The EHS software industry has grown exponentially in recent years. Why?
Organizations are waking up to the potential for EHS software to lower costs, reduce risks, and prevent unwanted events. But don’t take our word for it — if you’re still undecided, these eight statistics will make you want to invest in EHS software right away.
1. For every $1 invested, safety returns $4 to $6. (Source: OSHA)
Investing in safety isn’t just the right thing to do — it’s also one of the smartest moves you can make if you want to run a profitable business. When you invest in tools, processes, and systems that increase safety, you’re investing in the future of your company. Even a modest improvement in safety performance can have a big impact on employee productivity and accident prevention.
EHS software is one tool that can help you identify hazards, manage corrective actions, and prevent unwanted events. It doesn’t cost much to get started with EHS software, and you’ll see an immediate impact on your organization’s performance.
2. Managers waste 20 hours a week on administrative tasks. (Source: West Monroe)
Excessive administrative tasks take EHS managers away from high-value tasks like implementing an ISO 14001 environmental management system, tackling climate risk, or making the work environment safer. The cost of this lost productivity is tremendous.
So what’s the easiest and most effective way to reduce administrative burden? The answer, as many companies have already discovered, is EHS software. Using EHS software can eliminate or streamline many of these time-consuming manual tasks, such as keying in data, preparing for audits, and creating reports. The end result is a significant increase in productivity and lower admin costs.
3. Nearly 90% of spreadsheets contain significant errors. (Source: University of Hawaii)
In other words: if you’re using spreadsheets to manage your EHS data, you’re relying on inaccurate information. That’s a huge problem, since even minor discrepancies can have major consequences. A single omission or formula error can dramatically alter the end result of a calculation. These errors can cost hundreds of thousands of dollars in regulatory fines or penalties. Worse, if you're basing decisions on incorrect or incomplete data, you could potentially overlook a serious risk that leads to an accident.
Fortunately, the way to avoid all these dangers is simple: Stop using Excel in favor of specialized cloud-based EHS software. EHS software helps reduce the potential for mistakes and omissions and ensure you’re always working with the right information.
4. 46% of EHS leaders reported that 'outdated software' is one of the main reasons they're shopping for a new EHS system. (Source: NAEM)
EHS software has come a long way in the last few years, but many companies are still nursing along outdated systems. You probably know from experience that these legacy systems are often slow and buggy. So instead of focusing on important tasks, people spend all their time wrangling the software or filling out support requests. Not only are these systems annoying to work with, they also pose a serious security risk since hackers often target out-of-date software. Is it time to replace your system?
5. In 2016, the global EHS software market was valued at $930M. By 2020, it is projected to grow to $1.4B. (Source: MarketWatch)
The EHS software industry has experienced staggering growth in recent years. And this trend is unlikely to stop any time soon, as more companies retire spreadsheets and homegrown systems in favor of modern cloud-based applications. As the EHS software industry grows, customers will have more choices than ever when it comes to the tools they use.
6. Worldwide spending on EHS is expected to increase by 4% this year, with double-digit budget increases for digital technologies. (Source: Verdantix)
Today, EHS software is widely accepted as the best way to manage EHS data and activities. By using software, companies can save time, reduce risk, and prevent unwanted events.
However, there’s a big difference between recognizing the value of something and being willing to devote funds to it. The most recent data on global EHS spending suggests that organizations are in fact ramping up their investment in EHS software and mobile applications.
7. Over half of companies are planning for widespread usage of EHS software. (Source: Verdantix)
EHS software isn’t just for the EHS department anymore. Today, companies are looking to EHS software to involve employees at all levels in their safety and environmental efforts. For example, many companies are using mobile reporting apps to collect employee “near miss” and “good catch” observations and turn them into real-time safety knowledge. As more employees get involved in reporting, organizations are able to increase management visibility and get a more detailed picture of their risk profile.
8. Most Perillon customers see an ROI of 3-5X their investment, and a payback within 12 months. (Source: Perillon customer data)
Thanks to its growing popularity, EHS software is more affordable than ever. Whether you’re a small company or a large global enterprise, there’s a solution for every budget. The best part is that an EHS software system can pay for itself in under a year. In the long run, EHS software can save you many times your initial investment.
The bottom line
The message is clear: EHS software is no longer a nice-to-have — it's a must for companies that want to keep up with the digital revolution. It can help you improve performance, increase productivity, and reduce administrative burden. It can even help you save money. If you haven’t yet adopted EHS software, there’s never been a better time to do so. Now that you know the facts, learn which type of EHS software is right for your business.