Today’s RMIS offers analytics and insight at a level that was once unimaginable – and new ground continues to be broken. If you’re still using aging legacy technology, you might not realize what you’re missing.
Here are nine signs that it’s time to reevaluate your RMIS:
1. Time pressure. If you’re spending weeks or months manually collecting, consolidating, formatting, and analyzing data in preparation for a renewal, you won’t have much time to spend on strategic actions that add long-term value.
2. Disparate systems. If your systems can’t talk to each other, you’re probably spending a lot of time manually bringing the data together.
3. Data quality. Finding and correcting an error in a giant spreadsheet or disconnected database is like finding a needle in a haystack. Even small errors that go undetected can wreak havoc on the integrity of a database – which can spell disaster if that information is used to make critical business decisions.
4. Limited visibility. If risk, safety, and claims data is stored in numerous locations, it’s almost impossible to visualize the relationships between critical risks and the cumulative impact on the organization.
5. System accessibility. If you have to go all the way back to the office to, say, fill out an incident report, critical details can get lost or forgotten – which is a big problem since you can only learn from the mistakes that you know about.
6. Reporting. If you have to manually extract information from numerous sources, you might not be able to create the most meaningful reports. And this kind of do-it-yourself reporting means you have to start from scratch every time the numbers change or someone wants a different report.
7. Segmented information. If you have to track data in multiple systems, you’re not only spending unnecessary time, but this causes problems with workflow, data consistency, and visibility. And it’s expensive.
8. Regulatory compliance. Ever-increasing compliance demands, combined with greater scrutiny by regulators, are turning up the pressure to produce more reports, with greater accuracy, in less time. If your system can’t handle it, you could end up paying big time.
9. Security threats. If the wrong person is able to gain access to the system or make changes to the data, you could be in serious trouble – especially if the information is sensitive.
If you’re making do with what you’ve got, you may find it increasingly hard to manage risk effectively. Is your risk technology holding you back?