Rockwell Automation has released a free Safety Return on Investment (SRI) tool to compute potential savings and productivity gains from safety systems-related investment. The SRI was co-developed with machine safety consultant J.B. Titus.
Rockwell’s Mark Eitzman said, ‘Investment in safety programs and systems can reduce the financial and human impact of incidents in a facility. But engineers, plant managers and EH&S professionals struggle to accurately cost-justify safety investments. The SRI tool calculates the potential cost of an incident and demonstrates the financial benefits of a proactive safety program.’
The tool uses data such as cost of controls and software, equipment uptime, direct injury cost and indirect costs such as noncompliance fines and repair costs. Rockwell plans to update the tool to keep it relevant and will add a new category for quality improvement. Download the safety tool and read Titus’ presentation.