Regulatory environmental compliance can sometimes be a dry topic from day-to-day organizational operations; until an incident occurs that raises questions of why it happened and why it was not proactively mitigated. This can become a larger problem to manage, especially in the environmental and industrial sectors, where any negative impacts reflect poorly on the company. When this reaches a crisis point, the high price of environmental consequences of compliance and safety failures highlight the value of improving overall environmental, health and safety (EHS) performance.
Mitigating risks can be a challenge, yet with the opportunities to explore new technologies and systems, achieving a higher standard of effective operational risk management will transform organizational environmental operations.
Implementing EHS and management systems enables companies to manage concerns regarding data transparency, based on the rising expectations that it should be easily understood. In a study conducted by PwC, institutional investors were asked how satisfied they were with the information available on sustainability and found that 82 percent were not satisfied with how risks and opportunities are documented and reported. With such a high dissatisfaction rate among key stakeholders, organizations incur further risks of mismanagement and greater barriers to compliance with environmental regulations, sampling processes and data management.
Companies that remain hesitant or reluctant to automate EHS processes are likely to look at both risk mitigation and escalating compliance requirements to justify the investment. Yet harnessing the transformative power of emerging technologies enables organizations to stay on top of industry trends and gain a competitive edge.
Automating EHS business processes reduces the risks of data duplication, data entry errors, and missing compliance targets. This allows companies to evolve from mitigating risks to managing growth, throughout the process of change management rapid growth can encourage them to embrace new technologies.
Information from GreenBiz