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Wednesday, October 23, 2019

Tips To Estimate The ROI Of Your EHS Software

by Kaushal Shah (writer), , October 11, 2019

The article’s primary focus is on how to estimate the ROI for EHS software.

EHS software, i.e., Environment, Health, and Safety software, refers to a tool that is used by organizations across the globe to execute and manage tasks and processes associated with ensuring compliance and ensuring the overall wellbeing of employees at work. Overall, such software helps businesses contend with enterprise risk, manage regulatory compliance requirements, and deal with corporate sustainability. That’s enough jargon — the point is an EHS solution brings together a company’s data under one platform to facilitate collaboration, enables it to gather better data, and delivers real-time insights and reports among other things.

So, you can see that an EHS software is a necessity now instead of being a fancy add on. Unfortunately, it can be quite challenging to convince the upper management and the bosses to go ahead with integrating such a solution in the business. However, if you want to make your case, the best way to go about it is to calculate the return on investment associated with the adoption of an EHS software and then pitch it to the big guys who make the final decision. Now the next challenge: How does one calculate the ROI for an EHS solution for your company? Well, here are some tips that will come in handy in this regard.

  1. How many people will use the software? It may seem like a tad bit of an odd question, but this is a critical part of estimating the ROI. Begin with organizing the expected users into two categories, namely, heavy and light. The list of people in the heavy users' class should include the EHS project team and related consultants, whereas that for light users will comprise staff charged with reporting incidents and near misses and also report potential risks.

  2. Determine time savings: Time is a valuable resource, and that is why it figures on the list of things one must do to estimate the EHS solution’s ROI. You will need to figure out the time savings enabled by the EHS solution when it comes to EHS-related tasks executed manually by employees tasked with the job. When you consider the numbers individually, they may not seem like much; but when you put them all together, you will see that they are significant in the overall scheme of things.

  3. Identify the cost of investment: Invite quotes from vendors for occupational health and safety compliance software and make sure that it includes all costs besides the licensing fee. It could consist of charges for implementation, personalization, training, and equipment among several other things.

  4. Ascertain additional opportunities for savings: Besides helping save time, an EHS solution also helps companies save costs in the context of things like fines, compensation costs, legal fees, and more.

It is when you factor in all these things and facets of embracing an EHS software in your company’s operations will you be able to firmly decide the ROI and cost savings enabled by the solution. Also, when done correctly, it can be a compelling way to ensure buy-in from top-level executives as you seek to improve operations with assistance from an EHS solution.



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