Calculating ROI for EHS Software – Can it Be as Low as 6 Months?
With any software purchase you make for your company there is a number of aspects to consider. Along with efficiency, accuracy, speed and reporting capabilities, you want to know how long it will take to get your investment back.
Calculating the ROI for Environmental Health and Safety software starts with getting an inventory of your current costs. You need to look at all of the procedures you currently do, how long each one currently takes, and at what cost.
For one of our customers, these are the procedures they use along with their yearly frequency, duration and average hourly costs:
With the help of our software, they were able to realize the following savings in time (as a %) and money over a year’s time:
The graph above gives you a visual representation of …
As elaborated in the book “Manage Health & Security; Get the Best… Prevent the Worst” by Marc-Andre Ferron, the basis for proper health & safety solutions management is to identify the risks within your company and make sure you are compliant with all the applicable rules and regulations. Lockout tagout, beyond being a requirement in several EHS standards worldwide, is a key element to both the Health and Safety of workers and operational efficiency. The underlying reason that lockout tagout is often identified as the first control method to be instated during the risk identification period is simple and can be illustrated by the hierarchy of preventive measures: