Risk and compliance professionals instinctively know that technology can improve efficiency and provide more timely and accurate data for insightful decision-making – but hard data on the expected return on investment has historically been hard to come by.
One organization, however, knows just what it stands to gain from its investment in integrated risk management technology — $442,975 to be exact.
This figure was calculated by Forrester Consulting as part of a Total Economic Impact™ study commissioned by Riskonnect to help organizations quantify the potential ROI of implementing an integrated risk management solution. The customer organization studied is a national retailer and servicer of tires and wheels, with approximately 1,100 locations and more than 20,000 employees nationwide.
The most significant savings were generated by retiring the organization’s legacy risk management solution, totaling $261,119. Sizable savings also were realized by improving the claims processing workflow ($118,919) and analytics and reporting automation efficiencies ($62,937). Amounts are risk-adjusted present-value quantified benefits over a three-year period.
- 40 hours per month in time savings to analyze claims data and produce reports
- 10% improvement in claims processing efficiency for every claims manager, stemming from more streamlined workflows
- 100% reporting of workers’ compensation claims, improving outcomes for the company and its employees
The report also offers objective insight into the ability to focus on higher-value work, greater stability of insurance rates, and other unquantified benefits. Interviews with executives and analysts at the organization anticipate additional future benefits as a result of its investment in Riskonnect:
- A foundation for integrated, enterprise-wide risk management with the modularity and flexibility of the platform
- Savings through risk reduction by leveraging data on incidents, close-calls, and claims to guide safety policies at the store level
- Better, more informed decisions by gaining a more holistic view of enterprise risk
Riskonnect commissioned Forrester Consulting to conduct the study, The Total Economic Impact™ of Riskonnect Integrated Risk Management Platform: Cost Savings and Business Benefits Enabled by Riskonnect. Forrester conducted an independent financial analysis of the sample company, as well as interviews with executives and analysts, to understand the benefits, costs, and risks associated with that organization’s technology investment.