Leveraging Business Intelligence for Risk Management Decisions
Business intelligence (BI) and analytics are essential disciplines in modern organizations for transforming raw data into actionable insights. They empower companies to make informed decisions, optimize operations, and gain competitive advantages in their respective markets.
When it comes to risk management Business Intelligence, it is critical to understand what data is important, and who it is important too.
Business Intelligence (BI)
Business intelligence in Risk Management refers to the technologies, processes, and practices used to collect, integrate, analyze, and present business information. BI systems aggregate data from various sources, such as databases, spreadsheets, and cloud applications, to provide a unified view of an organization’s performance.
Data Collection: Gathering information from internal and external sources, such as Workers’ Comp Loss runs, compliance inspections, safety training, etc.
Data Integration: Combining disparate data into a coherent format from which decisions can be made at each level of the organization.
Reporting and Dashboards: Visual tools for monitoring key performance indicators (KPIs) and loss trends (e.g., losses, inspections and/or training scores by department).
Decision Support: Enabling managers to make data-driven risk management decisions that reduce the potential cost and impact of workplace injuries and OSHA violations.
Click below to learn how ESM is enabling employers to make data-driven risk management decisions.
Analytics
Analytics extends the capabilities of BI by applying statistical, quantitative, and predictive techniques to data. The goal is not just to understand what happened, but to forecast future outcomes and identify patterns or opportunities.
Descriptive Analytics: Explains what has occurred based on historical data.
Predictive Analytics: Uses models and algorithms to anticipate future events.
Prescriptive Analytics: Recommends actions based on data-driven insights.
Data Mining: Uncovers hidden patterns and relationships in large datasets.
Benefits of BI and Analytics
Improved decision-making and strategic planning at each level of the organization
Enhanced operational efficiency and injury prevention and cost reduction
Better risk management and compliance with regulatory standards
Increased organizational agility and innovation
Aligned communication across the organization on goals and initiatives
How ESM supports our customers
At ESM, we look at 29 different data points across 10 categories. Each of these categories provide insight into the risk management performance metrics that matter.
These data points help employers make better workforce management decisions and also provide a narrative for your insurance broker to negotiate Workers’ Compensation credits (discounts) with the insurance carrier. This data traverses across your organization, while also signaling to an insurance carrier and OSHA that your safety program is managed at the highest level.
Business intelligence and analytics are critical for organizations aiming to thrive in a data-driven world. By leveraging BI and advanced analytics, ESM assists our employer with unlocking valuable insights, which enhances the performance of their risk management program providing the opportunity to comply with OSHA standards, while reducing the cost and impact of workplace injuries.
Watch our Computer Based Training below on how ESM helps our customers to leverage business intelligence for optimal risk management results.