How’s that for a headline? In a situation that brought a new client to EnaSys, it was revealed that work halted at a military installation for a full three days as teams searched for a missing specialty wrench. Three days!
Before you put this down to the old trope of bureaucratic inefficiency, read how much time the average worker loses each year searching for misplaced items.
The “case of the missing wrench” grabs your attention and is a great breakroom conversation-starter, but it’s actually not that uncommon. The productivity lost by American workers searching for misplaced assets is estimated to be around $100 billion. That’s roughly the combined budgets of NASA and Department of Education!
SMEs aren’t Immune to Lost Assets
Let’s say you have 50 people in your organization, all earning the national average of $27.16 per hour. If the statistics are to be believed, each month you will pay your staff $2604.17 to search for misplaced assets, or $31,250 per year. But, the real cost to your organization is in productivity. After all, it’s not just lost wages but the losses that occur from workers not converting their time into profit-building activities.
In truth, businesses and organizations lose countless hours of productivity each day as employees search for lost and misplaced assets. It’s only when a startling example such as the “case of the missing wrench” appears that organizational heads collectively agree that “something needs to be done.”
Annually, Executives Spend a Full Month Searching for Misplaced Files
Most executives understand that a lot of time spent on the job is wasted due to a lack of organizational skills. But, it’s not just those “underlings” fumbling around, looking for misplaced items. Recently, Forbes reported that the average executive loses 150 hours each year (almost a full month) looking for misplaced documents. Wall Street Journal data puts this figure slightly closer to a full six weeks of lost productivity.
Filing errors are frustrating, but they are also costly. PricewaterhouseCoopers has put this common occurrence of misplaced files into dollars and cents, finding that the average cost to search and locate a misfiled document is around $120. What’s more, 5% of all documents filed eventually go missing, requiring 25 hours of work to recreate.
When the Cost is Counted in Lives
San Jose’s Santa Clara Valley Medical Center recently found that 383 pieces of medical equipment went missing over a four year period at a cost of $11 million to taxpayers. Ventilators and other high-priced equipment were later found to be sold on eBay, the online auction website. The financial loss is hard to swallow, but when critical equipment goes missing at hospitals, military installations, fire stations, police departments, and other first response-type operations, the cost could be a life.
EnaSys Helps Create More Organized Workplaces
Through the use of RFID and barcode asset tracking tools, EnaSys is creating more organized, streamlined operations. RFID-scanning software works in a full range of environments (and yes, can even be used to find a missing specialty wrench). EnaSys has been deployed successfully in offices, military installations, weapons depots, data centers, healthcare facilities, manufacturing plants, warehouses, retailers, schools, and can be customized to suit the unique needs of each organization.
A majority of businesses see a return on their investment in EnaSys within 6 to 18 months, according to surveys and interviews. Yet, these figures only account for improved productivity and loss prevention, not assets recovered during the tagging and tracking process or improved budgeting efficiencies.
Learn More About EnaSys
From handheld scanners to portal and drone RFID readers, EnaSys has an asset tracking solution for virtually every type of application. Visit enasys-usa.com to learn more about our barcode asset tracking solutions and RFID scanning software.