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How Risk Management Software (RMIS) Saves Money

Angus Rhodes

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Most company managers are looking for ways for businesses to save money and grow. The Occupational Health and Safety Administration, usually called OSHA, declares that managing risks adds value to businesses. It's obvious that reducing work-related accidents and illnesses can reduce insurance premiums and related costs. However, safety also demonstrates value by helping to maintain a positive brand image and improving employee morale and productivity.

Consider some facts about safety in the United States:

  • American companies spend $170 billion on a variety of costs that stem from work-related injuries and accidents.
  • According to OSHA, companies that implement a company-wide safety program end up saving an average of 20 to 40 percent on these costs.

Besides helping a company save money by avoiding accidents, risk management systems can actually increase revenue and improve a companies brand image. For example, OSHA cites the case of one Fortune 500 company that improved employee productivity by 13 percent after implementing proper safety systems. In another example, a small business saved over one-quarter of a million dollars by improving health and safety procedures.

Why Should I Buy Risk Management Software?

The past may not always predict the future. However, risk managers who don't learn from the past may be doomed to repeat it. Risk management software helps improve safety and lowers the cost of managing risk. In other words, our software streamlines the entire process and makes it better and cheaper.

The Ventiv Technology RiskConsole provides companies with an all-in-one suite of integrated risk management tools that help turn historical loss and insurance information into risk management solutions. These are some of most obvious savings that companies enjoy by using RiskConsole as their risk management software:

  • The entire data collection process gets streamlined as data gets input, validated, converted, and formatted at the source.
  • Reports are accessible from just about anywhere and with a variety of different devices.

Without good risk management software systems, some risk managers still need to gather data from multiple sources. These could include emails, spreadsheets, and multiple computer systems that are not integrated together. Before this information can be used for reports or analysis, it may have to get validated, formatted, and converted into common units. RiskConsole saves time by consolidating all information into one system.

Does RiskConsole save our clients money? Consider the case of one of our clients, Mosaic. This company realized a 42 percent ROI after implementing RiskConsole as their company's risk management system. This company saved $15,000 in improved risk manager efficiency. The company also saved over $40,000 by making the process more efficient for field managers to use. Finally, risk managers trimmed six weeks from their old data-gathering process. This gave risk professionals more time to analyze information and improve safety because they weren't just bogged down collecting and validating data.

See How We Can Improve Your ROI

Are you interesting in learning how RiskConsole can provide a positive return on investment? To find out, Get a Demo today. Learn how much money and time your can save while improving your company's safety and bottom line!

 

Jun 17, 2015

 | Originally posted on 

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