Business Benefits of Biometrics

Introduction

So far in this series of articles on biometrics, we have looked at the basic principles underlying biometric science. We have also described the basic components of biometric technology systems and considered a range of biometrics applications in real life.

In this article, we shall be considering the business and security benefits that organisations can enjoy, through the adoption of biometric technology.

Why Biometrics is Gaining Traction in Business Applications

Organisations in every industry need reliable and efficient technologies to enforce security protocols. These range from controlling physical access to facilities and operating zones to regulating user access to applications, resources, and information. Such measures are essential for protecting critical assets such as corporate data, vital materials, customer information, and intellectual property.

Traditional access control and user authentication methods have relied on knowledge-based assets like passwords and security codes, or physical token-based ones like badges, keys, and tokens. However, all these methods are vulnerable to manual or intellectual error: passwords can be forgotten, and physical keys are easy to lose or misplace. Moreover, malicious third parties with the right skills and equipment can relatively easily crack passwords, steal, or replicate physical tokens.

By using the inherent characteristics of an individual as the basis for identification or authentication, biometrics mitigates these risks. Recognition of subjects is also quick and convenient, with the latest biometric technologies. For example, using biometric data such as a fingerprint or a facial scan, an individual’s identity can now be verified accurately in as little as one second.

Health and safety concerns in the wake of COVID-19 have also been driving moves to adopt processes that require little or no physical contact. Here too, biometric technologies can provide the answer.

These and other considerations are fuelling a demand for biometrics in all sectors of the economy. In a recent report, the International Security Journal observes that the global biometrics market which was worth around $33.2 billion in 2022 is on course to grow by nearly three times by 2028, totalling $87.4 billion. Among the major trends driving such growth is the rise in multimodal biometric authentication, multi-factor authentication (MFA), and a shift away from passwords.

Benefits of Biometric Systems

There are in fact several advantages that the use of biometric technologies brings to the enterprise. They include the following:

Enhanced Security

Modern biometric systems are capable of recognising people swiftly, consistently, and with a high degree of identification accuracy. This makes them ideal for access control purposes -- which is why many organisations employ fingerprint, facial, and other recognition systems to verify the identity of individuals as genuine workers, and to filter those with specific privileges for entry to particular sites of a facility.

Businesses can also use biometrics to regulate access to their digital assets.  For example, organisations can incorporate biometrics into the multi-factor authentication (MFA) needed to log into computer systems, applications, and business platforms.

Speed and Convenience

Biometric technology solutions are generally easy to implement once installed and require negligible training on the part of their users. In operation, recognition accuracy tends to be high, and the time for analysis and recognition very low. This makes biometrics a quick and convenient option for business use. For the organisation, time saved in performing biometric verification means time gained by the users, who can devote more of their energy to higher-value tasks that benefit the enterprise.

Reduced Costs

Cost reduction and financial gains can result from several avenues, with the use of biometric systems. For example, using a fast and low-cost fingerprint recognition solution eliminates the tendency for employees to waste time resetting passwords or acquiring replacement smart cards -- thereby cutting down on administrative costs.

With biometrics speeding up and simplifying verification processes, workers have more time and energy to contribute to the profitability of the business itself. Meanwhile, the enhanced physical and cybersecurity provided by biometric solutions reduces the incidence of fraud and other illicit activities that can impact negatively the organisation’s business reputation and bottom line.

Improved Audit Trails

Biometric systems come with integrated data gathering and analysis, which can benefit the enterprise in several ways. At an administrative level, biometric access control can provide managers with an accurate picture of who is on the premises or using a particular system at a given time. This can provide information for attendance records, usage patterns, and Human Resource management.

Using biometrics to ensure that people are who they claim to be can provide legal protection for the enterprise, particularly in situations where only authorised personnel should be handling specific materials or data. With biometric data providing an audit trail of worker activity, this information can also be useful in ensuring that the organisation remains in line with its obligations as regards regulatory compliance needs and industry standards.

Ability to Scale

Biometric verification systems are highly flexible and can easily scale up or down to accommodate the growth or shrinkage of the enterprise. With system integrations, it is also easy for organisations to extend a consistent set of biometric protocols across branch or regional offices -- thereby ensuring an enterprise-wide security and authentication system with the ability to adapt to the changing state of the organisation, as it expands to new markets and/or geographical regions. Particularly with biometric systems that incorporate cloud technology, this scaling can typically occur rapidly and cost-effectively.

Conclusion

In conclusion, biometrics is not just a trend but a transformative force in business. Biometric systems offer a robust solution to the perennial challenges of security and identity verification. They stand as a testament to innovation, providing a secure, swift, and user-friendly alternative to traditional security measures. The growth trajectory of the biometrics market reflects its increasing indispensability in a world where efficiency and security are paramount. The adoption of biometrics not only enhances the security posture but also drives operational efficiencies, reduces costs associated with traditional security measures, and offers a seamless and modern experience for users. As we look to the future, businesses that harness the power of biometrics will find themselves at the forefront of a secure and streamlined digital transformation.

This concludes our look at the business and security benefits of biometric technology. Keep watching this space to find out more about biometrics, as we continue our series of articles.