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The New Combustion Engine
At a Gartner Symposium few years back, Peter Sondergaard, Senior Vice President and Global Head of Research at Gartner, reflected, “Information is the oil of the 21st century, and analytics is the combustion engine.“
Information, or the more elementary unit “data”, has indeed turned out to be the new “oil” of the information age and plays a key role in powering the fourth industrial revolution. While collecting data was a key challenge of the 90’s, there has been an explosion in the volume of data collected, since the turn of the millennium. The same pattern of voluminous data has also been observed in the field of Environmental, Health & Safety (EHS) processes. EHS 4.0 software applications that offer the capability to record data, often in real-time and at a very granular level, are a key factor contributing to this increasing volume of EHS data.
Additionally, a broader acceptance of SaaS (Software as a Service) or cloud deployment of software applications, along with configurable interfaces and integrations with open Application Programming Interface (APIs) and the wide adoption of mobile devices have further spiked the volume of machine-generated EHS data. However, data without meaningful analytics is reminiscent of a line from the famous poem, “The Rime of the Ancient Mariner” by Samuel Taylor Coleridge:
“Water, water everywhere, nor any drop to drink”.
The same is also true of parched and raw data without actionable analytics to make the data useful. Adopting solutions that process seemingly disjointed data sets to stitch together a coherent larger picture, thereby enabling informed decision making by key EHS stakeholders, has often proven to be a critical game-changer.
Adopting decision-grade analytics as an integral part of an organization’s EHS management program can contribute to significant reductions in incidents and operational overheads that directly impact the bottom line, improve employee morale, strengthen the reputation of the business and provide a platform for financial strength and competitive differentiation.
Descriptive and diagnostic analytics help EHS leaders to predict workplace incidents with more than 85% accuracy and thereby take preventive measures in advance to minimize the risk exposure of employees as well as organizational assets.
According to some of the estimates provided by the National Safety Council, an average workplace injury can cost a company approximately US$41,000 in compensation, productivity, and medical and administrative expenses. The cost of a workplace fatality are, of course, even higher and can sometimes exceed US$1.2 million. Workplace injuries also include indirect costs such as the negative impact on employee morale and productivity, potential property damage, the impact on families and communities, and significant erosion of business reputation. These indirect costs can often be several times higher than the direct costs.
Therefore, taking an analytics-driven approach to proactively mitigate risks and hazards is longer a wishful want for EHS leaders. Instead, it is a strategic imperative and a sound business investment.
Over the last 20 years, ProcessMAP has been co-innovating with EHS leaders from leading Fortune 1000 companies to develop cutting-edge solutions that can help our customers’ employees return home to their families and loved ones, after a safe and healthy day at work.
With a singular focus to offer safety-focused organizations a comprehensive, intuitive, mobile-ready and user-friendly EHS platform that includes advanced analytics, along with an exhaustive library of powerful data-visualization models, ProcessMAP has been enabling customers to connect the dots across their enterprise and strive towards the ultimate goal of Zero – Zero Injuries, Zero Incidents, Zero Accidents.
Organizations that have partnered with ProcessMAP on their digital transformation journey have experienced, on average, a 75% reduction in their Recordable Incident Rate (RIR) between 2010 and 2019. Additionally, ProcessMAP customers track several leading indicators, like Near-miss Reporting and On-time CAPA Closures, to inculcate a safety-driven culture, both at a corporate level as well as the plant/facility level.
For more information on ProcessMAP’s analytics-driven EHS solutions, reply to this blog in the comments section below or sign up for a demo by clicking here.