New Lost and Found KPI released
With input from industry leaders, we’ve released new statistics in our software. When considering a return rate, success rate, or repatriation rate, the calculation requires the number of found items and how many were returned. We thought this too. However, this number does not reflect the actual work your team has done.
What about the items for which you identified the owner, but they never picked them up?
This number is now available and will accurately show the real success rate for your Lost and Found. Across our customers, we’ve seen an average increase of 11% with this accurate calculation.
Here’s a breakdown of a success rate calculation:
- Returned items: 2,300
- Owner identified but not returned: 500
- Total found items: 4,200
67 % Success rate
formula (2,300+500)/4,200x100
Another value we show are the “non returnable items” for example a low capacity power bank, a noname neckpillow, etc.. From our historical data we can tell that nobody comes to pick them up and you will get an even more realistic view on your actuall performance. With excluding these items from your success report it’s realistic to reach an overall return rate from 80% and more.
Here’s a breakdown of a success rate calculation:
- Returned Valuable items: 2,900
- Owner identified but not returned: 500
- Total found items: 4,200
81 % Success rate
formula (2,900+500)/4,200x100.
About Lost and Found Software
Lost and Found Software offers solutions aimed at reducing the handling time and cost of lost and found operations by up to 90%. It features intuitive design, AI-driven image recognition, smart matching, and is connected to leading payment and shipping providers. The software is designed to improve administrative efficiency, customer service, and satisfaction by automating the registration and matching of found items to inquiries. It’s utilized across various industries such as aviation, public transportation, and hospitality, offering features like customer self-service, SMS notifications, and fraud detection.
