Your risk software was probably great when it was launched all those years ago. Spectacular even. But how’s it working for you lately?
The world of risk management is changing fast. What worked well yesterday is not necessarily going to cut it today. The technology you use to manage risk these days had better be able to turn vast amounts of data into better, faster decisions that will not only manage costs, but strengthen the business.
If your legacy software can’t keep up, it might be time to move on. Here are 8 reasons why:
1. Low-quality data. Humans make mistakes. The more your system relies on humans to collect, enter, format, and consolidate data, the higher the potential for, well, human error. And if you’re basing critical business decisions on compromised data, watch out. Current RMIS technology uses simplified templates, intuitive forms, and auto-filled fields to capture data consistently and completely right from the start so you can make decisions based on fact, not fiction.
2. Busy does not mean productive. There are only so many hours in the day. Time spent collecting, validating, reformatting, and consolidating data is time NOT spent on things that really count – turning that data into actionable intelligence. A new RMIS automates routine tasks like data collection and consolidation so you can focus your time on more productive activities that add real value to the organization.
3. Forgetful thinking. Does your risk software keep you chained to a desk? Desk-bound systems are more than just inconvenient. Think about how many details inadvertently get left off of, say, an incident report when someone has to go all the way back to the office to fill out the form. And what happens if that one forgotten piece of information turns out to be critical to preventing future incidents? Today’s technology goes wherever the action is to record data while it’s still fresh so you can act quickly on what actually happened.
4. How about that downtime? Time is money. When legacy systems go down, all risk management activities grind to a halt until IT stops what it’s doing and figures out how to get the system back up and running. A cloud-based RMIS updates automatically and offers 24/7-support to keep you doing what you do best – managing risk.
5. Stuck in a silo. Are you manually cobbling together data from HR, legal, carriers, and other third parties? Not only is all that rekeying time-consuming (read: expensive) and error-prone (also read: expensive), it makes it almost impossible to see how those risks connect (which is, yes, expensive). A new RMIS seamlessly integrates people, systems, and data into one, centralized source so you always have a clear picture of all of your risks, how they interrelate, and the collective impact on the organization.
6. Reporting nightmares. Do you cringe when you’re asked to create a new report because you know how long it will take to create something outside of the standard list? And after all that time and effort, will the data even be current? Today’s RMIS easily turns incredibly complex information into sophisticated graphics that are understandable and actionable. And all it takes is one click.
7. Security loopholes. Nobody wants to be the next data-breach headline. But it could be you if your system isn’t equipped with the latest and greatest security measures. A state-of-the-art RMIS tightly controls access to authorized users, while safeguarding all of your data in a secure, cloud-based environment with high-level disaster-recovery protections.
8. Expensive. If you add up all of the costs associated with unreliable data, system maintenance, and inefficient use of resources, you might find that you’re actually spending more to keep your legacy system running than you would for a new RMIS. And all these deficiencies and inefficiencies put you at an extreme disadvantage for managing risk effectively – which not only adds to the cost, it could jeopardize your organization’s future. With stakes this high, what are you waiting for?
Still trying to determine if you need new RMIS software? Be sure to check out the Buyer’s Guide to RMIS for a complete list of questions to help in your decision.