Insight, Workplace Safety

Safety Analytics ROI

 

HIGHER SAFETY MEANS HIGH PROFITS

 

Improved safety analytics can clearly reduce insurance and injury costs. Yet, many injury expenses are indirect and uninsured, like retention or training new employees, and often these costs outweigh direct medical expenses. If a business doesn’t maintain safety standards, the costs of injuries can measurably lower profits. Ironically, many companies are unsure of their safety training’s effectiveness and most don’t believe safety programs improve worker safety compliance. 

 

 

REACTIVE APPROACHES DON’T WORK

 

Despite a rise in training costs, many firms still rely on generic learning tools that may not be effective. Safety programs also involve physical audits and advice from environmental health and safety consultants, but this reactive approach often starts after an incident has occurred, leading to inconsistent results. Many safety initiatives use broad guidelines, missing site-specific challenges. As a result, the cycle of incidents can recur, reactively, without analytics revealing the true risks.

 

 

ACTIVE APPROACH POWERED BY SAFETY ANALYTICS

Safety analytics powered by AI and data science offers a new kind of proactive safety. AI’s cost-effectiveness is accentuated by existing camera infrastructure. Video from existing low-cost security cameras can identify high-risk behaviors, reducing the need for additional safety staff. AI focuses on discovering site-specific safety needs and can be the basis for highly effective solutions. 

 

 

SIMPLE CHANGES. SUBSTANTIAL SAVINGS.

Because these programs are data-driven, the effect of simple workflow modifications – providing tables to workers or adding floor lines for forklift drivers – can be measured and reported. Investing in safety yields significant returns and enhances worker morale and productivity. Retaining experienced employees cuts down on hiring and training costs. Dedicated safety efforts driven by the true discovery of true risks not only reduced injuries but also addressed operational inefficiencies, saving on energy expenses in temperature-controlled environments.

 

 

HOW TO CALCULATE YOUR SAFETY ANALYTICS ROI

Companies excelling in safety outperformed the S&P 500 with 3X the returns between 2001 and 2016. According to OSHA, every dollar invested in workplace safety generates an average return of five dollars. https://www.osha.gov/safetypays/estimator

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