Taking a consistent approach to health and safety management can make running your business more time- and cost-effective. It can help reduce the number of errors and the cost of correcting problems, and ensure you comply with legislation.
With health and safety becoming increasingly valuable as a competitive differentiator, there are strong business incentives to utilise better safety tools and equipment, safer processes, and more effective safety training and management practices.
Efficient and reliable technology can reduce human error and create integrated, cross-functional management systems. Health and safety software is also relatively inexpensive compared to other business investments, and can deliver ROI through improvements in efficiency, productivity, and reduced incident costs.
Here are some financial benefits of integrating health and safety management systems into your organisation’s health and safety processes:
- With The Health & Safety Executive (HSE) introducing a cost recovery scheme, Fee for Intervention (FFI), to recoup costs from those breaking health and safety laws, this kind of compliance software can help you avoid unnecessary and burdensome fees.
- It can improve the efficiency of your business and reduces your costs.
- You can demonstrate to your insurers that you are controlling risk effectively. This may help lower your insurance premiums.
- Banks and investors will be more willing to finance your business if you can show that it is well managed and that risk software is in place.
- Business partners have more confidence in your business. Larger companies and government agencies may only buy from businesses that can show effective management systems.