Advanced analytics presents one of the biggest opportunities for safety leaders today.
Healthcare, banking, retail, marketing, sales, and many other industries and functions are already using advanced analytics in their day-to-day work in order to better model and anticipate future risks and opportunities…and in fact, they’ve been doing so for years.
Contrast that picture with data in the construction industry, where over 90% of data is either thrown out or not even collected.
The data is there, so what’s holding some companies (especially in safety) back from doing the same to reduce injuries and accidents?
Let’s take a closer look at predictive analytics and safety.
Reactive vs. Proactive Approach to Safety
Do you wish you had the tools to know what you can do today to prevent injuries tomorrow?
Predictive analytics is the answer to that question. Applied to safety, they let us take advantage of ways to proactively identify risk.
Advanced analytics help us to identify leading indicators so that we can stop an incident before it even happens. In other words, instead of reacting or responding to what’s happened, safety leaders now have the tools to anticipate and forecast issues so that you can implement change before an incident or near-miss occurs.
Now that we know why the investment in advanced analytics can be so valuable, let’s go over a few ways predictive analytics helps you make key safety decisions.
Drill down to see actionable insights for each site
Different job sites and different facilities (not to mention different teams) bring about different risks. But with the right system in place, you can drill down and see insights and trends specific to each site.
If you’re a chemical facility, you want to know the hazards and risks your site has. Best in class companies are able to use that data to proactively prevent hazards that are specific to any given facility based on its people, the behaviors at that site, the nature of the work, equipment, training, and beyond. That specificity is very valuable in helping you to be more forward-looking in safety decision making.
Alerts and red flags to stay in-the-know
Depending on data that is old, outdated, insignificant, or no longer accurate weakens the action steps and can weaken any corrective action. Predictive analytics, on the other hand, gives you the metrics, trends, and key data points much closer to real-time (or they are in fact real-time).
With iReportSource, that dashboard is available with the click of a button for anyone in the company to take advantage of. From upper management to HR to safety, anyone can have quick access to your advanced analytics report.
When everyone has that easy access, more real-time, proactive measures can be taken—whether it’s acting on a high priority red flag, or if it is steps to take to deal with a leading indicator you’ve been monitoring for months.
You want the ability to drill down and see specific and relevant insights, but you also want your analytics to tell the “big picture” story. Make sure you have granular reporting, but holistic reporting is critical for any company, too. That’s especially true when ensuring safety is a part of your company’s strategic decision-making. Predictive analytics should give you both views of the company.
Show your progress
Some data systems may give you a snapshot of where you are at today. That’s helpful, but make sure your dashboard is also able to show you continual improvement. You want to know where you’ve been, where you’re at, and where you’re going. It’s that combination of information that helps get the positive results you’re after.
Putting Data to Work in Safety
All in all, advanced analytics give you real-time, actionable insights to help you reduce hazards and risks, reduce incidents, and reduce incident rates. They also help you drastically improve how you go about identifying risk…and even opportunities. They also help you forecast, spot red flags and alerts, optimize your safety efforts, and prevent workplace injuries.
See iReportSource’s Advanced Analytics In-Action
We know you’re busy so let us do the heavy lifting! Our analytics dashboard will show you everything from ROI, cost savings, the number of safety trainings completed, and much more…all at the click of a button! Are you ready to put your data to work? Request a demo today.