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Originally Posted On: https://www.elocker.com/blog/asset-management-lockers-business-case/
How to Build a Business Case for Smart Device Management Lockers
More warehousing and 3PL companies are now using digital locks to rapidly enhance their asset management. Proven at providing a rapid return on investment and reducing device loss by 99%, you will still likely need to build a business case before getting final approval.
A business case is a summary document that describes the rationale for a proposed project and is used to convince stakeholders that the project is worth pursuing and will deliver the desired benefits.
Though the eLocker team is happy to work closely with you on your business case, here are some tips on what you might want to cover in your first draft.
Discuss the Key Drivers
Though it’s tempting to cover the benefits that digital lockers will bring in this part, it’s essential to also cover how your current device management is negatively impacting the business.
The overheads associated with traditional device management quickly add up. Ask your teams further questions on the impact of your current device management process on them.
How many assets/devices are you losing a month?
How much is it costing you?
How long does it take for a staff member to retrieve a device and start work?
What is the process at the end of shift…is there a bottleneck or are devices dropped back in a box?
Align the figures with the organisational goals to present a stronger case. You can collate these figures in a Cost of Inaction document, which the eLocker team can help you with. It’s vital to back up all points with data as this ensures a more solid case for decision-makers to consider.
Benefits of Smart Locks for Device Management
Carefully weave the benefits of upgrading to digital locks into your business case, tying each benefit back to a company objective. Some of the benefits to consider:
Drastic Reduction in Device Loss
Digital locks use RFID technology and two-factor authentication, making it impossible for an unauthorised person to pick up or return a device. Pair this with data on the eLocker’s online platform, and quickly, you create accountability with your staff and likely see double-digit percentage reductions in device losses.
Saved Time at the Start of Shift
Rather than have your staff queuing at a sign-in desk or a screen, eLocker offers two-factor authentication on the door. With transparent screens on each locker, staff members can see what they need at a glance and pick up right at the door, eliminating the bottlenecks you see with other systems. While warehouses focus on saving seconds on tasks, you can save minutes at the start of shift device pickup.
Fostering Accountability & Integrations
With multiple access options available, integrating with existing staff cards is a popular option amongst our customer base. It makes for a quick and non-disruptive install and a better staff experience, where they can enter the building and access devices all from one card, with each locker activity logged and fully traceable in the online platform.
eLocker also offers an open API integration to other business systems, such as HR or asset calibration management platforms.
Presenting a Compelling Business Case for Device Management Lockers
Once you’ve completed the initial research, it’s time to present your business case.
Start with a Compelling Executive Summary
Your executive summary is a condensed version of the entire document. Lay out your arguments and contents in a concise but persuasive way, stating the benefits and ROI upfront.
Describe the Challenges in a Situation Overview
Outline the problem you want to solve. Use your statistics and real-world examples or quotes. You want to ensure that everyone realises that investment would be beneficial for the business and provide a solid return.
Provide the Details of the Solution
Explain what smart lockers are, how they solve the problem, and the benefits. Emphasise any relevant details, e.g. security protocols, implementation, and managed solution options, that will preempt any concerns stakeholders might have. Share case studies of other organisations that have benefited from using device management lockers. This will show that device management lockers are a proven solution that can deliver actual results.
Break Down the Costs
Break down the cost to fit your company’s financial strategy and preferences. Try to quantify the benefits that device management lockers can offer your organisation whenever possible. For example, you could calculate the cost of lost devices or the potential fines for non-compliance with industry regulations.
Other Tips
Before you present your case to management, get buy-in from key stakeholders, such as IT staff, department heads and employee representatives. This will help ensure that your case is well-received and that you have the support of the people affected by the implementation of device management lockers.
If you need help putting together your business case, we will be happy to assist you in all aspects of it. Whether providing you with state-of-the-art industry statistics or compiling a Cost of Inaction report, we are on hand to help make your business case as strong as possible so you can take the next steps in transforming your asset management.
