How to Use Data to Drive Safety ROI

iReportSource How to Use Data to Drive Safety ROI

Have you made the commitment to keeping your workers as safe as possible?

Your answer is undoubtedly, “Yes!”

So what gets in the way of that? There are many issues at play. Just a few:

  • By nature, lagging indicators you may be using aren’t as effective as leading indicators. Lagging indicators are often based only on injuries that appear on the employers’ experience represented by the mod rate or P&C claims. Ideally, both could be used.
  • You may have a hard time gathering actionable data and distributing it across the company. There can be a lot of barriers when it comes to distributing information and acting on information across departments, divisions, job sites, etc.
  • Information that is gathered from systems is often fragmented and siloed or it’s on paper!

So, even with the best of intentions, managing EHS data on spreadsheets is difficult, inefficient and costly.

Knowing this, how can we use data to improve safety? Here are 5 of the top criteria your data should be able to meet:

1. It must be organized, categorized, and standardized

By design, the data that is collected in iReport follows compliance requirements, but it’s also organized and standardized. So much so that the average completion rate is 87%, which significantly increases the accuracy and honesty of the report data captured

When workers are guided through a process and data is collected in a standard way, employers report:

  • Reduced reporting time at time of injury
  • The ability to complete OSHA reports in real-time and full compliance with OSHA regulation
  • Greater confidence that safety training, observations, root cause analysis, and corrective actions are helping to keep employees safe

Consistency is critical when it comes to leveraging data. That’s why best-in-class companies use a consistent, collaborative process for investigation, root-cause analysis, corrective action, communication, follow-up, and closure.

iReportSource is a complete Safety Management Software that can help you save time, reduce risk, and improve employee safety.


2. It must be delivered when it matters most

Real-time data makes all the difference when it comes to preventing and minimizing future incidents. By nature, metrics are more powerful and allow you to be more proactive when you have them in the moments that matter.

3. It must communicate results

Whether it’s a dashboard, an analysis, report or something else, your data should be used to show and measure results…and of course, your safety performance, too.

This will help you learn faster and continuously improve. Second, it will help you spot critical areas that need attention. Third, you’ll be able to take consistent action that can be directly shown to support health and safety.

4. It must be used to answer “why”

Your data needs to tell a succinct story. It needs to share the underlying issue and it needs to help you know “what’s next,” too.

5. It must be accurate.

It’s almost surprising that this one needs to make the list, but it’s true! You don’t want biased data or information that isn’t reliable or accurate. Decisions that can save lives will be made based on this data, so you need a way to collect, store and manage objective, accurate data.

The ROI of Safety

return on safety description and example iReportSource

How can you actually calculate the ROI of your safety investment?

With a $4.71 return for every dollar spent on safety, let’s say you make an investment of $20,000 on safety.

At the same time, consider $2 million as the average cost avoided for a catastrophic accident. (Multiple that savings by 4 years, which is the number of years your premium would increase.)

You’d also avoid $30,000, or the average of 3 accidents per year at an average cost of $10,000 per accident. If you save 26% as a result on your annual premium, and that premium was $100,000, you would have saved $26,000. Then there’s the savings that came from safety training, valued at $50,000.

In this example, $2,120,000 in costs was avoided and $170,200 was saved.

Use Data To Drive Safety ROI 

The real value of iReport is not the software itself, but how well it helps you do your job and achieve your goals. With iReport, safety managers are empowered to act on insights to support a strong safety culture.

Interested in a demo of iReportSource?

Let us show you a demo below!

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