The Evolving Role Of Big Data In Accident Cost Containment

The role of big data in accident cost containment is ever growing and can't be understated. Here's what to know about it.

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Companies around the world are looking for ways to minimize the costs of accidents. Many regulators have found that the number of accidents in various industries is grossly unacceptable and have started imposing new penalties. The good news is that new advances in big data have made it easier for them to look for ways to prevent these horrific problems.

Big Data Offers New Solutions to Accident Prevention

Accident data provides insight and valuable information that can be used to help improve safety in the future. The reporting of accidents is crucial in maintaining the collection of this data.

The number of preventable accidents in the U.S. increased by 5.3% between 2016 and 2017. OSHA also reported in 2014 that there were nearly 4,000 deaths related to workplace accidents. Data such as this can be used to reduce the frequency and severity of preventable accidents, particularly in the workplace.

Safety Protocols Aren’t Always Practical or Effective

The collection of data and accident investigation can help businesses develop more effective safety plans.

Many businesses are shocked when there’s an injury in the workplace when everyone followed the correct safety measures. But sometimes, what makes sense on paper does not apply to workplace situations.

It’s impossible to prepare for every possible contingency, but accident data can help address these unforeseen situations and prepare for them in the future.

When reviewing accident data, you gain insight and knowledge into how the event occurred and if there were proper safety protocols in place. This information can be used to change safety standards or develop new employee training measures to avoid this type of issue in the future.

Information from other similar industries can also provide insightful information, particularly about situations that you may not have foreseen. All of this data can help provide an overall look at potential workplace events in a “real world” manner. And in many cases, this information is easily and readily accessible. Industry reports are often a good source of this kind of information, or you can look through OSHA reports for more insightful knowledge.

Being able to get a real-world look at your workplace is truly a valuable opportunity.

Cost Management

Ultimately, accident data and the implementation of better safety protocols will save companies money. Fewer accidents and injuries mean that fewer employees are taking time off of work to recover. It also means that businesses will spend less on workers’ compensation policies.

Yes, you may initially spend more on new equipment and/or training, but ultimately, you will save on other costs that will far outweigh these costs.

No business wants to deal with the costs and frustrations of injuries and missing employees from work.

Reporting Near-Misses

Most people assume that accident data is the only thing that’s important, but reports of near-misses are also really important.

To be clear, the term “near-misses” refers to accidents that nearly happened.

This information can also be used to improve safety in the workplace by analyzing what happened, what could have happened and what can be done to prevent the situation in the future.

You can also analyze what happened that prevented the accident from happening.

Don’t underestimate the importance of this data. This information can be used to potentially prevent catastrophic accidents. Near-misses give you the rare opportunity to truly analyze situations that you may not have thought of or expected without having to deal with the consequences of a true accident and injury.

Big Data is the Key to Lowering Accident Costs in the Workplace

Companies around the world are facing rising risks of accidents. Big data is playing an increasingly important role in solving this challenge. New predictive analytics and machine learning technology should address these concerns.

(Image Credit - Shutterstock Licensed Photo)

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