Safety’s Bottom Line: Using ROI to Gain Executive Support
At the heart of safety management is the desire to create a safer workplace, where employees’ well-being is valued and protected. What is often understated is the influence that safety has beyond ensuring everyone goes home at the end of the day. The bottom line, both literally and figuratively, is that an effective safety management program saves manufacturing organizations like PACE Industries $1.2 US million in workers compensation dollars. PACE was able to achieve these results by using Safety Management Software. Effective Safety Management Software standardizes and simplifies safety processes, leading to fewer incidents, safer employees, and noticeable returns.
In the past, we’ve discussed strategies for communicating EHS software benefits to the different organizational stakeholders, how to effectively evaluate EHS software vendors, and assessing what the best budget for your EHS software project is. In our latest whitepaper, we provide a guide to building your comprehensive ROI model for Safety Management Software to obtain buy-in across your organization.
(The Millions of) Dollars and Cents
Ultimately the biggest proof point in your ROI model will be clearly outlining the potential cost savings your organization can realize by implementing Safety Management Software. Identifying the key data points and evaluating the direct and indirect savings opportunities correlated with them will be the most substantial component of this exercise. In this paper, we break down the costs associated with data collection and reporting, lost time injury, worker’s compensation premiums, and enforcement activities to effectively demonstrate the potential savings based on approximate business size.
Safety is a Behavior
Frequently unaccounted for when building out an ROI is the role that culture and adoption play. The success of any software is greatly dependent on its use across key stakeholder groups. How well the software solves the problems of different roles in your organization will subsequently define their engagement and the value they associate with it. Software should act as a mechanism to drive adoption of your safety programs, leading to cultural and behavioral change. Cultural commitment and accountability are intangible assets that are the cornerstones of a good safety management system, and Safety Management Software is the driving force in taking your safety programs to the next level.
If you’re looking to build a strong business case for Safety Management Software within your company, an ROI model will help accelerate your project. In our whitepaper, you’ll learn more about:
- Effects of Software on Roles in the Safety Organization
- Cultural Power of Safety Management Software
- Impacts of Key Safety KPIs on Premiums
- How to Build Out Your Safety Management Software ROI
- Case Studies
Download the full whitepaper to start building your business case today.