Back in 2020, Selectlok were asked to write a guest article for the Security Exhibition & Conference about some of the costs often associated with small asset loss for Australian businesses and how to combat them.
Based on a 2019 study commissioned by Telstra to assess the amount of lost assets within Australian businesses. This study calculated the amount at a staggering $4.3 billion dollars. Of which, almost $600 million dollars alone were associated with small asset loss such as keys and key cards. This was just the cost of replacement and doesn't take into account the time wasted, impact to business processes and other expenses associated with tracking these assets.
In the years that have followed, these costs have only served to further increase, adding even more financial strain to thousands of Australian businesses.
So, what can possibly be the answer?
The problem is that most key or key card solutions essentially move the burden of small asset management around in an effort to avoid asset loss and business disruption however, there’s a better way to avoid the loss of keys. Remove them from the equazion. Employees and contractors can’t lose the asset if there is no asset to lose.
The iLOQ range provides a digital solution to the most common problems with small-to-large scale deployment of locking security. With iLOQ you don't have to worry about key management, lock maintenance, batteries or manual tracking.
Click here to read our original article on the Security Exhibition & Conference website to find out more.