Often, when a utilities manager is considering a particular model of digital lock, the main decision variable is its purchase price – capital expenditure (CAPEX) or the amount of investment required. Obviously, the cost of a digital lock is important in the decisionmaking process, but it should not be the only consideration.
When choosing a digital lock, it makes much more sense to consider the total cost of ownership (TCO). Or, in other words, operational expenditure (OPEX). More often than not, the cheaper version ends up being more expensive in terms of TCO. This article explains what TCO is and how it is calculated in the case of a digital lock.