March 14, 2023 Risk Analytics Tech Often Overlooked by Manufacturers

Manufacturers can use RMIS software and AI-analytics to improve risk management, reducing risks and potential losses.

Manufacturing companies are faced with unique challenges every day, from managing supply chains to overcoming workforce shortages. As Industry 4.0 popularizes the advanced application of data to create “smart facilities,” companies are experiencing digital transformation across their operations. This includes enhanced productivity, flexibility and agility, and improved safety and efficiency across their front-line operations.

In such an asset-heavy industry, safety and risk management are essential. The right risk management software can help enterprises streamline their risk management to better collect data. But even that is not enough, the real value comes in the ability to analyze that data to provide business insights. To easily conduct audits and inspections, and reduce potential risks and losses in their operations. To achieve this objective, manufacturers need to invest in a risk management information systems (RMIS) with integrated analytics technology.

Data Collection & Analysis

Risk and insurance managers for the manufacturing sector often lose valuable time collecting data and digging through it to find the answers they’re looking for. This is because data tends to be siloed across different systems and programs, leading to ineffective and inaccurate analysis and reporting.

When it comes to understanding risk data collection and analysis, it’s helpful to first identify the difference between business intelligence and advanced analytics. Business intelligence serves an operational purpose, helping to identify what happened in the past and then attempting to make sense of it – when and how did it happen? For example, how did someone slip on a factory floor, resulting in injury?

Advanced analytics serves a more strategic purpose, allowing risk manufacturers to use data to determine why something occurred and then predict future outcomes. Using the same slip and fall example, with advanced analytics, risk managers would be able to evaluate how many similar incidents took place in that factory location to determine if there’s an underlying and preventable cause. With advanced analytics, risk professionals can foresee potential events that are likely to occur, providing a chance to mitigate the risk and associated costs before they happen.

Utilizing SaaS-based RMIS solutions, risk professionals can consolidate their data into one platform, uniting risk management across the business. With the addition of AI-powered predictive analytics software, they can then evaluate this data on a level that is faster and more thorough than individuals can, resulting in more detailed results and insights, and ultimately, more actionable opportunities to mitigate risk.

Minimize the frequency and cost of safety incidents

RMIS software with advanced AI technology can perform complex analysis to pinpoint an incident’s root cause and help with future accident prevention by identifying definitive links between loss experience and preventative actions like facility surveys, audits, safety meetings, and training sessions. With the addition of AI-based analytics, this software can then evaluate the data in more detail, providing heat maps, charts and data visualization. For example, managers could use it to see which shifts see the highest and lowest frequency of incidents or which machines experience safety incidents most often.

As a result, organizations can make adjustments to things like shift lengths to minimize worker fatigue or the level of training provided for machines that are involved in most incidents. Ultimately, this helps to minimize the possibility for future incidents.

Data capture and analytics on the go

Legacy risk management systems are not only time consuming and prone to error, but they also tie risk management teams to their desks in order to maintain easy access to the necessary documents, files and information needed for day-to-day activities. The benefit to risk professionals is the ability to walk facilities freely and engage in operations in a more hands-on way.

The newest competitive software solutions on the market are like digital Swiss Army knives for risk management, allowing for incident notifications, claim notifications, renewal data gathering, safety inspections, property surveys, audits and assessments, and certificate requests anywhere at any time for real-time reporting and analysis.

When looking into these newer systems, manufacturers need to seek out flexible solutions that can work across their entire tech ecosystem, including all device types, operating systems and web browsers. This flexibility helps teams break away from outdated methods of data collection and evaluation and helps enterprises collect data and make actionable decisions quickly and effectively.

Ultimately, manufacturers want to ensure that their risk management strategy envelops real, measurable actions that will be taken as a result of the insights and predictions they gain from their risk management team. With the addition of the right RMIS management solution and the use of advanced data and analytics software, enterprises can integrate this type of evaluation and preventative decision-making into their strategy for all future business decisions.

About the Author:
Stuart Rose is Product Marketing Manager with 20+ years of experience in the AI, analytics, insurance and financial services industries.

Contact
Website: https://www.ventivtech.com/
Email: contact@ventivtech.com

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