illustrated in our example above, if you identify a specific problem within your business or perhaps want to safeguard against any type of problem sprouting up in the future, biometrics is the only technology that identifies an individual with near absolute certainty to provide you with the peace of mind that you are shielding your business from the types of illegal activities that are detrimental to your bottom line.<\/p>\n<p>What successes have you experienced with biometric technology to boost your ROI?\u00a0 Please share them in the comments section below.<\/p>\n<p>Did you know that M2SYS has a Twitter account where we consistently provide links to biometric articles of interest and news about biometric technology?\u00a0 Please click on <strong><a title=\"this link\" href=\"https:\/\/twitter.com\/#!\/m2sys\" target=\"_blank\" rel=\"noopener noreferrer\">this link<\/a><\/strong> to follow us!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Blog Series \u2013 \u201cThe Top 15 Reasons To Use Biometric Technology In Workforce Management And Retail Point Of Sale\u201d Leading<\/p>\n","protected":false},"author":3,"featured_media":16249,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_focuskw":"","_yoast_wpseo_title":"","_yoast_wpseo_metadesc":"","_lmt_disableupdate":"no","_lmt_disable":"no","twitterCardType":"","cardImageID":0,"cardImage":"","cardTitle":"","cardDesc":"","cardImageAlt":"","cardPlayer":"","cardPlayerWidth":0,"cardPlayerHeight":0,"cardPlayerStream":"","cardPlayerCodec":"","footnotes":""},"categories":[1834],"tags":[39,17,29,14,10,9,46,22,16,19,50,28,11,52,15,20,47],"class_list":["post-347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-workforce-management","tag-biometric","tag-biometric-systems","tag-biometric-technology","tag-buddy-punching","tag-finger-vein","tag-fingerprint","tag-fingerprint-reader","tag-fingerprint-recognition","tag-fingerprint-scanner","tag-human-resources","tag-iris-recognition","tag-m2sys-technology","tag-palm-vein","tag-point-of-sale","tag-time-and-attendance","tag-time-clock","tag-vascular-technology"],"acf":{"_how_to_content":null,"_faq_content":null,"_structured_meta_data":null,"_tl_dr_content":null},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Top 15 Reasons To Use Biometric Technology In Workforce Management And Retail Point Of Sale \u2013 Reason #7 \u2013 Achieve Higher Return On Investment - Digital Transformation of Government Services<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.m2sys.com\/blog\/workforce-management\/the-top-15-reasons-to-use-biometric-technology-in-workforce-management-and-retail-point-of-service-reason-7-achieve-higher-return-on-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Top 15 Reasons To Use Biometric Technology In Workforce Management And Retail Point Of Sale \u2013 Reason #7 \u2013 Achieve Higher Return On Investment - Digital Transformation of Government Services\" \/>\n<meta property=\"og:description\" content=\"Blog Series \u2013 \u201cThe Top 15 Reasons To Use Biometric Technology In Workforce Management And Retail Point Of Sale\u201d Leading\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.m2sys.com\/blog\/workforce-management\/the-top-15-reasons-to-use-biometric-technology-in-workforce-management-and-retail-point-of-service-reason-7-achieve-higher-return-on-investment\/\" \/>\n<meta property=\"og:site_name\" content=\"Digital Transformation of Government Services\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/m2sys\" \/>\n<meta property=\"article:author\" content=\"m2sys\" \/>\n<meta property=\"article:published_time\" content=\"2011-01-03T21:34:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-16T09:04:47+00:00\" \/>\n<meta property=\"og:image\" 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